Market Capitalization $11.2 Billion

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1 BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY June 12, 2016 BUY RATING SINCE 05/25/2016 TARGET PRICE $83.25 BUSINESS DESCRIPTION Dover Corporation manufactures and sells a range of equipment and components, specialty systems, and support services in the United States and internationally. The company operates in four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. STOCK PERFORMANCE (%) 3 Mo. 1 Yr. 3 Yr (Ann) Price Change GROWTH (%) Last Qtr 12 Mo. 3 Yr CAGR Revenues Net Income EPS RETURN ON EQUITY (%) Ind Avg S&P 500 Q Q Q Sector: Industrials Sub-Industry: Industrial Machinery Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years Rating History BUY Volume in Millions COMPUSTAT for Price and Volume, TheStreet Ratings, Inc. for Rating History TARGET PRICE $83.25 HOLD P/E COMPARISON RECOMMENDATION We rate () a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any nesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had somewhat growth in earnings per share Ind Avg S&P 500 HIGHLIGHTS 42.15% is the gross profit margin for which we consider to be. It has increased from the same quarter the previous year. Along with this, the net profit margin of 6.12% is above that of the industry average. EPS ANALYSIS¹ ($) The debt-to-equity ratio is somewhat low, currently at 0.82, and is less than that of the industry average, implying that there has been a relatively successful effort in the management of debt levels. Although the company had a debt-to-equity ratio, its quick ratio of 0.86 is somewhat and could be cause for future problems. Regardless of the drop in revenue, the company managed to outperform against the industry average of 12.7%. Since the same quarter one year prior, revenues slightly dropped by 5.4%. The declining revenue appears to have seeped down to the company's bottom line, decreasing earnings per share. Q Q Q Q Q Q Q NA = not available NM = not meaningful Q Q Compustat fiscal year convention is used for all fundamental data items. After a year of stock price fluctuations, the net result is that 's price has not changed very much. Although its earnings growth may have played a role in this flat result, don't lose sight of the fact that the performance of the overall market, as measured by the S&P 500 Index, was essentially similar. Looking ahead, although the push and pull of the overall market trend could certainly make a critical difference, we do not see any reason stemming from the company's fundamentals that would cause a continuation of last year's decline. In fact, the stock is now selling for less than others in its industry in relation to its current earnings. The company's current return on equity has slightly decreased from the same quarter one year prior. This implies a minor ness in the organization. Compared to other companies in the Machinery industry and the overall market on the basis of return on equity, has underperformed in comparison with the industry average, but has exceeded that of the S&P 500. PAGE 1

2 PEER GROUP ANALYSIS REVENUE GROWTH AND EBITDA MARGIN* Revenue Growth (TTM) -15% 20% IR FLS UNFAVORABLE 10% XYL PH SWH EBITDA Margin (TTM) PNR SWK MIDD FAVORABLE SNA ITW 26% Companies with higher EBITDA margins and revenue growth rates are outperforming companies with lower EBITDA margins and revenue growth rates. Companies for this scatter plot have a market capitalization between $6.8 Billion and $39.1 Billion. Companies with NA or NM values do not appear. *EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization. REVENUE GROWTH AND EARNINGS YIELD Revenue Growth (TTM) -15% 20% PNR UNFAVORABLE -1% Earnings Yield (TTM) MIDD FLS FAVORABLE IR SNA SWH SWK XYL ITW PH Companies that exhibit both a high earnings yield and high revenue growth are generally more attractive than companies with low revenue growth and low earnings yield. Companies for this scatter plot have revenue growth rates between -11.8% and 15.9%. Companies with NA or NM values do not appear. 6% INDUSTRY ANALYSIS The Machinery industry continues to experience consolidation, globalization, and cost containment with the biggest companies expected to continue to dominate and generate the most revenue. The challenges the industry faces include the surges in commodity costs, which lowers margins. The result of these commodity increases have been higher prices, which customers have generally seemed to absorb as surcharges have helped cover the difference, though there is no guarantee this will continue. Steel and copper in particular saw the highest increase in prices. Manufactures have been moving to lower cost areas for production in order to contain costs. This allows the company to achieve better margins and improve competitiveness. Additionally, another positive along with this is that it allows the company to be closer to the emerging demand base and thus its new customers. The three main segments of the machinery industry are flow control equipment, electrical equipment and industrial automation. The need for products from these groups is driven on a macro-level to a certain degree, which depends on the strength of the world economy as well as government funding. Geographically, the outlook for the industry remains positive in North America, Latin America, and Asia, with a neutral forecast for Europe. As with any industry that exports products, the machinery industry is helped by a er U.S. dollar and less competitive as the dollar strengthens. The machinery industry is not heavily regulated, though there has been an increased interest by the government to raise energy efficiency of electrical equipment. Along with improved efficiency, the products that will likely continue to support growth in the industry are wireless components, including RFID (radio frequency ID), sensors - especially for use in detecting biological or chemical factors. Pump and valve technology will always be in demand in order to fulfill the ongoing need for the treatment of drinkable water and wastewater treatment. Finally, robotics orders have recently rebounded after suffering from the downturn in the automotive market. The key players in the industry include Caterpillar (CAT), Deere (DE), Illinois Tool Works (ITW), Cummins (CMI), Eaton Corp (ETN), and Ingersoll-Rand (IR). PEER GROUP: Machinery Recent Market Price/ Net Sales Net Income Ticker Company Name Price ($) Cap ($M) Earnings TTM ($M) TTM ($M) , , SNA SNAP-ON INC , , XYL XYLEM INC , , MIDD MIDDLEBY CORP , , FLS FLOWSERVE CORP , , ITW ILLINOIS TOOL WORKS , , , SWK STANLEY BLACK & DECKER INC , , SWH STANLEY BLACK & DECKER INC , , IR INGERSOLL-RAND PLC , , PH PARKER-HANNIFIN CORP , , PNR PENTAIR PLC ,872 NM 6, The peer group comparison is based on Major Industrial Machinery companies of comparable size. PAGE 2

3 COMPANY DESCRIPTION Dover Corporation manufactures and sells a range of equipment and components, specialty systems, and support services in the United States and internationally. The company operates in four segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Energy segment provides solutions and services for the production and processing of oil, natural gas liquids, and gas to drilling and production, bearings and compression, and automation end markets. The Engineered Systems segment offers precision marking and coding, digital textile, soldering and dispensing equipment, and related consumables and services; and automation components, including manual clamps, power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets. The Fluids segment focuses on the safe handling of critical fluids across the retail fueling, chemical, hygienic, and industrial markets. It also manufactures connectors for use in various bio-processing applications; and displacement and centrifugal pumps for demanding and specialized fluid transfer process applications. The Refrigeration & Food Equipment segment provides refrigeration systems, refrigeration display cases, specialty glass, commercial glass refrigerator and freezer doors, and brazed heat exchangers; and electrical distribution products and engineering services, commercial food service equipment, cook-chill production systems, custom food storage and preparation products, kitchen ventilation systems, conveyer systems, beverage can-making machinery, and packaging machines used for meat, poultry, and other food products. The company was founded in 1947 and is headquartered in Downers Grove, Illinois Highland Parkway Downers Grove, IL USA Phone: Fax: STOCK-AT-A-GLANCE Below is a summary of the major fundamental and technical factors we consider when determining our overall recommendation of shares. It is provided in order to give you a deeper understanding of our rating methodology as well as to paint a more complete picture of a stock's strengths and nesses. It is important to note, however, that these factors only tell part of the story. To gain an even more comprehensive understanding of our stance on the stock, these factors must be assessed in combination with the stock s valuation. Please refer to our Valuation section on page 5 for further information. FACTOR SCORE Growth 1.0 out of 5 stars Measures the growth of both the company's income statement and cash flow. On this factor, has a growth score better than 10% of the stocks we rate. Total Return 2.5 out of 5 stars Measures the historical price movement of the stock. The stock performance of this company has beaten 40% of the companies we cover. Efficiency 4.5 out of 5 stars Measures the strength and historic growth of a company's return on invested capital. The company has generated more income per dollar of capital than 80% of the companies we review. Price volatility 3.5 out of 5 stars Measures the volatility of the company's stock price historically. The stock is less volatile than 60% of the stocks we monitor. Solvency 5.0 out of 5 stars Measures the solvency of the company based on several ratios. The company is more solvent than 90% of the companies we analyze. Income 4.0 out of 5 stars Measures dividend yield and payouts to shareholders. The company's dividend is higher than 70% of the companies we track. THESTREET RATINGS RESEARCH METHODOLOGY TheStreet Ratings' stock model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our Buy, Hold or Sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates. While our model is quantitative, it utilizes both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenues, financial strength, and company cash flows. Our model gauges the relationship between risk and reward in several ways, including: the pricing drawdown as compared to potential profit volatility, i.e.how much one is willing to risk in order to earn profits; the level of acceptable volatility for highly performing stocks; the current valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's performance. These and many more derived observations are then combined, ranked, weighted, and scenario-tested to create a more complete analysis. The result is a systematic and disciplined method of selecting stocks. PAGE 3

4 Consensus EPS Estimates² ($) IBES consensus estimates are provided by Thomson Financial FINANCIAL ANALYSIS 's gross profit margin for the first quarter of its fiscal year 2016 is essentially unchanged when compared to the same period a year ago. Sales and net income have dropped, although the growth in net income underperformed the average competitor within the industry, the revenue growth did not. has liquidity. Currently, the Quick Ratio is 0.86 which shows a lack of ability to cover short-term cash needs. The liquidity decreased from the same period a year ago, despite already having liquidity to begin with. This would indicate deteriorating cash flow Q2 FY E 2016(E) 3.93 E 2017(E) At the same time, stockholders' equity ("net worth") has remained virtually unchanged only increasing by 3.32% from the same quarter last year. Overall, the key liquidity measurements indicate that the company is in a position in which financial difficulties could develop in the future. INCOME STATEMENT Net Sales ($mil) 1, , EBITDA ($mil) EBIT ($mil) Net Income ($mil) STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. To learn more visit BALANCE SHEET Cash & Equiv. ($mil) Total Assets ($mil) 8, , Total Debt ($mil) 3, , Equity ($mil) 3, , PROFITABILITY Gross Profit Margin 42.15% 41.67% EBITDA Margin 15.33% 17.30% Operating Margin 9.88% 12.63% Sales Turnover Return on Assets 8.45% 9.53% Return on Equity 15.63% 20.26% DEBT Current Ratio Debt/Capital Interest Expense Interest Coverage SHARE DATA Shares outstanding (mil) Div / share EPS Book value / share Institutional Own % NA NA Avg Daily Volume 1,308,952 1,875,548 2 Sum of quarterly figures may not match annual estimates due to use of median consensus estimates. PAGE 4

5 RATINGS HISTORY Our rating for was recently upgraded from Hold to Buy on 5/25/2016. As of 6/9/2016, the stock was trading at a price of which is 2.6% below its 52-week high of $73.97 and 41.6% above its 52-week low of $ Year Chart BUY: $ HOLD: $55.31 BUY: $66.67 $100 $75 MOST RECENT RATINGS CHANGES Date Price Action From To 5/25/16 $66.67 Upgrade Hold Buy 1/27/16 $55.31 Downgrade Buy Hold 6/9/14 $88.87 No Change Buy Buy Price reflects the closing price as of the date listed, if available RATINGS DEFINITIONS & DISTRIBUTION OF THESTREET RATINGS (as of 6/9/2016) 38.56% Buy - We believe that this stock has the opportunity to appreciate and produce a total return of more than 10% over the next 12 months % Hold - We do not believe this stock offers conclusive evidence to warrant the purchase or sale of shares at this time and that its likelihood of positive total return is roughly in balance with the risk of loss % Sell - We believe that this stock is likely to decline by more than 10% over the next 12 months, with the risk involved too great to compensate for any possible returns. TheStreet Ratings 14 Wall Street, 15th Floor New York, NY Research Contact: Sales Contact: VALUATION BUY. This stock's P/E ratio indicates a discount compared to an average of for the Machinery industry and a discount compared to the S&P 500 average of To use another comparison, its price-to-book ratio of 3.02 indicates valuation on par with the S&P 500 average of 2.79 and a discount versus the industry average of The price-to-sales ratio is below both the S&P 500 average and the industry average, indicating a discount. Upon assessment of these and other key valuation criteria, proves to trade at a discount to investment alternatives within the industry. Price/Earnings Peers Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations. is trading at a discount to its peers. Price/Projected Earnings Peers Average. An average price-to-projected earnings ratio can signify an industry neutral stock price and average future growth expectations. is trading at a valuation on par with its peers. Price/Book 3.02 Peers 3.79 Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. is trading at a discount to its peers. Price/Sales 1.63 Peers 1.64 Average. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. is trading at a valuation on par with its industry on this measurement. DISCLAIMER: Price/CashFlow Peers Average. The P/CF ratio, a stock s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures. is trading at a valuation on par to its peers. Price to Earnings/Growth NM Peers Neutral. The PEG ratio is the stock s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. 's negative PEG ratio makes this valuation measure meaningless. Earnings Growth lower higher Peers Higher. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. is expected to have an earnings growth rate that significantly exceeds its peers. Sales Growth lower higher Peers Lower. A sales growth rate that trails the industry implies that a company is losing market share. significantly trails its peers on the basis of sales growth The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but TheStreet Ratings cannot guarantee its accuracy and completeness, and that of the opinions based thereon. Data is provided via the COMPUSTAT Xpressfeed product from Standard &Poor's, a division of The McGraw-Hill Companies, Inc., as well as other third-party data providers. TheStreet Ratings is a division of TheStreet, Inc., which is a publisher. This research report contains opinions and is provided for informational purposes only. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained in this report constitutes, or is intended to constitute a recommendation by TheStreet Ratings of any particular security or trading strategy or a determination by TheStreet Ratings that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Your use of this report is governed by TheStreet, Inc.'s Terms of Use found at PAGE 5