1. FINAL TRANSCRIPT DOV - Q2 2006 Dover Corporation Earnings Conference Call Event Date/Time: Jul. 26. 2006 / 9:00AM ET www.streetevents.com Contact Us 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call CORPORATE PARTICIPANTS Paul Goldberg Dover Corporation - Treasurer and Director of Investor Relations Ron Hoffman Dover Corporation - President and CEO Rob Kuhbach Dover Corporation - CFO and VP-Finance CONFERENCE CALL PARTICIPANTS Ned Armstrong FBR - Analyst Steve Tusa JP Morgan - Analyst Robert McCarthy Robert W. Baird - Analyst Nigel Coe Deutsche Bank - Analyst Jack Kelly Goldman Sachs - Analyst Wendy Caplan Wachovia Securities - Analyst Alex Blanton Ingalls & Snyder - Analyst Shannon O'Callaghan Lehman Brothers - Analyst PRESENTATION Operator Good morning, and welcome to the second quarter 2006 Dover Corporation earnings conference call. With us today are Ron Hoffman, President and Chief Executive Officer of Dover Corporation, 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 and Director of Investor Relations Thank you, Natasha. Good morning and welcome to Dover's second quarter earnings call. With me today are Ron Hoffman, Dover's President and Chief Executive Officer, and Rob Kuhbach, Dover's Vice President 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 up the call www.streetevents.com Contact Us 1 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call to questions. In the interest of time, we kindly ask that you limit your questions to one or two with a follow-up. Please note that our current earnings release and Form 10-Q can be found on our Website, www.DoverCorporation.com. This call will be available for playback through 5 PM August 2nd, 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. 759-5032. Before we get started I'd 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 will caution everyone to be guided in their analysis of Dover Corporation by referring to Form 10-K for a list of factors that could cause our results to differ from those anticipated in any such forward-looking statement. 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'd like to turn this call over to Ron. Ron Hoffman - Dover Corporation - President and CEO Thanks, Paul. Good morning, everyone. Thanks for joining our conference call this morning. I'm pleased to report that Dover had all-time record earnings and revenue for the second quarter, with over 24% operating leverage on incremental sales. This strong performance was driven by continued operational improvements resulting from our focus on Dover metrics as part of our Performance Counts program. Our operating companies posted very impressive 16% plus organic revenue growth for the second quarter in a row, reflecting market share gains driven through customer service initiatives and exciting new products. Last evening, our second-quarter earnings release announced the planned divestiture of seven companies. Five of the seven discontinued operations are in Dover Technologies and include Universal Instruments, Hover-Davis, Vitronics Soltec, and Alphasem from the Circuit Assembly and Test Group, along with Mark Andy from the Product Identification Group. The two other discontinued businesses were Kurz-Kasch from the Dover Electronics Components Group, and a product line in Dover Industries. These seven businesses collectively generated year-to-date sales of $342 million and earnings of $10 million, for an operating margin of 2.9%. Dover's second-quarter and year-to-date results and 2005 comparisons reflect these changes. Slide 3 defines the revenue and earnings distribution for Dover's six subsidiaries, or business segments, incorporating these revisions to our portfolio. These divestitures represent the culmination of the strategic portfolio review that our management team initiated in January 2005 to position Dover as a vehicle for more consistent and sustainable value creation over the long-term. The majority of the companies identified for sale manufacture capital equipment for the served markets, are narrow in scope, and recurring revenue opportunities are limited. Dover has discontinued a total of 15 companies since the start of 2005, and we believe that by focusing on market segments with higher growth, stronger margins, better cash generation and significant recurring revenue opportunities, we will provide our shareholders more consistent and sustained revenue and earnings growth. Dover's philosophy of acquiring companies with the intent of owning them forever has not changed. However, with a new management team in place, it was time to step back and reevaluate our segment portfolios and their historical performance, and to determine which business platforms will best drive Dover's future growth. www.streetevents.com Contact Us 2 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Slide 4 displays the end-market revenue distribution of Dover, with Energy, Industrial Products, Aerospace and Transportation, and Product Identification comprising 51% of revenue. The most significant change on this graph is that the revenue impact of our CAT group on Dover's overall sales has decreased from roughly 20% to 12%. Although these divestitures will reduce the revenue of our Circuit Assembly and Test sector by about 40%, Dover will still maintain a solid presence in high-performance technology companies where we have well-established leadership positions and can capitalize on attractive recurring revenue opportunities. Dover also remains keenly committed to its strong and growing position in the product identification market. We believe this strategic rebalancing of our portfolio, which is now substantially complete, coupled with our improved operational performance driven by the Performance Counts program, and the continued success of our organic growth initiatives, will position Dover very well to compete successfully in today's global marketplace. As announced last evening, Dover had an excellent second quarter, generating record revenue of $1.66 billion, up 24% over last year, and posting record net earnings from continuing operations of $158.7 million, up 45%. As shown on slide 5, diluted earnings per share from continuing operations was $0.77, up 44% from last year and up 20% sequentially. Quarterly results include $0.02 per share related to the expensing of stock options. Net earnings for the quarter were $71.9 million, or $0.35 EPS, which includes the net loss from discontinued operations of $86.7 million, or $0.42 EPS. Dover's strong second-quarter performance is highlighted on slide 6. As Rob will detail later, all subsidiaries posted quarterly gains in earnings and revenue relative to last year, with five subsidiaries generating double-digit earnings improvement, while four subsidiaries posted double-digit revenue growth. The majority of the revenue and earnings growth came from the Circuit Assembly and Test, Electronic Components, and Oil and Gas Equipment groups, but the improvement was very broad-based, with gains at 11 of our 13 market groups. Operating margins climbed to 15.9%, an increase of 200 basis points, reflecting our company's continued strong focus on global sourcing efforts, lean initiatives, Dover metrics and consolidating resources to lower-cost operating locations. These earnings improvements offset the impact of higher energy prices and selected material price increases. Incoming orders for the quarter were $1.661 billion, up 19% over last year, maintaining a strong backlog of $1.304 billion, up 28% over last year. Sequentially, overall orders maintained the record pace of the first quarter that reflected moderating order rates at CAT, Automotive and Material Handling markets, offsetting strong gains in Fluid Solutions, Process Equipment, Product Identification, and Mobile Equipment. Year-to-date, record earnings from continuing operations were $290 million, up 44%, on record revenues of $3.16 billion, up 24%. Earnings per share from continuing operations for the year are $1.41 sends EPS, up 44% compared to $0.98 EPS in the prior year. Earnings year-to-date include $0.04 EPS related to the expensing of stock options. Net earnings for the period, including the impairment related to the seven discontinued operations, were $1.34 EPS, compared to $1.33 EPS in the prior year. Dover has posted 25.2% margin on incremental sales for the year, and operating margins have improved by 220 basis points to 15.5%. During the quarter, Dover Technologies completed the acquisition of O'Neil Product Development, which adds mobile printing products and related consumables to the Product Identification group. Additional details on O'Neil can be found on their Website, www.oneilprinters.com. Our acquisition pipeline remains very active, and with our strong cash flow and solid balance sheet, we continue to anticipate spending 8 to 10% of revenue on new value-creating acquisitions. www.streetevents.com Contact Us 3 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Our operating companies continue to make great strides to attain the five Dover metrics which are the foundation for our Performance Counts program. Referring to slide 7, Dover as a whole attained four of the five metrics in the second quarter, and is solidifying its position as a world-class manufacturer. Inventory turns are now up to 6.7, an increase of 1.2 turns from last year, and up 6/10 of a turn from the last quarter. We now have 37% of Dover's revenue being generated in companies at or above the eight inventory turn target. Quarterly earnings growth was up 45% over last year. Margins across Dover were 15.9% for the quarter, up 200 basis points over last year, and up 70 basis points over last quarter. Currently 74% of Dover's revenue is at or above our 15% margin metric. Working capital declined to 18.5% of sales, an improvement of 270 basis points compared to last year. The internal ROI of our operating companies has improved to 27.4% from 21.3% last year. For the second quarter, I am very proud of the strong 16.6% organic revenue growth rate posted by our companies, especially after posting an identical 16.6% organic growth rate in the preceding quarter. As shown on slide 8, four subsidiaries posted double-digit organic revenue growth. Our acquisitions accounted for 7.7% of quarterly revenue growth, and foreign exchange had basically no impact. In summary, I certainly want to thank our 32,000 talented employees around the world for their hard work and valuable contributions, not only to a great quarter but also to a very strong 2006. Their dedicated efforts are bringing a resounding change to Dover's performance, and I applaud the results. As we look forward, we anticipate continued performance improvements that will maximize the results of our companies and serve our customers well. We anticipate continued strength in our Oil and Gas Equipment, Process Equipment, Product Identification and Electronic Component groups. As we enter the third quarter, our backlogs remain at near-record levels and are strong across the majority of our industrial and electronic markets. 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 Kuhbach - Dover Corporation - CFO and VP-Finance Thanks, Ron. Good morning, ladies and gentlemen. Since Ron has already summarized Dover's overall performance, let me briefly review the individual segment results and provide some additional financial information for the second quarter of 2006. I will be going through slides 9 through 15 in our Website earnings presentation and my remarks on the segment results. Dover Diversified experienced 6% revenue growth, while earnings remained flat when compared to the prior year second quarter. Positive booking trends continued for the fourth quarter in a row and the backlog reached a new high of $328 million. Revenue in the Industrial Equipment group increased 5%, primarily reflecting a strong commercial aerospace market, resulting in 3% higher earnings, which were impacted by lower-margin aerospace service revenue. Operational improvement actions are underway to address the lack of earnings leverage. The Process Equipment group had a revenue increase of 8% as a result of strong demand in the HVAC, boiler and energy markets, partially offset by reduced print market sales. www.streetevents.com Contact Us 4 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Earnings growth was only 3%, primarily because of lower print equipment sales. This market softness is expected to moderate during the balance of the year. Dover Electronics revenue, earnings and margin gains over the prior year second quarter were largely driven by the 2005 acquisitions of Knowles and Colder and operational improvements in the core components businesses. Strength in the military, aerospace and telecom markets continued to drive strong order levels in the second quarter. The Components group had revenue growth of 117%, with earnings up over three times, due to the Knowles and Colder acquisitions and margin improvements at all of the core companies. The Commercial Equipment group had a revenue increase of 13%, while earnings were flat. Market softness and higher product development costs in the ATM business offset the earnings improvement in the Fluid Dispensing business. However, sequentially the ATM business showed improvements in revenue and earnings. Dover Industries' 2% revenue increase leveraged a 24% earnings improvement over the last year's second quarter, due to productivity gains and reduced SG&A costs. Bookings and backlog both reached their highest level in the past six quarters, suggesting continued strength, particularly in the Mobile Equipment group. The Mobile Equipment group experienced robust demand in transport products, resulting in positive leverage as a 6% increase in revenue produced a 28% increase in earnings. Revenue declined in Service Equipment due to weakness in the automotive repair market; however, earnings increased 15% due to lower SG&A expenses, reduced overhead related to a facility shutdown in the first quarter, and cost-saving initiatives. Dover Resources generated record revenue of 15%, producing higher earnings of 23%. Backlog and inventory velocity were also records for the quarter because of continuing strong market fundamentals, despite some near-term softness in the automotive and retail fueling markets. Leading Dover Resources' performance was the Oil and Gas Equipment group, with increased revenue and earnings of 43% and 65%, respectively, over the prior year's second quarter, largely due to global energy demand. The Fluid Solutions group's revenue increased 4%, while earnings decreased 1%. Weakness in retail fueling markets more than offset strength in the other markets served. The Material Handling group's revenue and earnings both grew 6% over the prior year second quarter. Most markets remain strong, partially balanced by a slow automotive market. Dover Systems' 32% revenue growth over the prior year second quarter resulted in a 42% earnings increase, due to improvements at both groups in the segment. Bookings and backlog were high, nearly matching the levels of the prior quarter, and margins hit an all-time record of 16.4%. The Food Equipment group saw a 35% increase in earnings on a 34% increase in revenue, due to continued strength in the supermarket equipment market. Positive earnings leverage and record run rates reflected capacity issues and product mix. The Packaging group had a 24% increase in revenue and a 72% increase in earnings, due to strong leverage on higher sales of can necking and trimming equipment. Technologies' revenue increased 36% and earnings increased 82% over the prior year second quarter, reflecting continued strength in the primary markets served. Bookings and backlog continue to be at near-record levels. www.streetevents.com Contact Us 5 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call The Circuit Assembly and Test group experienced record revenue and earnings results, generating sales and earnings increases of 56% and 185%, respectively. This reflects continued strength in the global demand for electronic devices, particularly those related to consumer electronics markets. The Product Identification group's earnings rose 47% on a 14% increase in revenue, as a result of strong results at all companies and the acquisition of O'Neil Product Development, which makes portable printers. Having covered quarterly segment operations, let me briefly review some other information found on slide 15. Overall revenue growth at Dover was 24.2%, primarily achieved through 16.6% organic growth and 7.7% growth from acquisitions, with a minimal impact from foreign currency. Free cash flow, defined as cash from operations, less cash expenditures, for the quarter and year to date was strong at 8.4% and 6.8%, respectively, even with year-to-date capital expenditures of $86.9 million, up 57% over the prior year. During the second quarter Dover acquired one add-on company in the Technologies segment for a total of $90 million net of cash received. We also repurchased 700,000 shares of stock at an average price of $47.19 a share. Year to date we have acquired 800,000 at a cost of $37.8 million. Net debt to capital decreased to 23.4% from 28.9%, due to increased cash generated from operations and cash proceeds from the sale of Tranter PHE, which closed in early March 2006. Dover's second-quarter effective tax rate was 29.5% in both 2006 and 2005. We continue to expect the full-year rate to be in the range of 28 to 30%. With that overview, let me turn this call back to Ron for questions. Ron Hoffman - Dover Corporation - President and CEO With that, we'll take your questions. QUESTIONS AND ANSWERS Operator (OPERATOR INSTRUCTIONS). Ned Armstrong, FBR. Ned Armstrong - FBR - Analyst My question regarded the discontinuance announcement, and specifically with regard to the CAT businesses. Can you just go through the processes that you thought about, as far as why to divest some and keep others? Was it more pure profitability, returns, or were there strategic considerations in there? If you could elaborate on that process it would be helpful. Ron Hoffman - Dover Corporation - President and CEO I think as we've reiterated over the last year-plus, not only in our calls but in our analyst meetings that we have been a part of, we've continued to say that what we want to do is we want to look at markets first and foremost, and look at the growth rate www.streetevents.com Contact Us 6 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call of a market, and then look at our presence in that market, determine kind of what our posture is in the market, how differentiated are products, what's the growth rate of the market, what's the pricing sustainability of a particular market that we play in. Those are things that certainly kind of came up on our radar screen first and foremost as we evaluated not only just the CAT sector, but all the sectors of Dover. I think then, going past that, I also felt that we had too much presence in capital goods, mainly machine tools, where I felt we played only in a very defined segment of the economic cycle. You had to get the capacity utilization up to the point that people had a requirement for a piece of capital equipment, and then it was also one of the first things that fell off in a downturn, and didn't have as much recurring revenue opportunity in those down cycles what we would like. I think we're looking for higher growth rates with more sustainability throughout a cycle. So those are the things that really came into play for us. Ned Armstrong - FBR - Analyst So, just to follow up on that, the parts of the CAT business that you discontinued were those that had exposure to the more cyclical elements of that specific market? Is that a fair characterization? Ron Hoffman - Dover Corporation - President and CEO I think they're more machine tool industries -- excuse me -- more machine tool product-related, so that tends to take away some of the recurring revenue opportunities, just due to the nature of the products that they offer. So that did play into our thinking. I think also a lot of the dynamics of these markets have changed, and our particular presence in those markets we had to evaluate. If you look at some of the companies that we have maintained in our CAT group, Everett Charles Technologies certainly is a very strong market leader in the test sector, very strong sustainable margins, a lot of recurring revenue opportunities. The same thing for DEK, which is a strong leader in screen printing, paste-laying type equipment. OK International is also part of our group, has a very strong recurring revenue in the repair side of components related to the computer assembly and test group. So we've always felt that we had some wonderful properties in our CAT sector. We felt that it's not a sector we just wanted to abandon, per se. We wanted to look at this incrementally and individually, company by company. Operator Steve Tusa, JP Morgan. Steve Tusa - JP Morgan - Analyst Just a couple of quick questions. The first is the Knowles business -- how much is that growing organically? Ron Hoffman - Dover Corporation - President and CEO We don't count Knowles as organic growth at this point because it hasn't been with us for a year. But I would say that to comment just in general about their trends, that their -- their business is certainly driven by the MEMS microphone product that's offered into the cellphone market. The cellphone market has been quite robust this year, and I think two things come into play -- not only the growth in the cellphone market, but also we believe that Knowles, with their MEMS technology for microphones, has increased the penetration of that technology on new designs that are coming out from all the phone manufacturing OEMs. So that's played very well and very strong. The hearing aid business continues to be very stable, and we still have high share there. The revenue growth so far this year in that company is probably in the range of about 30%. So it's been very strong growth. www.streetevents.com Contact Us 7 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Steve Tusa - JP Morgan - Analyst So I would think that as that becomes organic, that's going to help the mix with regards to organic growth. Ron Hoffman - Dover Corporation - President and CEO I think that's true. Steve Tusa - JP Morgan - Analyst On that front, I know that you had commented publicly that you see kind of a 10%-plus organic growth rate for the rest of the year as achievable. I think high single-digits would do. Just wondering what that outlook is, if that outlook has changed at all over the last month and a half. Ron Hoffman - Dover Corporation - President and CEO If high single-digits will do, I'll adjust to your numbers. Steve Tusa - JP Morgan - Analyst For me. For me it will do. Ron Hoffman - Dover Corporation - President and CEO I would say that certainly our organic growth has been very strong this year. We're very proud of that organic growth. We think that really reinforces the strategic initiatives and directions of our business leaders. I would say also the oil patch has certainly been very additive to that. We've seen that business grow at an unprecedented rate, perhaps, and we've really expanded the number of companies and technologies we have in that core. But across the board, if you look at all Dover companies, we've had a very good, very strong industrial market, and our companies have played very well in taking advantage of the growth rate of the market, or by gaining share in the market. There's been a number of things that we've been able to take manage of that allowed us to gain share. So we're comfortable that we should see that sustain itself, we would like to think, for the remainder of the year, but we'll see what the economy allows. Steve Tusa - JP Morgan - Analyst Lastly, if I just look at a couple of the areas that maybe were a little bit more disappointing -- I hate to nitpick here -- but Fluid Solutions and in the ATM businesses, there are some regulations coming out with regards to OPW. What's the outlook there in the second half? I know you faced a little bit of a tough comp in the first half here. Just explain a little bit around the dynamics of the ATM business and how you see that business playing out through the rest of the year. Ron Hoffman - Dover Corporation - President and CEO I think you've identified one of the key things that hopefully everybody has and focuses, we think, about our Fluid Solutions group. Let me just kind of back up a moment and say that first of all, in that group we have some wonderful companies. Wilden www.streetevents.com Contact Us 8 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Pump is one of our most global companies, and they've been posting solid gains and solid performance improvement through the course of the year. Our Fluid Transfer group company is part of OPW, they're seeing increased business in railroad tanker cars to support the ethanol buildup that's going on. So we'll see that business materialize over time. OPW Fueling Components did improve their quarter results from last quarter, but they are facing tough comps from last year, when there was a considerable amount of business relative to emission control regulations in California. That business is mainly satisfied now in terms of the buildout of emission control items; there will still be some, but not at the rate that we saw last year. But I think we have the opportunity for other states to maybe adopt those same regulations. So I anticipate we'll see OPW benefit from that over time. Referring back to the ATM business, if I might, the whole ATM market, from our perspective, certainly speaking to the retail segment of that, was slow in the first quarter compared to their historical norms. We did see that business pick up appreciably in the second quarter. They had strong sequential improvement. June was a very good month. The retail ATM sales are picking up after the slow start, and we continue to be leveraging ourselves into new opportunities in the banking sector that are moving forward, but those take time to get established. So we're still pretty positive. And I think as we look forward, I would hope that the business level would sustain at today's rate, and that would give us some nice comps. Because keep in mind, we had an effect from the hurricane in the second half of last year. Steve Tusa - JP Morgan - Analyst I forgot about that one. Thanks a lot, I appreciate it, and we'll talk later. Operator Robert McCarthy, Robert W. Baird. Robert McCarthy - Robert W. Baird - Analyst Ron, could I get you to -- in your prepared remarks you talked about, I believe, four different business groups where you'd seen accelerated -- I'm sorry -- slower bookings, and you'd had a similar number, you'd seen accelerated bookings growth. Could you go back over those again? Ron Hoffman - Dover Corporation - President and CEO I can. Let me grab that. Just a moment. Basically, certainly we highlighted that the CAT group was one of the ones where we had seen the decline in bookings. I guess I would have to say that's coming off of a very, very strong high. So that business, even though we talk about decline, the order rate was still the best order rate of the last year, or better than any period that we had last year. So still strong, but certainly at a moderating rate. Robert McCarthy - Robert W. Baird - Analyst You mean moderating compared with the prior quarter? Ron Hoffman - Dover Corporation - President and CEO The prior quarter was a knockout quarter, quite candidly. We had some extremely great orders in our Everett Charles and DEK businesses that are hard to sustain. I think the impact that goes on here is kind of the ebb and flow of consumer electronics www.streetevents.com Contact Us 9 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call determines the demand for this type of equipment. So I think you kind of go into this period of time when new products start to come about for the Christmas season, so maybe we'll see this pick back up. We're just saying that definitely we saw a slowdown through the quarter. But at the end of the day, the rate was certainly above what we saw last year in that group. I think beyond that, the rest of the changes in order rate were not of great significance. I'm trying to refer back to -- Robert McCarthy - Robert W. Baird - Analyst I know auto was one of them. Ron Hoffman - Dover Corporation - President and CEO Auto, I guess you'd have to say -- certainly as we look at auto, we really have two plays in auto, and that's in Warn Industries that supplies, the wheel lock hubs for some major OEMs, and I think those are mainly pickup and midrange trucks that, probably due to fuel requirements and the high cost of gas, people are reevaluating their buying patterns a little bit. So I think that comes into play. I think if we look at DE-STA-CO, their play in the automotive is mainly around new product platforms. As new platforms come about, they will participate well in that. And I think they're quoting activity is pretty solid, but a lot of programs just haven't come to the forefront. So those sectors, that would be the case. Our automotive service sector is another one that's seen a little bit of slowness. And in that particular case, some of that is seasonality as it relates to some of the carwash business. We did see some improvements in our car lift business at Rotary Lift. Even though they have had a number of changes in that company over the last year, I think they're really on a nice track there, and we see some sustained improvement coming there. Robert McCarthy - Robert W. Baird - Analyst And the businesses where you'd seen an acceleration in bookings activity? You mentioned -- the only one I got down in my notes was Fluid Solutions. Ron Hoffman - Dover Corporation - President and CEO Let me get back to the -- yes -- Fluid Solutions, Process Equipment, our Product Identification group and our Mobile Equipment. I think if we look at that, in our Mobile Equipment, certainly we have our refuse equipment in that group, as well as our gas refuelers and oil tanker trucks. In those particular places -- in those particular segments, certainly looking at refuse, we've made strong share gains in the refuse equipment. There's been a lot of turmoil in the market since Leach was sold; that impacted a lot of the distribution. We were able to make gains in our distribution with the Heil products reputation and service in the marketplace, and we've gained share as a result of that. I think also just the strong oil and gas activity that's going on out there, predominantly oil, requires more tanker trucks to go out into the fields and poll the unprocessed crudes and take it to refineries. So that type of activity has been up in those sectors. Product ID continues to be an area that we really identify with and enjoy playing in. We made an acquisition there of O'Neill Products. If you recall, we made an acquisition of Datamax last year. The integration efforts of Datamax and O'Neil are just now underway, so we'll see continued improvements come from that sector. But we're quite pleased again with the performance of our companies such as IMAJE in that group. www.streetevents.com Contact Us 10 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Robert McCarthy - Robert W. Baird - Analyst Just one follow-up, a small question. In the Service Equipment group, where you had a modestly down revenue comparison but a good earnings comparison, I wondered if that might have been influenced by restructuring expenses incurred in last year's quarter? I just don't have that in my notes in front of me. Ron Hoffman - Dover Corporation - President and CEO (multiple speakers) automotive service group? There was some restructuring certainly that we've been processing through this year that related to the shutdown of a company in Texas. We reduced about 110 employees from that location. That's caused -- some restructuring cost has filtered into the year. So a little bit of impact from that. But I think we're seeing the positive side of that start to materialize in our margins and in our earnings because of those moves that we absorbed. Robert McCarthy - Robert W. Baird - Analyst So the 15%-plus comparison was not influenced by sort of nonrecurring expenses in last year's second quarter? Ron Hoffman - Dover Corporation - President and CEO Bear with us. I'm trying to recall when we started the process of closing forward and moving those products to Rotary. I think that was a second-half event more than a first-half event last year. Operator Nigel Coe, Deutsche Bank. Nigel Coe - Deutsche Bank - Analyst A question on margins in Electronics; obviously, very good leverage there. I'm assuming a lot of that was due to Knowles. Can you just talk about where the margins are in Knowles? And perhaps if you could just break out how the MEMS business is doing. Ron Hoffman - Dover Corporation - President and CEO We never give succinct margins on our companies, but I think we've said in past calls that Knowles certainly is -- operates at Dover metric margins or better. I think that their MEMS business certainly has shown improvement over time, just because of coming up the learning curve and the volumes that they've seen. So they have also shown leverage through the course of the year, so we're pleased with the performance of Knowles. Nigel Coe - Deutsche Bank - Analyst Where are you -- can you just remind me where you are with the MEMS production ramp-up? Ron Hoffman - Dover Corporation - President and CEO Through the course of the year, we anticipated improvement in our MEMS business, but we've had to make substantial capital investments to increase the capacity, because the ramp has been even faster than we anticipated. So we're very pleased with www.streetevents.com Contact Us 11 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call the adoption of the MEMS microphone into the cellphone market and the success of that. I think most all new OEM designs have looked at that or incorporated it into their new product offerings. We probably put two CapEx expansions into the group so far this year. One was to actually put the MEMS group, or the microphone products, SiSonic as we refer to it, into a separate facility so that it could focus more on the capacity requirements. The number of microphones a month that we may be producing has certainly escalated. Last year we did roughly in the neighborhood of 80 million microphones. This year we'll do two to three times that. Nigel Coe - Deutsche Bank - Analyst Great. Secondly, on the Service Equipment group and some of the auto businesses you have, there's been now four quarters of year-on-year declines there. But it sounds like you've done your portfolio review and you're pretty comfortable with those businesses. Is that the right way to think about it? Ron Hoffman - Dover Corporation - President and CEO I think in all of our sectors, certainly many of these businesses -- we've been combining plants, we've been combining resources, we've been moving in some cases, some of our companies to lower-cost manufacturing venues such as Mexico or Asia or sourcing requirements. There has been some cost-related redundancies to get to those levels. But I'd say the biggest thing that's impacted the service sector has been Rotary Lift's performance was off a little bit last year. We've seen some turnaround in that as we've come into this year, some nice improvement in their performance. The carwash business certainly went into its typical seasonal slowdown, which impacted the business. And then our automotive collision equipment company has been redefining how it plays in the marketplace. Generally, I think, if you think about that, the car collision business isn't a high growing business, but there are nice attributes that we have there in terms of some of the measurement capabilities that relate to straightening of cars and vehicles. But overall, the equipment side of that has been slow this year. Nigel Coe - Deutsche Bank - Analyst And finally, perhaps not a serious question, but you've done 16.6% organic growth now for two quarters in a row. Are you planning to make it three in a row in 3Q? Ron Hoffman - Dover Corporation - President and CEO Steve Tusa said he'd be happy if it went to single digits, so I don't know. We'll see. But I think we're very proud and very happy of the organic growth we've got that we've produced so far this year. Certainly we would like to maintain that, but we'll have to see what happens in the third quarter. But we are optimistic. We do face tougher comps going forward. Operator Jack Kelly, Goldman Sachs. Jack Kelly - Goldman Sachs - Analyst Ron, last year, I guess in May when you kind of set some new objectives for the Company, the performance metrics, 15% margin goal was one of them. You kind of reiterated that this morning; you're now above it. As you look with this new portfolio, or reconfigured portfolio, should you be thinking about a higher margin objective given the divestitures that you made? www.streetevents.com Contact Us 12 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Ron Hoffman - Dover Corporation - President and CEO Certainly our performance is starting to come to our 15% margin metric, which we've had in mind. So I think we're very pleased with the progress that goes on. We aren't trying to make this a moving target that gets unreasonable for our companies. What we've tried to do is we've tried to look back and study and determine what defines world-class manufacturers? We certainly think our metrics reflect that. If you have 15-plus% operating margins, if you have low working capital, if you can have high inventory turns of eight inventory turns, you're going to grow earnings, you're going to grow cash, you're going to grow the ability to support the things that Dover wants to do in its acquisition program and the growth for its shareholders. So we're comfortable with the 15% margin. By no means do our companies and our business leaders that are at 15% margins, do they breathe a sigh of relief and say, oh gee, that's behind me, now I don't have to think about margins anymore. They continue to strive and they're incentivized to continue to push for earnings growth. So I have no fear or concern at all about the margin targets suppressing our future growth. Jack Kelly - Goldman Sachs - Analyst Secondly, you referred in the press release to the full-year impact of 2005 acquisitions, along with some other things, offsetting the loss of earnings from discontinued. Can you kind of refresh us on what you think the full-year impact of 2005 acquisitions will be in '06? And then, if you can, specifically comment on the Knowles contribution, because I think you did that last year. Ron Hoffman - Dover Corporation - President and CEO I think that we continue to say that the impact of our 2005 acquisition on 2006 would be about $0.10 EPS. I don't think we're necessarily unchanged on that at this point. We have had a lot of high acquisition costs that related to those investments we made last year that impact our P&L, and I think we're comfortable with our $0.10 that we've said all along. Jack Kelly - Goldman Sachs - Analyst Of that $0.10 incremental '06 over '05, how much of that would you say would be coming from Knowles? Rob Kuhbach - Dover Corporation - CFO and VP-Finance I would say the majority of that is coming from Knowles. If you look at last year, we really had two significant acquisitions, Knowles and Colder. And by far Knowles was the lion's share of the expenditure. And also the relative growth story of Knowles, given the MEMS acceleration which was favorable to where we started, I think, would suggest that the lion's share of what we're looking at for EPS improvement in 2006 from 2005 acquisitions is related to Knowles' success. Jack Kelly - Goldman Sachs - Analyst Just on -- in terms of organic growth, do you have it by segment as yet, breaking down that 16.9% number? Ron Hoffman - Dover Corporation - President and CEO One of the slides in the deck that we put out for our earnings release reflects that by subsidiary, reflects the organic growth as well as the FX. It's slide number 8 in the deck that we put out. www.streetevents.com Contact Us 13 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Jack Kelly - Goldman Sachs - Analyst Finally, on the Diversified segment, which was the only one where margins were down -- and you commented on some of the reasons there -- as you look out to the second half of the year, can we expect margins in Diversified to start rebounding year over year? Ron Hoffman - Dover Corporation - President and CEO Well, I think as we look at that particular sector in Diversified, certainly a lot of the impact there is that -- we would expect improvement over the course of the year. But so far the first half has been impacted a little bit by some events going on in our Aerospace company. They have had some product mix issues that impacted the second quarter that we think will improve on a go-forward basis. They have also had some onetime adjustment and costs in the aircraft component repair business that were challenging in the second quarter; those should be behind them going forward. And they've been fighting some capacity issues in Canada that they continue to resolve. So I think I'm optimistic looking at that going forward, but I think if you look at the comps of that group relative to the historical forms, they've been down in the first half of the year. Jack Kelly - Goldman Sachs - Analyst So it's a little uncertain whether (indiscernible) improving, but just a little bit uncertain in terms of the timing on when margins might turn positive. Is that fair? Ron Hoffman - Dover Corporation - President and CEO But I think there's also some nice stories there, and the fact that Crenlo has certainly shown some nice leverage this year; they've continued to show growth. Their customers are very busy. So I think that's one of the kind of success stories that's hidden in there. Our SWEP group that makes heat exchangers has really been off to a great start this year. They're performing very, very well. A lot of margin improvement in the group, a lot of growth. We're looking at expanding that group to other geographies. I think some of the performance there has been offset by some issues in our graphics group that dealt with some new product introductions last year that have had some warranty resolvement in the first half of this year. So I think that'll play itself out better in the future. Operator Wendy Caplan, Wachovia Securities. Wendy Caplan - Wachovia Securities - Analyst I haven't heard you talk so much about recurring revenue opportunities as you have this morning. Do we have a metric on that at this point, in terms of what percentage of revenue or profit comes from that? And what should we be thinking about going forward relative to service or parts? www.streetevents.com Contact Us 14 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Ron Hoffman - Dover Corporation - President and CEO We don't aggregate that as a metric, nor do we have a succinct number to share on that. I think what we know from the broad number of companies that we own and the broad number of markets we play in, it's very apparent to us that those companies that we own that have a high recurring revenue parts, service type sales, certainly tend to have more defined sustainable earnings, and tend to have higher earnings in general. We also feel that those companies can play in a broader range of the economic cycle. So that's what attracts us to that theme. I think even if I've said the words more today, that's not with any intent. I think we've been saying that consistently through the last year. So I -- we don't have a succinct metric. But I think if you go through the group of companies that we own and remain in our portfolio, they all have some significant presence and recurring revenue. Wendy Caplan - Wachovia Securities - Analyst Could you give us some idea of which are the ones that have the greatest exposure to recurring revenue? I assume Knowles is one of those, in the recent acquisitions. Ron Hoffman - Dover Corporation - President and CEO I think you can look to several very broad plays. Again, I'll go back and use Everett Charles as an example. Everett Charles, not only do they make some capital equipment for the testing of circuit boards and components and semiconductors, they also have a strong recurring revenue side with their POGO pins and their fixtures and things of that type. If you look at IMAJE, they have a strong ink sale that goes along to support the printers that they have in the marketplace. If you look at companies like Wilden that I commented on a while ago, that has strong global presence in air-operated double diaphragm pumps, there's considerable wear parts in those products. So they have high parts revenue to support that. So I think there's a number of examples of that around Dover. I think you may have mentioned Knowles. I think Knowles is one of those companies that I think over time -- I can't sit here and tell you succinctly what the recurring revenue is in that company, but again, just the presence of how they play in the marketplace, we think, is quite broad. But there's a lot of examples of recurring revenue throughout Dover, I'm just not prepared to walk through each of them individually. Wendy Caplan - Wachovia Securities - Analyst And the organic growth initiatives that you spoke to, specifically share gains and new products, can you give us some examples of those as well? Ron Hoffman - Dover Corporation - President and CEO I spoke to one early on when I talked about Heil Environmental. Heil Environmental, we believe, has benefited from some of the turmoil in the marketplace that has allowed them to gain market share with their good product offerings. Their solid distribution, I think, is recognized where the turmoil is at. I think people look to Heil as being one of those stable companies with good products that can serve their needs long-term, so certainly distributors have been attracted to that. I think another great example of that is Hill PHOENIX. Hill PHOENIX has grown out now for the last couple of years in a fairly slow growth market. They've been growing double-digit. They've been doing a wonderful job with new product development. Some of their environmental-friendly products and green initiatives have certainly paid off for them, and they've been able to gain share significantly in their marketplace. So those are certainly some examples, I think, that come to mind. www.streetevents.com Contact Us 15 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Wendy Caplan - Wachovia Securities - Analyst The new product picture? Ron Hoffman - Dover Corporation - President and CEO I guess as I go through our strategic reviews with our companies -- and I'm just coming off of last week I was in Tulsa meeting with a number of Dover Resources companies and listening to the product developments there. And we think about our oilpatch companies -- we typically sometimes don't think about the product offerings of something that engages in the oilpatch, because our primary offering has been sucker rod through the years. But as I listen to these companies now, the level of product development going on, even in that sector -- we just bought a company that brings wireless technology to our ability to monitor gas wells in the marketplace to minimize the amount of engagement that people have to have with their wells; they can actually run them off computers from their home locations or offices. I think if we look at IMAJE, they've completely revamped their product portfolio with new inkjet printers, lasers, thermal transfer, a lot of different requirements. I think when we look at SWEP, a lot of their gain has come from the standpoint of new products they've done in the heat exchanger market that are getting widely accepted, especially in developing geographies. Certainly in Europe they're strong, that would be also the case in Eastern Europe, and now transferring to Asia. So those are areas that have come about well for us. Vectron has certainly shown significant growth in their component business. Again, a lot of that last year was some of the -- some of the combining of their plants that put costs on there. But they're already showing significant gains, I think, in share, because now they serve their customers with a broader portfolio of products than what they did before. So it's very broad-based, I would say, in general. The number of new products in development that I listen to inside of Dover are extremely encouraging, very technical in nature, seem to be very differentiated relative to what's in the marketplace, and certainly things that we think can protect our value long-term. Operator Alex Blanton, Ingalls & Snyder. Alex Blanton - Ingalls & Snyder - Analyst I've got a question on Knowles, too. Despite all the questions on it, I don't think anybody asked what it was doing in total relative to your original expectation. How much is it exceeding expectations, which I gather it is? Ron Hoffman - Dover Corporation - President and CEO I guess the short answer is it is certainly exceeding our expectations. I don't have our acquisition booklet in front of me at the moment to give you any succinct number, but I think the market penetration of the MEMS microphone in the cellphone market is probably more accelerated than we thought it might be. We view that very positive. We think their business -- their high market share in the hearing aid business is very sustainable, and one that we think will have growth on a go-forward basis. So we are very pleased with the growth of Knowles, and it is at this point in time certainly exceeding what our anticipated forecasts were. www.streetevents.com Contact Us 16 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Alex Blanton - Ingalls & Snyder - Analyst You mentioned a 30% figure for Knowles. Were you talking about the Company as a whole there? Ron Hoffman - Dover Corporation - President and CEO We were talking about the revenue growth in the current quarter. Alex Blanton - Ingalls & Snyder - Analyst Year over year? Ron Hoffman - Dover Corporation - President and CEO Yes. Alex Blanton - Ingalls & Snyder - Analyst 30% revenue growth? Ron Hoffman - Dover Corporation - President and CEO Yes. Alex Blanton - Ingalls & Snyder - Analyst And what percentage of that is coming from MEMS as opposed to hearing aids? Ron Hoffman - Dover Corporation - President and CEO I don't have the breakdown, but I would say the majority of the growth is probably from the MEMS sector. Alex Blanton - Ingalls & Snyder - Analyst Of course, you didn't own it last year. So you're talking about pro forma, right? Ron Hoffman - Dover Corporation - President and CEO We're talking about -- we know the numbers they had last year, so we're reflecting on what they actually did last year versus what we are recording currently. Alex Blanton - Ingalls & Snyder - Analyst And finally on Knowles, you've got that in the Electronics segment along with Colder -- correct? www.streetevents.com Contact Us 17 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Ron Hoffman - Dover Corporation - President and CEO That's correct. Alex Blanton - Ingalls & Snyder - Analyst But Colder really isn't an electronics company, is it? I thought it was a medical connector company. Ron Hoffman - Dover Corporation - President and CEO It is a connector company, and quite candidly, it does have an electronic play in the RFID connectors they have. We felt the engagement with our technology companies that we have in our components sector would probably play well for the management team of Knowles to interface with, that there might be some technology interchange that might be in their best interest. That's why we put them there. Alex Blanton - Ingalls & Snyder - Analyst In the pie chart on page 4 -- slide 4, you've got Medical Life Sciences. But I take it that neither one of these are in there, because that's only 3%. Ron Hoffman - Dover Corporation - President and CEO There is a portion of Knowles in there and there is a portion of Colder in there; not the whole company. Alex Blanton - Ingalls & Snyder - Analyst So you actually break units down. Ron Hoffman - Dover Corporation - President and CEO There's also a telecom sector to Knowles that we acknowledged, and there's an industrial sector to Colder. Alex Blanton - Ingalls & Snyder - Analyst So in this pie chart you haven't put in whole companies; you break the units apart and put them where they -- Ron Hoffman - Dover Corporation - President and CEO For the most part they are whole companies. There are just a few exceptions, and I think the Life Sciences segment is one. Alex Blanton - Ingalls & Snyder - Analyst Finally, on the acquisition front, you said 8 to 10% of sales. Did I hear that right? www.streetevents.com Contact Us 18 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Ron Hoffman - Dover Corporation - President and CEO 8 to 10% of revenue, yes. Alex Blanton - Ingalls & Snyder - Analyst Would be going for acquisitions. And $90 million in the second quarter. What was the first quarter? Ron Hoffman - Dover Corporation - President and CEO First quarter was very small. I think we only did $10 million or something like that. So we've done about $100-plus million year-to-date. Alex Blanton - Ingalls & Snyder - Analyst So we're talking $500 to $600 million if you're talking 8 to 10% of sales for the year. So that would be a very heavy acquisition schedule in the second half. Is that what you're anticipating? Ron Hoffman - Dover Corporation - President and CEO We're very optimistic about the things we have in our acquisition pipeline, Alex. Alex Blanton - Ingalls & Snyder - Analyst What directions are you going in particular, or is there any particular direction, in terms of markets and products? Ron Hoffman - Dover Corporation - President and CEO We certainly don't talk about any of the acquisitions that we have in process until we get those processes completed. I think they will be pretty much in line with the areas that we show in our revenue distribution pie. We might have the luxury of finding a new market that we think will add value for Dover shareholders long-term. But I anticipate that Industrial Products is certainly something we continue to like. We still look for items in the Energy sector, we still look for items in the Product ID sector that we like, and Medical Life Science is certainly one that we would play to if we could find the right opportunity. Operator Shannon O'Callaghan, Lehman Brothers. Shannon O'Callaghan - Lehman Brothers - Analyst A question on CAT. You gave us the delta and the percentage of sales. I think you said it went from 20 to 12. I guess, on an earnings basis, given the modest profitability and what you're getting rid of, it's less than that. Can you give us a sense of what the current earnings contribution from CAT is going to be? www.streetevents.com Contact Us 19 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Rob Kuhbach - Dover Corporation - CFO and VP-Finance We gave you in the release that the contribution of the five companies this year to date was about $9 million EPS, which is about $0.03 EPS. So it's pretty insignificant this year. Shannon O'Callaghan - Lehman Brothers - Analyst So -- Ron Hoffman - Dover Corporation - President and CEO I think in rough terms, if you noticed, we broke out revenue and sales by segment on slide 3. And not being scientific, so I apologize for that, but you could probably think about CAT and Product ID being almost half of -- I mean almost equally shared in that piece of the pie. Maybe a little bit more to the CAT sector currently. Shannon O'Callaghan - Lehman Brothers - Analyst I guess my sort of follow-up to that is just -- given that you're keeping most of the earnings base that you had in CAT, it's just a much higher-quality earnings base, can you talk a little more about this issue of, I guess, the cyclicality of the new portfolio? I know Everett Charles has a good chunk of consumables, but I would think they're -- those are still, even though they're not big equipment, they're still linked to semi units a little bit. Can you think about the change in your view of the cyclicality of the new CAT business relative to the old? Ron Hoffman - Dover Corporation - President and CEO I think we still engage ourselves very broadly in that industry because we're doing work with not only the back-end semiconductor sector, but also with the bare board and the fully populated board side of the business, as well as the repair side of the business at the end of the assembly line. So we're still engaged in the process, but I think it's a broader engagement. And the fact that -- the semiconductor side will be impacting, but not as much as it may have been previously, because we have diminished some companies that were purely semiconductor related, I think, in the board side -- again, even though Everett Charles and DEK are engaged very broadly there, we've still taken out some of the overall sales with low return in that sector. So we're just much more comfortable that, I think, our earnings would be more sustainable, and we will still get some benefit from the growth of that cycle as it spurts up. Shannon O'Callaghan - Lehman Brothers - Analyst Would there be any thought to continue sort of building out Everett Charles via acquisition? You didn't mention that. Obviously, you've taken down areas of technology, but how do you think about the whole business? Ron Hoffman - Dover Corporation - President and CEO I think if you look historically at our ownership of Everett Charles, we have added acquisitions in that sector, I think, just about every year that we've owned it. In fact, last year, I believe, we did two acquisitions that added to Everett Charles. So it's a company and a space that we like very well, and there's a lot of opportunities for technology buys to enhance their testing engagement in that marketplace. And we've done a nice job of bringing those forward, and we'll continue to look for other things to add to it. We like the recurring revenue side of it and we think there's other opportunities there. www.streetevents.com Contact Us 20 2006 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 Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Shannon O'Callaghan - Lehman Brothers - Analyst On sort of the dilution question, you mentioned $0.03. I guess on a full-year basis it looks like the stuff that goes to disc ops is maybe $0.07. Are there -- other than the things you mentioned in the release, organic growth and accretion from previous deals, any other actions you're thinking of taking in terms of share repurchase or otherwise to try to offset some of that? Ron Hoffman - Dover Corporation - President and CEO We've stated publicly that we're trying to offset dilution year to year, and we've purchased 800,000 shares year to date. So we've certainly lived up to that commitment. I'd say if we do share repurchases in the future, they will be opportunistic, but again, just to offset dilution. And I'd say a lot of the share buying to offset dilution has been done this year. Shannon O'Callaghan - Lehman Brothers - Analyst When you say offset dilution, you're just talking about from option creep, not from the disc-oping of these businesses? Rob Kuhbach - Dover Corporation - CFO and VP-Finance That's correct. We're not trying to buy in enough stock -- frankly, we basically replaced, as you can tell, most -- substantially all the revenue that we lost by the discontinuance. In fact, we met or exceeded where we would have been had we kept those businesses. So I think we feel like we're holding our own. And we expect, with the acquisition pipeline that Ron alluded to, that we're going to have adequate opportunity to invest our free cash flow and really good opportunities in the second half of the year. So, I think, from a repurchase perspective, we've done what we think is reasonable. Frankly, over the last two years we've pretty much eliminated any dilution impact. And we would expect that with the acquisition opportunities, that we would be fully invested by the end of the year. Shannon O'Callaghan - Lehman Brothers - Analyst Okay. And just the last one, on Hill PHOENIX. Obviously, that was an extremely strong quarter there. Can you just elaborate on what made it sort of extra strong and how sustainable you think that is, and just market share dynamics? Ron Hoffman - Dover Corporation - President and CEO I think the big driver of that -- and I might say there's kind of two businesses inside of Hill PHOENIX that have big significance, and that's the display cases and the refrigeration that is really the core and how they engage themselves in the market. They had quarterly records for sales and earnings in the second quarter. And I would say the supermarket retailers that they serve are continuing to expand and remodel their stores, probably at a higher rate than was expected. And I think the big-box retailers certainly are looking to adopt these environmentally-free products that they have, their Second Nature products. So we're dialing up capacity. We think the share gain again is probably starting to head towards maybe 25%. But we are quite pleased with the improvements that Hill PHOENIX has made. It's been a wonderful turnaround in a very large company of Dover that's operating at Dover metrics now. I think it's an amazing story and I give a lot of accolades to leadership in that company. Operator Thank you. I would now like to turn the call over to Mr. Paul Goldberg for any closing remarks. www.streetevents.com Contact Us 21 2006 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.

23. FINAL TRANSCRIPT Jul. 26. 2006 / 9:00AM, DOV - Q2 2006 Dover Corporation Earnings Conference Call Paul Goldberg - Dover Corporation - Treasurer and Director of Investor Relations Thank you. This concludes our conference call. We thank you for your continued interest in Dover and we look forward to speaking to you again next quarter. Operator You may now disconnect. 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. 2006, Thomson Financial. All Rights Reserved. 1348078-2006-07-27T15:01:05.603 www.streetevents.com Contact Us 22 2006 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.