Shareholder Value Creation: Opportunistic Share Repurchases

1990 - 1995 240.6 24.6 $ 9.76

1996 62.9 2.9 $21.88

1997 86.3 3.3 $26.50

1998 106.3 3.3 $32.69

1999 671.7 18.5 $36.40

Total $1,167.7 52.5 $22.25

Buyback intentions rarely “announced”.

Buybacks executed when price is favorable.

Corporate development activity measured against acquiring Dover stock.

(millions)

Dollars Shares Average Price

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