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Dover CorporationSecond Quarter 2006 Conference CallJuly 26, 20069:00 a.m. Eastern

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Forward Looking StatementsWe want to remind everyone that our comments may contain certain forward-looking statements that are inherently subject to uncertainties. We caution everyone to be guided in their analysis of Dover Corporation by referring to our Form 10-K for a list of factors that could cause our results to differ from those anticipated in any such forward looking statements.We would also direct your attention to our internet site, www.dovercorporation.com, where considerably more information can be found.

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Revenues & Earnings Distribution by SegmentSix months ended June 30, 2006

Revenues Earnings

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Revenues Distribution by End-MarketSix months ended June 30, 2006

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Dover’s Q2 2006 PerformanceContinuing Earnings Per Share

2004 2005

0.000.050.100.150.200.250.300.350.400.450.500.550.600.650.700.750.80

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2006

2006 Q2 Highlights

•Record earnings on historical and comparable basis

•Reflects discontinuance of seven businesses

•Earnings, revenue and orders up at all 6 segments

+200 bps15.9%Segment Margin

24.1%Operating Leverage

17%Organic Growth

+44%$0.77EPS

+24%$1.7 billionRevenue

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Results From Continuing OperationsQ2 2006 Q2 2005 % Change

Revenue $1,655.4 $1,333.3 24%EBT $225.1 $155.4 45%Earnings $158.7 $109.5 45%EPS $0.77 $0.54 44%Bookings $1,661.1 $1,396.8 19%Backlog $1,304.0 $1,015.0 28%

Record earnings on historical and comparable basisSFAS 123(R) expense was $4.4 million, net of tax or $0.02 EPS in Q2 2006

($ in millions except per share figures)

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Performance CountsTargets Q2 2006 Q2 2005

Inventory turns* 8 6.7 5.5Earnings growth 10% 45% 23%Operating margin 15% 15.9% 13.9%Working capital as

% of revenue* 20% 18.5% 21.2%ROI (Operating) 25% 27.4% 21.3%* Annualized

Dover exceeded 4 out of 5 target metrics in the second quarter

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Q2 2006 Revenue Growth

5.9%

15.8%

2.5%

13.9%

32.1%27.4%

16.6%

0%5%

10%15%20%25%30%35%

DDI DEL DII DRI DSI DTI DOVER

Organic Revenue Growth

Acq. Growth - 68.3% - 0.9% - 9.5% 7.7%FX Effect -0.2% -1.1% -0.2% 0.6% -0.4% -0.6% -0.1%Total Growth 5.7% 83.0% 2.3% 15.4% 31.7% 36.3% 24.2%

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Diversified

Revenue growth driven by strong commercial aerospace and heat exchanger markets.Industrial Equipment: Revenue +5%; Earnings +3%

Strong revenue gains in commercial aerospace partially offset by a soft powersports market.Margin decline reflected lower margin on aerospace service revenue.

Process Equipment: Revenue +8%; Earnings +3%Strong HVAC, Boiler, and Oil and Gas markets were primary revenue growth factors.Margin impacted by product mix, a soft print market and higher material costs.

11.7%11.1% Operating Margin

-$23.0$23.0Earnings

6%$197.0$208.1Revenue

% ChangeQ2 2005Q2 2006($ in millions)

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Electronics

Knowles and Colder acquisitions largely drove revenue and earnings growth. Q2 order levels remained healthy with strong orders from military, aerospace, cell phone (MEMS) and telecom markets.Components: Revenue +117%; Earnings +369%

Acquisitions and continued strong growth and improved margins in frequency control, ceramic and microwave product businesses drove revenue and income growth.

Commercial Equipment: Revenue +13%; Earnings flatRevenue and earnings rebounded in the ATM business from soft Q1.Fluid dispensing business drove revenue growth over the comparable prior year period. Higher ATM business/product development costs offset earnings impact from fluid dispensing.

10.1%13.4%Operating Margin

144%$12.3$29.9Earnings

83%$121.7$222.8Revenue

% ChangeQ2 2005Q2 2006($ in millions)

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Industries

Revenue increases were largely due to a strong domestic transportation market along with higher international sales. Productivity gains and reduced SG&A costs drove the strong operating leverage for the quarter.Mobile Equipment Group: Revenue +6%; Earnings +28%

Strength in transport products across all market segments served was the primary revenue driver. Despite historically high aluminum prices, earnings improved for the sixth consecutive quarter due to revenue gains and positive leverage.

Service Equipment Group: Revenue - 3%; Earnings +15%. Continued weakness in the automotive repair market contributed to the volume shortfall. Earnings growth was driven by lower SG&A expenses, reduced overhead resulting from a facility shutdown in Q1, and cost saving initiatives.

11.6%14.0%Operating Margin

+24%$24.4$30.2Earnings+2%$210.5$215.3Revenue

% ChangeQ2 2005Q2 2006($ in millions)

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Resources

Record revenue, backlog, inventory turns, and return on investment reflect ongoing strength in most markets served.Oil & Gas Equipment Group: Revenue +43%; Earnings 65%

Global energy prices remain strong and demand continues to grow.Capacity additions in several companies with others under review.

Fluid Solutions: Revenue +4%; Earnings -1%Near term softness in retail fueling could not be offset by strength in other markets.

Material Handling: Revenue +6%; Earnings +6%Softness in automotive offset by operational improvements and strength in the construction, utility, mobile crane, and petroleum markets.

17.4%18.6%Operating Margin

23%$65.5$80.9Earnings15%$377.1$435.3Revenue

% ChangeQ2 2005Q2 2006($ in millions)

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Systems

Revenue and earnings were strong at both the Food Equipment and Packaging Equipment Groups. The margin improved on volume leverage in Packaging Equipment. Food Equipment: Revenue + 34%; Earnings +35%

Revenue and earnings increases driven by continued strong supermarket equipment sales. Capacity issues and product mix impacted leverage.Bookings up 10% over prior year quarter.

Packaging Equipment: Revenue +24%; Earnings +72% Strong leverage on increased sales in can necking and trimming equipment.Bookings down 14% due to timing, but backlog up 29% vs. last year.

15.1%16.4%Operating Margin

42%$26.9$38.3Earnings32%$177.7$234.1Revenue

% ChangeQ2 2005Q2 2006($ in millions)

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Technologies

The results reflect very strong performance across all company, product and geographic lines.Circuit Assembly & Test: Revenue +56%; Earnings +185%

Strong market activity continued with record revenue and earnings.Sequential quarterly revenue up 14% while earnings were up 27%.Backlog remains strong at $99 million.

Product Identification: Revenue + 14%; Earnings +47%Strong results reported by all operating companies. Acquisition of O’Neil Product Development Inc. closed in the quarter and contributed to revenue and earnings growth.

13.2%17.7%Operating Margin

82%$33.3$60.7Earnings

36%$252.0$343.4Revenue

% ChangeQ2 2005Q2 2006($ in millions)

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Second Quarter 2006 OverviewRevenue Growth

Organic Growth 16.6% Acquisitions 7.7%Currency Translation -0.1%Total 24.2%

Free Cash Flow (defined as Cash from operations less Capex)

Strong quarter and year-to-date at 8.4% and 6.8% of revenue, respectively.Full year expectations: 8% - 10% of revenue.YTD Capital Expenditures: $86.9 million - up 57% over prior year.

AcquisitionsOne add-on (Technologies) for $90 million, net of cash.

Net Debt to Capital RatioCurrently 23.4%, down from YE 2005 of 28.9%.

Effective Tax Rate (ETR)Second quarter : 29.5% same as prior year.Full year rate expected to remain in the range of 28 - 30%.