IN FOCUS

As of January 2002, Cardo Pump includes the acquired companies Swedmeter AB and Nopon Oy with a combined annual turnover of approximately SEK 150 million.

The economic situation in 2002 remained tight throughout the world. Some stimulus in the pumps and valves market came from Asia, but the growth in the euro zone weakened further.

Duluth, Georgia: Roper Industries, Inc. (NYSE: ROP) announced the next step in executing its strategy for creating long-term shareholder value.

Flowserve Corp. (NYSE:FLS) today reported net income of 30 cents a share in the fourth quarter of 2002, compared with a net loss of 3 cents a share in the year ago quarter.

Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) announced operating earnings per share of $.98 for the fourth quarter of 2002, 51 percent above results one year earlier of $.65 per share. Sales in the quarter were $1.78 billion, 5 percent above last year. Net income before unusual items was $69 million compared to $47 million in 2001.

The industrial pump companies of Dover Resources (Wilden and Blackmer) had improved earnings with a slight improvement in sales. Cost reduction initiatives, favorable product mix and innovative new products drove this positive operating leverage.

Sales, Earnings and Cash Flow Improve, 2003 Performance Depends on Strength of the Economy

IDEX Corporation (NYSE: IEX) reported that orders, sales, net income, earnings per share and cash flow improved for the year ended December 31, 2002.

In a difficult economic environment, the Sulzer Corporation upheld the level of order intake during 2002. While order volume declined nominally by 6 percent to CHF 1917 million, there is an increase of 2 percent in order intake after consideration of adjustments for acquisitions, divestitures, and currency effects.

ITT Industries, Inc. (NYSE: ITT) reported full year 2002 net income of $379.9 million and diluted earnings per share (EPS) of $4.06, up 37 percent and 33 percent respectively over the full year 2001. The comparison includes the $0.33 per share favorable impact of a tax settlement in the third quarter of 2002 and the net positive impact of restructuring reserves of $0.03 per share during the third and fourth quarters of 2002.

IDEX Corporation (NYSE: IEX) today announced a secondary public offering of 1.35 million shares of its common stock. All of the shares are being offered by KKR Associates, L.P. This offering will not increase the number of IDEX shares outstanding, and IDEX will not receive any proceeds from this offering. Banc of America Securities LLC will act as sole book running underwriter for the offering.