1. 2008 Second Quarter Results
July 30, 2008

2. Forward-Looking Statements
Certain statements contained in this presentation that are not historical facts, including any
statements as to future market conditions, results of operations and financial projections, are
forward-looking statements and are thus prospective. These forward-looking statements are
subject to risks, uncertainties and other factors which could cause actual results to differ materially
from future results expressed or implied by such forward-looking statements.
Particular risks facing SPX include economic, business and other risks stemming from our
international operations, legal and regulatory risks, cost of raw materials, pricing pressures,
pension funding requirements, integration of acquisitions and changes in the economy. More
information regarding such risks can be found in SPX’s SEC filings.
Although SPX believes that the expectations reflected in its forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to be correct. In addition,
estimates of future operating results are based on the company’s current complement of
businesses, which is subject to change.
Statements in this presentation are only as of the time made and SPX does not intend to update
any statements made in this presentation except as required by regulatory authorities.
This presentation includes non-GAAP financial measures. A copy of this presentation, including a
reconciliation of the non-GAAP financial measures with the most comparable measures calculated
and presented in accordance with GAAP, is available on our website at www.spx.com.
PAGE 2

3. Introduction
PAGE 3

4. Q2 Financial Highlights
($ millions, except per share data)
Comments
Q2 2008
Earnings Per Share $1.70 +37%
Revenue $1,556 +29%
Organic Growth 4% Strong Process Equipment Demand
Segment Income Margin 13.4% +100 points
Free Cash Flow $22 On track operationally
Note: Data from continuing operations, see appendix for non-GAAP reconciliations
37% Earnings Growth in Q2 2008;
Raising 2008 Full Year EPS Guidance 20 Cents to $6.40 to $6.60
PAGE 4

5. Q2 Financial Results
($ millions)
Segment Income
Revenue & Margin
$1,556
29% 40%
$209
29% 40%
$149
$1,208
13.4%
12.4%
Q2 2007 Q2 2008 Q2 2007 Q2 2008
40% increase in segment income
21% acquisition growth
100 points of margin expansion:
4% organic growth
+ Power market strength
5% benefit from foreign currency + Lean and Supply-Chain improvements
– APV Dilution
Note: Data from continuing operations; see appendix for non-GAAP reconciliations
4% Organic Growth;
100 Points of Segment Margin Expansion
PAGE 5

6. Q2 Earnings Per Share
Year-Over-Year Changes to
Earnings Per Share Earnings Per Share
37%
37%
Q2 2007 EPS $1.24
$1.70
Segment income +$0.74
$1.24
Interest expense ($0.15)
Tax rate ($0.15)
Other items $0.02
Q2 2008 EPS $1.70
Q2 2007 Q2 2008
Note: Data from continuing operations
Improved Operating Performance and 2007 Acquisitions
Were the Primary Drivers of Increased Earnings
PAGE 6

7. Balance Sheet
($ millions)
Key Balance Sheet
Debt to Capital
Accounts at,
44.0%
41.0%
12/31/07 6/30/08
Cash $354 $420
Other Current Assets 2,342 2,607
Total Assets 6,237 6,645 Q4 2007 Q2 2008
Debt to EBITDA (1)
2.3x
Total Debt $1,569 $1,596 2.0x
Other Current Liabilities 1,837 1,936
1.8x
1.5x
Shareholders' Equity 2,006 2,312
Q4 2007 Q2 2008
Net Leverage Gross Leverage
Consolidated leverage ratios; Net and Gross Debt to EBITDA as defined in the credit facility
(1)
Balance Sheet Generally In-Line with 12/31/2007;
Gross Leverage Ratio at the Top End of Target Range
PAGE 7

8. SPX Global End Markets
2007 Pro Forma
2008E Market Trends
Revenue by End Market
Power & Energy
Global
Infrastructure
53%
Sanitary
HVAC,
Telecom,
Other
General Industrial
Power & 20%
Energy
33%
Tools &
HVAC, Telecom, Other
Diagnostics
20%
Tools & Diagnostics
Sanitary
14%
General
Industrial
13% Mid/High
Double-Digit Flat /
Single Digit
Growth Modest Decline
Growth
Note: Data from continuing operations, pro forma for APV acquisition
Order Trends Remain Positive in Most Key End Markets
PAGE 8

9. 2008 First Half Overview
($ millions)
2H 2008
1H 2008 Revenue and
Key Initiatives
Segment Margins
33%
33%
Organic growth
$2,949
Free Cash Flow conversion
$2,223
APV integration
12.6%
Capital allocation
11.4%
1st Half 2007 1st Half 2008
63% Year-Over-Year Earnings Growth in 1H 2008;
2H 2008 Focus on Operating Execution and APV Integration
PAGE 9

10. 2008 Full Year Guidance
($ millions, except per share data)
Previous Updated Mid-Point
Guidance Range Guidance Range Increase
2008E EPS $6.20 to $6.40 $6.40 to $6.60 +$0.20
2008E Free Cash Flow: $260 to $300 $300 to $320 +$30
Note: Data from continuing operations; See appendix for non-GAAP reconciliations
Raising 2008 EPS from Continuing Operations
Guidance Range 20 Cents to $6.40 to $6.60
PAGE 10

11. Q2 Segment Analysis
PAGE 11

12. Flow Technology: Q2 Financial Results
($ millions)
Q2 Revenue Q2 Segment Income & Margin
$70
$547 97%
97%
$45
$278
17.4%
16.0%
APV Dilution:
~460 points
12.8%
10.8%
Q2 2007 Q2 2008
Q2 2007 Q2 2008
79% acquisition growth from APV Excluding APV
Including APV
14% organic growth:
58% increase in segment income
Demand in power, oil and gas and
sanitary markets
140 points of margin expansion in core business
4% foreign exchange benefit APV operating profit: 6%
Note: Data from continuing operations; see appendix for non-GAAP reconciliations
Strong Global Demand for Process Equipment;
Core Margin Expansion Offset by APV Dilution
PAGE 12

13. Flow Technology: Full Year Analysis
($ millions)
Full Year Revenue &
Segment Margin
Key 2008 Drivers:
+ 91% to
93%
APV Integration
APV Revenue:
$885 to $900m
Global energy infrastructure
development:
$1,121
Power, oil & gas, sanitary
16.5% to
17.0%
APV Dilution:
15.8%
~470 points Leverage on organic growth
11.8% to
12.3%
11.3%
2007 2008E
Excluding APV Including APV
Note: Data from continuing operations; see appendix for non-GAAP reconciliations
Targeting 7% to 8% Organic Growth in 2008
PAGE 13

14. Thermal Equipment and Services: Q2 Financial Results
($ millions)
Q2 Revenue Q2 Segment Income & Margin
6%
6%
$409
$46
$388
$38
11.1%
9.7%
Q2 2007 Q2 2008 Q2 2007 Q2 2008
2% organic decline: 21% increase in segment income
Increased local Chinese competitors
140 points of margin expansion:
Uneven nature of infrastructure projects
Improved contract execution
7% foreign exchange benefit
Operating improvements across all
the product lines
Backlog increased 43% to $2b
Note: Data from continuing operations; see appendix for non-GAAP reconciliations
21% Increase in Segment Income;
140 Points of Segment Margin Expansion
PAGE 14

15. Thermal Equipment and Services: Full Year Analysis
($ millions)
Key 2008 Drivers:
Full Year Revenue &
Segment Margin
Global demand for power and
energy infrastructure
+11 to
13%
$100m Qatar contract:
$1,561
Dry cooling system for
Linde/Shell Pearl petrochemical
complex
10.6% to
11.1%
10.4%
Majority of work expected to be
completed in 2008
Discipline on project bids
Operating improvements
2007 2008E
Note: Data from continuing operations; see appendix for non-GAAP reconciliations
Expect 11% to 13% Total Revenue Growth;
Expect Margins Between 10.6% and 11.1%
PAGE 15

16. Test and Measurement: Q2 Financial Results
($ millions)
Q2 Revenue Q2 Segment Income & Margin
12%
12%
$324 $37
$289
$33
11.4%
11.3%
Q2 2007 Q2 2008 Q2 2007 Q2 2008
11% acquisition growth: 13% increase in segment income
JCD & Matra
10 points of margin expansion:
3% organic decline + Strong European OEM
+ U.S. manufacturing integration
5% foreign exchange benefit
– Reduced U.S. aftermarket
volume
Note: Data from continuing operations; see appendix for non-GAAP reconciliations
Growth in Europe and Integration Actions,
Offset Soft U.S. Aftermarket Demand
PAGE 16

17. Test and Measurement: Full Year Analysis
($ millions)
Full Year Revenue & Key 2008 Drivers:
Segment Margin
Integration of European
+9 to
acquisitions
11%
North American aftermarket
$1,098 remains challenging
Focus on long-term strategy:
10.5% to
10.9% Global expansion into Europe
11.0%
and Asia
Integration of U.S. manufacturing
New product development
2007 2008E
Note: Data from continuing operations; see appendix for non-GAAP reconciliations
Challenging N.A. Aftermarket in 2008;
Focused on Long-Term Strategy for Global Expansion
PAGE 17

18. Industrial Products and Services: Q2 Financial Results
($ millions)
Q2 Revenue Q2 Segment Income & Margin
$57
9%
9%
$276
$253
$34
20.5%
13.5%
Q2 2007 Q2 2008 Q2 2007 Q2 2008
8% organic growth 65% increase in segment income
Strong demand for Broadcast and Solar 700 points of margin expansion:
equipment
Pricing
Midwest flooding caused timing delays on Leverage on organic growth
transformer shipments
Lean and supply chain improvements
Note: Data from continuing operations; see appendix for non-GAAP reconciliations
Strong Demand and Margin Expansion Continued in Q2
PAGE 18

19. Industrial Products and Services: Full Year Analysis
($ millions)
Full Year Revenue & Key 2008 Drivers:
Segment Margin
U.S. investment in transmission
+18% to
and distribution infrastructure
20%
Strong backlog
$966
Positive growth in aerospace,
20.2% to broadcast, hydraulic tools and
20.7%
solar equipment
16.2%
Pricing strength
Lean process improvements and
capacity expansion
2007 2008E
Note: Data from continuing operations; see appendix for non-GAAP reconciliations
Strong U.S. Demand for T&D Infrastructure Driving
Margin Expansion and Double-Digit Organic Growth
PAGE 19

20. Free Cash Flow and
Capital Allocation
PAGE 20

21. Free Cash Flow
($ millions)
1H Free Cash Flow 1H 2008 Key Drivers
Improved free cash flow performance
$62 from base businesses
Increased capital spending
APV working capital investments
($3)
Increased interest and tax payments
($37)
$25m reclass of employee income tax
1H 2006 1H 2007 1H 2008
withholding on vested restricted stock
awards from operating to financing
$23m related to Q1
Note: See appendix for non-GAAP reconciliations
Improved 1H Free Cash Flow Performance from Base Businesses,
Offset by Interest and Tax Payments, APV and Capital Investments
PAGE 21

22. Free Cash Flow
($ millions)
2H Free Cash Flow Full Year Free Cash Flow
$303m $300m
to to
$323m $320m
$313
$287
$251 $250
(1) (1) (2)
2H 2006 2H 2007 2H 2008E 2006 2007 2008
(1) Excludes a $67m tax payment made in Q4 2006
(2) Includes $30m to $50m of cash restructuring for the APV acquisition and elevated capital spending of $140m to $150m
Note: See appendix for non-GAAP reconciliations
Strong Second Half Expectations Consistent with Prior Years;
On Track for 2008 Free Cash Flow Target of $300m to $320m
PAGE 22

23. Capital Allocation Methodology
Target Leverage Range: 1.5x to 2.0x Gross Debt to EBITDA (1)
Gross Debt to EBITDA (1) Excess Capital Usage
Debt reduction
> 2.0x
Strategic acquisitions
< 2.0x
Share repurchases
Consolidated leverage ratios; Gross Debt to EBITDA as defined in the credit facility
(1)
6/30/2008 Gross Debt to EBITDA at 2.0x
PAGE 23

24. 2008 Financial Targets
PAGE 24

25. 2008 Q3 Targets
Q3 2007 Q3 2008E Excluding APV
($ millions, except per share data)
Revenue $1,190 +34% to 36% +15% to 17%
Segment Income $ $168 $207 to $212
+23% to 26%
+23% to 26%
Segment Income % 14.2% 12.9% to 13.1% 13.8% to 14.0%
(110) to (130) bps
(110) to (130) bps
EPS $1.38 (1) $1.58 - $1.65
(1) Adjusted EPS, see appendix for reconciliation
+15% to 20%
+15% to 20%
Note: Data from continuing operations
15% to 20% Earnings Growth Expected in Q3
PAGE 25

26. 2008 Financial Targets
2008
Target Range
($ millions, except per share data)
Comments
+30% to 33% Organic: 7% to 8%
Revenue
12.8% to 13.3% ~flat
Segment Income Margin
13.9% to 14.4% +90 to 140 bps
Excluding APV
32% to 36% (1)
$6.40 to $6.60
Earnings Per Share
$300 to $320 85% to 90% of NI
Free Cash Flow
$140 to $150 Capacity, Lean
Capital Spending
& IT Investments
As compared to 2007 adjusted EPS
(1)
Note: Data from continuing operations; see appendix for non-GAAP reconciliations
Targeting Over 30% Revenue and Earnings Growth in 2008
PAGE 26

27. 2008 Potential Upsides & Downsides
Upside Potentials Downside Potentials
Stronger organic growth End market slowdown
Speed/cost of APV integration Speed/cost of APV integration
Acquisitions Disposals
Foreign currency impacts Increasing raw material costs
Lower tax rate Foreign currency impacts
Certain Events Could Influence Actual Earnings Per Share
PAGE 27

28. Summary
PAGE 28

29. Backlog Development
($ millions)
62%
$2,003 $782 $721 62%
Q2 2008
$1,401 $799 $696
Q1 2008
$1,254 $731 $640
Q4 2007
$1,201 $365 $568
Q2 2007
$0 $1,000 $2,000 $3,000 $4,000
Thermal Flow Industrial
SPX’s Total Backlog Has Grown 62 Percent Since Q2 2007;
Power and Energy and Process Equipment Markets Have Driven Growth
PAGE 29

30. Thermal Equipment Orders
SPX Dry Cooling ACC System SPX Geothermal Example in Iceland
Customer: Alstom
Customer: Orkuveita Reykjavikur
Project: Provide Dry Cooling System
Project: Provide cold-end solution
and feedwater heaters for coal-fired
for 5 geothermal plants in Iceland
power plants in South Africa
Order size: ~$100m
Order size: ~$500m
SPX Now has More Than $700m of Backlog in South Africa
PAGE 30

31. Global, Special Service Tools and Equipment Order
JOHN DEERE
Customer:
Project: Provide all special service tools
used throughout John Deere’s complete
global network
Order length: 5-year, renewable contract
5 Year Contract With John Deere Demonstrates SPX’s Global Capability
and Increases SPX’s Exposure to Non-Automotive OEM’s
PAGE 31

32. SPX Earnings Growth
…Driving Earnings Growth*
Three Global Growth Markets…
17% 58% ~34%
17% 58% ~34%
$6.40 to
$6.60
e
Pr
ur
oc
ct
ru
es
st
s
ra
Eq
nf
$4.85
u
lI
ip
ba
m
en
lo
G
t
Tools & Diagnostics
$3.07
$2.62
2005 2006 2007 2008E
*2005 – 2007 adjusted for certain items, see appendix for reconciliations
SPX Well Positioned for Future Growth in Global
Infrastructure, Process Equipment and Tools & Diagnostics Markets
PAGE 32

33. Questions
PAGE 33

34. Appendix
PAGE 34

35. Balance Sheet
($ millions) 12/31/07 6/30/08 Change
Cash $354 $420 $66
Other Current Assets 2,342 2,607 265
Goodwill 1,944 1,991 47
Other Assets 1,597 1,627 30
Total Assets $6,237 $6,645 $407
Other Current Liabilities $1,838 $1,936 $98
Total Debt 1,569 1,596 28
Long-Term Liabilities 825 801 (24)
Shareholders' Equity 2,006 2,312 306
Total Liabilities and Shareholders'
$6,237 $6,645 $407
Equity
Debt / Capital Ratio 44% 41%
(1)
LTM EBITDA $663 $779
(1)
Net Debt / EBITDA 1.83x 1.50x
Gross Debt / EBITDA (1) 2.29x 1.98x
(1) As defined in the SPX credit facility
PAGE 35

36. Full Year Financial Model
2008E
($ millions, except per share data)
Guidance
2007 Mid-Point
Revenue $4,747 $6,260
Segment Income Margin 13.0% 13.1%
Corporate overhead (95) (102)
Pension / PRHC (44) (39)
Stock-based compensation (41) (46)
Special charges (8) (20)
Operating Income $428 $615
% of revenues 9.0% 9.8%
Equity Earnings in J/V 40 46
Other Income/(Expense) (5) (10)
Interest Expense (71) (110)
Pre-Tax Income from Continuing Operations $392 $542
Tax Provision (126) (186)
Income from Continuing Operations $266.3 $356
Tax Rate 32% 34%
Weighted Average Dilutive Shares Outstanding 56 55
EPS from continuing operations $ 4.73 $ 6.50
EPS from businesses discontinued in 2008 $ 0.12
Adjusted EPS $ 4.85 (1)
Guidance Range $6.40 to $6.60
EBITDA $ 663 $ 850
Note: Data from continuing operations Adjusted EPS, includes businesses discontinued in 2008, see appendix for reconciliation
(1)
2008E Mid-Point EPS Guidance is $6.50 Per Share
PAGE 36

37. Expected APV Impact
2008E APV Financial Modeling Targets
Revenue: ~3-5% revenue growth ($885m to $900m)
Operating margin: ~5%
Interest expense: ~$40m
Cash restructuring $30m to $50m
Capital spending: ~$15m
Depreciation expense: ~$15m
Note: Quarterly results may vary
Expect APV Acquisition to Dilute Consolidated Margin Performance;
Neutral to Slightly Accretive Impact to EPS
PAGE 37

38. Pro Forma APV Calculation
Pro Forma
Base Flow Flow
Segment APV Segment
Q2 2007
Revenue $278 $192 $470
Segment Income $45 $6 $51
Segment Margin 16.0% 3.1% 10.8%
Q2 2008
Revenue $329 $217 $547
Segment Income $57 $13 $70
Segment Margin 17.4% 5.9% 12.8%
Note: Data from continuing operations
PAGE 38

39. Pro Forma Calculation
Segm ent Segm ent
Revenue Incom e Margin
2007
SP X $ 4,747 $ 616 13.0%
APV $ 876 $19 2.2%
P ro Fo rma SP X $ 5,623 $ 635 1 .3%
1
2008E
SP X $ 5,285 - $ 5,410 13.9% to 14.4%
APV $ 885 - $ 900 ~5%
To tal SP X $ 6,1 - $ 6,330
90 12.8% to 13.3%
2008E
SP X Flo w Techno lo gy 16.5% to 17.0%
APV ~5%
To tal SP X Flo w Technlo gy 1 .8% to 1
1 2.3%
Note: Data from continuing operations
PAGE 39

40. Re-Stated Quarterly Segment Data
First Quarter Second Quarter Third Quarter Fourth Quarter Full Year
2006 2007 2006 2007 2006 2007 2006 2007 2006 2007
Flow Technology
Revenue $194 $251 $215 $278 $212 $269 $244 $323 $866 $1,121
Segment Income $28 $38 $34 $45 $34 $45 $37 $50 $133 $177
Segment Margins 14.3% 15.0% 15.9% 16.0% 16.2% 16.8% 15.2% 15.4% 15.4% 15.8%
Test and Measurement
Revenue $242 $240 $270 $289 $260 $250 $296 $320 $1,067 $1,098
Segment Income $22 $24 $40 $33 $42 $23 $46 $41 $150 $120
Segment Margins 9.3% 9.9% 14.7% 11.3% 16.3% 9.2% 15.6% 12.7% 14.1% 10.9%
Thermal Equipment and Services
Revenue $275 $313 $300 $388 $322 $422 $431 $438 $1,328 $1,561
Segment Income $12 $16 $15 $38 $34 $57 $50 $52 $111 $163
Segment Margins 4.4% 5.2% 4.9% 9.8% 10.7% 13.4% 11.7% 12.0% 8.4% 10.4%
Industrial Products and Services
Revenue $196 $212 $207 $253 $206 $249 $227 $253 $837 $966
Segment Income $19 $26 $22 $34 $25 $44 $33 $52 $99 $156
Segment Margins 9.6% 12.3% 10.8% 13.5% 11.9% 17.7% 14.6% 20.5% 11.8% 16.2%
Note: Data from continuing operations
PAGE 40

41. Non-GAAP Reconciliations
PAGE 41

42. Q2 2008 Organic Revenue Growth Reconciliation
Quarter Ended June 30, 2008
Net Revenue Acquisitions/ Organic
Foreign
Growth Divestitures Growth
Currency
Flow 96.5% 78.6% 3.5% 14.4%
Test 12.4% 10.5% 4.7% -2.8%
Thermal 5.5% 0.0% 7.1% -1.6%
Industrial 9.0% 0.0% 1.2% 7.8%
Consolidated 28.8% 20.6% 4.5% 3.7%
Note: Data from continuing operations
PAGE 42

43. Q2 Free Cash Flow Reconciliation to GAAP Financial Measures
SPX Corporation and Subsidiaries
Free Cash Flow Reconciliation
(unaudited)
($ millions)
Q2 2006 Q2 2007 Q2 2008
Net cash from continuing operations $ (28) $ 81 $ 48
Capital expenditures $ (14) $ (17) $ (26)
Free cash flow from continuing operations $ (42) $ 64 $ 22
Taxes paid on LYONs tax recapture $ 45
Adjusted free cash flow from continuing operations $ 3
PAGE 43

44. 1H Free Cash Flow Reconciliation to GAAP Financial Measures
SPX Corporation and Subsidiaries
Free Cash Flow Reconciliation
(unaudited)
($ millions)
1H 2006 1H 2007 1H 2008
Net cash from continuing operations $ (142) $ 90 $ 43
Capital expenditures $ (24) $ (28) $ (46)
Free cash flow from continuing operations $ (166) $ 62 $ (3)
Interest paid on LYONS repurchase $ 84
Taxes paid on LYONs tax recapture $ 45
Adjusted free cash flow from continuing operations $ (37)
PAGE 44

45. Full Year Free Cash Flow Reconciliation to GAAP Financial Measures
SPX Corporation and Subsidiaries
Free Cash Flow Reconciliation
(unaudited)
($ millions)
2006 2007
Net cash from continuing operations $ 49 $ 404
Capital expenditures $ (56) $ (91)
Free cash flow from continuing operations $ (7) $ 313
Interst paid on LYONS repurchase $ 84
Taxes paid on LYONs tax recapture $ 91
Adjusted free cash flow from continuing operations $ 168
FCF from operations discontinued in 2007 $ 15
Adjusted free cash flow as reported 2/28/2007 $ 183
PAGE 45

46. 2008E Free Cash Flow Reconciliation to GAAP Financial Measures
SPX Corporation and Subsidiaries
Free Cash Flow Reconciliation
(unaudited)
($ millions)
2008E Guidance Range
Net cash from continuing operations $ 440 $ 470
Capital expenditures $ (140) $ (150)
Free cash flow from continuing operations $ 300 $ 320
PAGE 46

47. EBITDA Reconciliations
($ millions) 2006 2007 2008E
Revenues $4,313 $4,822 $6,260
Net Income $171 $294 $356
Income tax provision (benefit) 56 90 186
Interest expense 50 77 110
Income before interest and taxes $277 $461 $652
Depreciation and intangible amortization expense 90 83 112
EBITDA from continuing operations $367 $544 $764
Adjustments:
Non-cash compensation expense 38 41 46
Extraordinary non-cash charges 41 14 0
Extraordinary non-recurring cash charges 27 7 20
Excess of JV distributions over JV income (12) 2 12
Loss (Gain) on disposition or assets 56 4 0
Pro Forma effect of acquisitions and divestitures 53 6
Other 8 0 3
Adjusted LTM EBITDA from continuing operations $525 $663 $850
Note: EBITDA as defined in the credit facility
PAGE 47

48. Debt Reconciliations
($ millions) 12/31/2007 6/30/2008
Short-term debt $ 255 $ 305
Current maturities of long-term debt 79 79
Long-term debt 1,235 1,213
Gross Debt $ 1,569 $ 1,596
Less: Puchase card program and extended A/P programs $ (58) $ (55)
Adjusted Gross Debt $ 1,511 $ 1,542
Less: Cash in excess of $50m $ (304) $ (370)
Adjusted Net Debt $ 1,207 $ 1,172
Note: Debt as defined in the credit facility
PAGE 48

49. Q3 2007 Adjusted Earnings Per Share
Q3
2007
GAAP EPS from continuing operations $1.73
Q3 Tax Benefits (0.35)
Adjusted EPS from continuing operations $1.38
Note: Data from continuing operations
PAGE 49

50. 2007 Adjusted Earnings Per Share
FY 2007
GAAP EPS from continuing operations $5.33
Q3 Tax Benefits (0.34)
Q4 Tax Benefits (0.25)
Q4 Asset Impairment 0.05
Q4 Legacy Legal Matters (Corporate Expense) 0.06
Adjusted EPS from continuing operations $4.85
Note: Data from continuing operations
Adjusted EPS Presented Consistent with 2007 EPS Guidance
PAGE 50

51. 2006 Adjusted Earnings Per Share
FY 2006
GAAP EPS from continuing operations $3.65
Q2 Tax Accrual Reversal (0.57)
Q2 VSI Legal Settlement 0.20
Q4 Miscellaneous Tax Benefits (0.28)
Q4 Charges for Legacy Legal Matters 0.07
Adjusted EPS from continuing operations $3.07
PAGE 51

52. 2005 Adjusted EPS Reconciliation
Year ended,
Dec 31, 2005
GAAP net income per share $15.33
Income from discontinued operations (15.61)
SFAS 142 asset impairment 0.96
Loss on early extinguishment of debt 0.96
Normalized tax rate (40%) 0.41
Projected share count (64m) 0.26
Normalized interest expense ($37m) 0.12
Other (1) 0.19
Adjusted earnings per share $2.62
(1)
Includes income from businesses discontinued in the second half of 2005,
other expense relating to FX losses on the repatriation of cash, a one-time
legal settlement at our EGS joint venture and a one-time gain on the sale of
property.
Note: The model above has been presented on the same basis as the annual earnings per share
model presented in SPX’s March 3, 2005 investor presentation
PAGE 52