1. ENERGY 2020
June 11, 2008

2. Introductions
Chris Kearney Chairman, President and Chief Executive Officer
Patrick O’Leary EVP and Chief Financial Officer
Jeremy Smeltser VP of Finance
Ryan Taylor Manager of Investor Relations
PAGE 2

3. 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.
The estimates of future performance and guidance are as presented on April 30, 2008. SPX’s inclusion of
estimates and guidance in the presentation is not an update, confirmation, affirmation, or disavowal of the
estimates.
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 3

4. SPX Overview
2008E Revenue
by Segment
Global, multi-industrial
Thermal
Flow
Equipment & manufacturer of engineered
Technology
Services products
35% 28% 2008E revenue: $6.2b
Operations in over 20
18% 19% countries
Industrial
Test & Over 17,000 global
Products &
Measurement employees
Services
Note: Data from continuing operations, 2008E as of 4/30/2008
$6b Global, Multi-Industrial Company; ~1/3 of SPX Revenue is
From Sales into the Global Power and Energy Market
PAGE 4

5. SPX Earnings Growth
…Driving Earnings Growth*
Three Global Growth Markets…
17% 58% ~30%
17% 58% ~30%
$6.20 to
$6.40
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; 2008E as of April 30, 2008
SPX Well Positioned for Future Growth in Global
Infrastructure, Process Equipment and Tools & Diagnostics Markets
PAGE 5

6. SPX Operating Initiatives
Emerging
Lean
Markets
Organization
Im
pr
h
wt
ov
ro
em
G
en
t
New Product
Development Supply-Chain
Resources Management
IT Shared
Infrastructure Services
Learning and Development
Operating Initiatives Supporting
Growth and Improvement Within SPX
PAGE 6

7. Disciplined Capital Allocation
Share Repurchases Strategic Acquisitions
($ millions)
$716
$675
5 acquisitions completed
~$1.2B total revenue
$386
15m
9m
8m
2005 2006 2007
$1.8B of total share
repurchases
Average purchase Johnson Controls
price of ~$58 per share European Diagnostics
Disciplined Approach to Capital Allocation
PAGE 7

8. Globalization of SPX Continues
2004 SPX Revenue 2007 Pro Forma SPX
by Geography Revenue by Geography
North America North America
70% 49%
Europe
32%
ROW
ROW
Europe
3% Asia-Pacific Asia-Pacific
4%
20%
15%
7%
Note: Data from continuing operations, 2007 pro forma for APV acquisition
Continued International Expansion;
50% of 2007 Revenue Outside North America
PAGE 8

9. Key External Market Drivers
Growing world population
Gl
ob
a lI Advancement of developing countries
nf
Tools & Diagnostics
ra
st
ru
ct Increasing demand for power and
u re energy
nt Increasing demand for processed
e
m
ip food and beverages
qu
E
ss
e Government regulations
oc
Pr
Increasing environmental awareness
Global Growth Providing Opportunities for SPX
PAGE 9

10. 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% Double-Digit Mid/High-Single Digit Low-Single Digit
Growth Growth Growth
Note: Data from continuing operations, 2007 pro forma for APV acquisition; 2008E as of 4/30/2008
53% of SPX Revenue Serves the Global Infrastructure Market;
Significant Exposure to Global Power and Energy Markets
PAGE 10

11. Backlog Development
($ millions)
Industrial Flow Thermal
~3 Months > 1 Year
~9 Months $1,401
Visibility Visibility
Visibility
$1,254
$1,217
$799
$763
$731
$640
$562
$348
Q1 Q4 Q1 Q1 Q4 Q1 Q1 Q4 Q1
2007 2007 2008 2007 2007 2008 2007 2007 2008
Note: Data from continuing operations
Strong Global Demand for Power and Energy Infrastructure
And Process Equipment Driving Backlog Increases
PAGE 11

12. Global Energy Infrastructure Investment
Cumulative Expected Investment
in Energy Infrastructure, 2006 - 2030
Power
53%
$11.6
trillion
$5.4
Oil
trillion
25%
$4.3
trillion
Coal Gas
3% 19%
Source: WEO 2007 Copyright OECD/IEA, 2007; Table 1.9, page 95 , as modified by SPX Corporation
$22 Trillion Estimated to be Spent on
Energy Infrastructure From 2006 Through 2030
PAGE 12

13. Investment in Power and Energy Infrastructure by Region
$2t
$5t $2t
$4t
$3t
$2t
$2t $1t
Source: WEO 2007 Copyright OECD/IEA, 2007; Figure 1.13, page 96, as modified by SPX Corporation
Perfect Storm of Aging Infrastructure in Developed Countries and
Rising Demand for Electricity Throughout the World
PAGE 13

14. Fuel Source Debate
Fuel Source Positive Factors Negative Factors
High emissions, CO2
Abundant, less expensive
Coal
storage concerns
Easy to transport Availability, inflating price,
Oil
CO2 emissions
Easy to transport, low Availability, inflating price,
Natural Gas
pollution rate CO2 emissions
Zero CO2 emissions, low fuel High initial capital cost,
Nuclear
cost long-term waste
Alternative Sources
Zero CO2 emissions, free Low energy density,
inputs reliability concerns
Positive and Negative Factors About Each Power Source
PAGE 14

15. World Primary Energy Demand
Global Primary Energy Demand
2005 – 2030
18 CAGR
16
Billion tonnes of oil equivalent
7.0%
14 0.7%
12
2.1%
10
8
1.3%
6
4
2 2.2%
0
1980 1990 2000 2010E 2020E 2030E
Coal Oil Gas Nuclear Hydro/Other
Source: WEO 2007 Copyright OECD/IEA, 2007; Figure 1.1, page 76, as modified by SPX Corporation
Coal, Gas and Oil Expected to be the Primary Sources for Energy;
Alternative Sources Gaining Momentum
PAGE 15

16. SPX Power and Energy Contract Examples
United Kingdom Norway
Iceland
Coal Solar
Geothermal
$70m $40m
$100m
Q3 2006 Q3 2007
Q2 2008
China
Nuclear
United States
$13m
Coal
Q3 2007
$50m
Q4 2007
China
Coal
40 plants
2002 - present
Qatar
South Africa Petrochemical
Coal $100m
$235m Q1 2007
Q4 2007
SPX Power and Energy Technologies Providing Solutions
Across a Diverse, Global Landscape of Customer Needs
PAGE 16

17. SPX Power and Energy Opportunities
Oil &
Natural Gas
Coal Nuclear Solar T&D
Biofuels Petrochemicals Mining and Minerals
Refinement
SPX Technologies Serve Customers
Across Many Global Power and Energy Applications
PAGE 17

18. Cooling Solutions
Mechanical Draft
Air Cooled Condensers
Evaporative Cooling
(Dry Technology)
(Wet Technology)
Natural Draft Towers Air2Air
(Wet or Dry Technology) (Hybrid Technology)
SPX Offers Broad Cooling System Technology That Serves
Customers Across Many Types of Power Generation Facilities
PAGE 18

19. Thermal Equipment
Feedwater Deaerators
Heaters
Electrostatic
Precipitators
Heat Exchangers
SPX Provides Critical Components for Power Generation Facilities
PAGE 19

20. Flow Technology
Process Pumps & Systems Flue Gas
Desulfurization Mixers
Steam, Control, Gate, Squib Valves
Dryers Filters: Liquid & Air
SPX Engineered Flow Products Assist in
Power Generation and Oil and Gas Exploration and Refinement
PAGE 20

21. Typical Coal-Fired Power Plant
Thermal Segment
Flow Segment
Industrial Segment
TEXT
PAGE 21

22. Nuclear Example
SPX Squib Valve
SPX contracted in 2007 to design and
engineer squib valves for Westinghouse
US Department of Energy funded 50% of
the design fees
Critical component for the AP1000 nuclear
plant design
Expect deployment in the US and Asia
Permits the rapid exit of
fluid from a pressurized
fluid source
SPX Squib Valves Supporting Nuclear Power Growth
PAGE 22

23. Solar Example
Monocrystalline SPX Key
Demand Projection Market Attributes
Global reach:
Large installed base of crystal growers
12
Sales into over 20 countries for solar
10
8
GigaWatts
Reputation for reliability and quality:
6
KX120PV a gold standard for solar
4
market
2
0
High productivity equipment with
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
sophisticated automatic operation
Source: BCC Research
Focused on new product development
SPX Has Leading Crystal Growing Technology with Global Reach;
~$90m in Orders for Crystal Growers Received Within the Past Year
PAGE 23

24. Geothermal Example
$100m project in Iceland
Iceland’s Svartsengi Power Plant
SPX chosen to engineer,
design, manufacture and
install complete cold end
solution
5 geothermal plants at the
base of the Hengill volcano
Total generating capacity of
225 MW
SPX Helping Iceland Expand Its Energy Infrastructure
PAGE 24

25. Transmission and Distribution
PAGE 25

26. Power Transformers
Power Transformer Revenue
Power Transformer
10% to
15%
($ millions)
$420
$290
$235
2005 2006 2007 2008E
Note: 2008E as of April 30, 2008
SPX Custom Engineers Power Transformers for the
Transmission and Distribution of Electricity in the US
PAGE 26

27. US Transmission and Distribution Market Drivers
> Investment in medium power transformers (10-60 mva) has driven
Waukesha’s organic growth and backlog growth
> Investment in large power transformers (>60 mva) is expected to
increase in the near-term
> Three primary drivers of this investment in transformers:
Increased Electricity Demand (1):
2007 demand was 83% of net capacity resources
Demand for electricity expected to increase 135,000 MW or 18% over the next
decade
Heightened Regulatory Standards:
Energy Policy Act of 2005
Electric Reliability Organization
Aging Infrastructure
(1) US Department of Energy
Increased Electricity Demand, Regulatory Standards and
Aging Infrastructure Driving Investment in US T&D Market
PAGE 27

28. Installation History of US Transformers
Base Giga-Voltage Ampere (GVA) per Year Additions
200
180
Transformer GVA Installed
160
140
120
100
80
60
40
20
0
1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996
Year
Source: Hartford Steam Boiler
Significant Capital Spending for New
US Transformers Occurred ~30 Years Ago
PAGE 28

29. Aging US Transformers
100%
90%
80%
Hazard Function
70%
60%
50%
40%
30%
20%
10%
0%
2
8
14
20
26
32
38
44
50
56
62
68
74
Age
Transformer Age
Source: Hartford Steam Boiler
Risk of Transformer Failure and Need for Replacement
Begins Significant Increase at 30 Years of Age
PAGE 29

30. Expected Rate of Failure
Failure Rate Forecast
4.5
4.0
3.5
Transformer GVA
3.0
2.5
2.0
1.5
1.0
0.5
0.0
1983
1986
1989
1995
1998
2001
2013
1980
1992
2004
1968
1974
1977
2010
1964
1971
2007
Source: Hartford Steam Boiler
Rate of Failure Expected to Increase Over the Next 5 Years
PAGE 30

31. Regulatory Influences on T&D Investment
Mandatory reliability standards
FERC incentives:
Capacity margins, transmission constraints
State requirements and regulation
Homeland security
NERC’s Base Penalty Amount Table
Risk Factor Low Medium High Severe
Violation
Low $1 - $3 $2 -$8 $3 - $15 $5 - $25
Medium $2 - $30 $4 - $100 $6 - $200 $10 - $335
High $4 - $125 $8 - $300 $12 - $625 $20 - $1,000
Source: NERC
Customer Behavior Altered by Heightened Regulatory Standards;
Driving Investment in Transmission and Distribution
PAGE 31

32. Summary
PAGE 32

33. SPX Power and Energy Initiatives
Power & Energy
SPX Focus
Revenue
Profitability improvement
~$1,950
Geographic expansion
New product development
~$1,500
Customer relationships
Increase capacity & optimize
global footprint
2006 2007 Strengthen engineering
capabilities
Focused on Maximizing Global Power & Energy Opportunities
PAGE 33

34. Financial Results
($ millions)
Revenue Growth Segment Income Margins
Organic 13.5% to
~5-7%
6% 10% 10%
growth 14.0%*
$6,175
13.0%
$4,747 12.1% 12.4% to Including
12.9% APV
$4,097
$3,658 11.1%
2005 2006 2007 2008E 2005 2006 2007 2008E
Note: Data from continuing operations; 2008E as of 4/30/2008; See appendix for non-GAAP reconciliations
*Excludes dilutive impact of APV
The Transformation of SPX is Clearly Reflected in
Our Improving Financial Performance
PAGE 34

35. Questions
PAGE 35

36. Q1 2008 Highlights
($ millions, except per share data)
Comments
Q1 2008
Earnings Per Share $1.14 +115%
Revenue $1,393 +37%
Organic Growth 7% Power & Energy
Market Strength
Segment Income Margin 11.6% +140 points
Note: Data from continuing operations, see appendix for non-GAAP reconciliations
Significant Earnings Growth in Q1
PAGE 36

37. 2008 Financial Targets
2008E
Target Range
($ millions, except per share data)
Comments
+27% to 32% Organic: 5% to 7%
Revenue
12.7% to 13.2% ~flat
Segment Income Margin
13.8% to 14.3% +80 to 130 bps
Excluding APV
28% to 32% (1)
$6.20 to $6.40
Earnings Per Share
$260 to $300 75% to 85% 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; 2008E as of 4/30/2008
Targeting 27% to 32% Revenue Growth and
28% to 32% Earnings Growth
PAGE 37

38. Full Year Financial Model
2008E
($ millions, except per share data)
Guidance
2007 Mid-Point
Revenue $4,822 $6,175
Segment Income Margin 12.9% 12.9%
Corporate overhead (95) (102)
Pension / PRHC (44) (39)
Stock-based compensation (41) (46)
Special charges (8) (15)
Operating Income $435 $594
% of revenues 9.0% 9.6%
Equity Earnings in J/V 40 46
Other Income/(Expense) (5) (5)
Interest Expense (71) (110)
Pre-Tax Income from Continuing Operations $399 $526
Tax Provision (126) (181)
Income from Continuing Operations $273.1 $344
Tax Rate 32% 35%
Weighted Average Dilutive Shares Outstanding 56 55
(1)
EPS from continuing operations $ 4.85 $ 6.30
Guidance Range $6.20 to $6.40
EBITDA $ 663 $ 840
Note: Data from continuing operations; see appendix for non-GAAP reconciliations; 2008E as of 4/30/2008
2008E Mid-Point EPS Guidance is $6.30 Per Share
PAGE 38

39. Flow Technology
2007 Pro Forma Revenue 2007 Pro Forma
by Geography Revenue by End Market
North America
Sanitary
33%
41% Power &
Europe
Energy
38%
25%
General
Industrial
Compressed 19%
ROW Asia-Pacific
Air Chemical
8% 21%
5% 10%
Note: Data from continuing operations; pro forma for APV acquisition
Providing Process Solutions to
Global, Diverse Markets
PAGE 39

40. Flow Technology: Full Year Analysis
($ millions)
Full Year Revenue &
Segment Margin
Key 2008 Drivers:
88% to
92%
APV Integration
APV Revenue:
Global energy infrastructure
$885 to $900m
development:
$1,121
Power, oil & gas, and
mining
16.3% to
16.8%
APV Dilution:
15.8%
Leverage on organic growth
~480 points
11.5% to
12.0%
11.3%
2007 2008E
Excluding APV Including APV
Note: Data from continuing operations; see appendix for non-GAAP reconciliations; 2008E as of 4/30/2008
Targeting 5% to 7% Organic Growth in 2008
PAGE 40

41. Thermal Equipment and Services
2007 Revenue 2007 Revenue
by Geography by End Market
Power &
North Energy
America 61%
42%
Europe
37%
HVAC
ROW Industrial 31%
2% 8%
Asia-Pacific
19%
Note: Data from continuing operations
Global Provider of Thermal Equipment and Services;
Power and Energy Infrastructure is Largest End Market
PAGE 41

42. Thermal Equipment and Services: Full Year Analysis
($ millions)
Key 2008 Drivers:
Full Year Revenue & Global demand for power plant
Segment Margin refurbishments and capacity
additions
+9 to
11% Qatar contract ($100m):
$1,561
Dry cooling system for Linde
petrochemical plant
Majority of work expected to be
10.3% to
completed in 2008
10.4%
10.8%
Discipline on project bids:
Competitive China market
Contract execution
2007 2008E
Lean manufacturing initiatives
Note: Data from continuing operations; see appendix for non-GAAP reconciliations; 2008E as of 4/30/2008
Expect 9% to 11% Total Revenue Growth;
Expect Margins Between 10.3% and 10.8%
PAGE 42

43. Test & Measurement
2007 Revenue 2007 Revenue
by Geography by End Market
North
America
59%
Vehicle
Tools &
Diagnostics
Other 81%
7%
Trans-
portation
4%
ROW
Europe Utilities
1%
32% 8%
Asia-Pacific
8%
Note: Data from continuing operations
Leading Global Provider of Essential Tools and
Diagnostic Systems for New Vehicle Platforms
PAGE 43

44. Test and Measurement: Full Year Analysis
($ millions)
Full Year Revenue & Key 2008 Drivers:
Segment Margin
Integration of Johnson Controls
European Diagnostics and Matra
+9 to
11%
North American market remains
challenging
$1,098
Focus on long-term strategy:
Global expansion into Europe
and Asia
10.8% to
10.9% 11.3%
Restructure US business model
Invest in R&D
2007 2008E
Note: Data from continuing operations; see appendix for non-GAAP reconciliations; 2008E as of 4/30/2008
Challenging N.A. OEM Markets Impacted Financial Performance;
Focused on Long-Term Strategy for Global Expansion
PAGE 44

45. Industrial Products and Services
2007 Revenue 2007 Revenue
by Geography by End Market
North
America Power & Hydraulic
81% Energy Tools
44% 15%
Aerospace
12%
Broadcast
10%
Other
Asia-Pacific Industrial
Europe
7% 19%
12%
Note: Data from continuing operations
44% of Revenue Serves the
Domestic Transmission and Distribution Market
PAGE 45

46. Industrial Products and Services: Full Year Analysis
($ millions)
Full Year Revenue & Key 2008 Drivers:
Segment Margin
U.S. investment in transmission
and distribution of electricity
+14% to
16%
Strong backlog
$966
Positive growth in other key end
20.2% to
markets
20.7%
16.2%
Pricing strength
Lean process improvements and
capacity expansion
2007 2008E
Note: Data from continuing operations; see appendix for non-GAAP reconciliations; 2008E as of 4/30/2008
Demand for T&D Equipment Driving
Margin Expansion and Double-Digit Organic Growth
PAGE 46

47. EGS Electrical Group Joint Venture
($ millions)
EGS 2007 Revenue
Equity Earnings
by End Market
Infrastructure $46
47% General
Industrial
$39 $39
26%
Aerospace
2%
Agriculture Sanitary
3% 9%
Chemical Auto 2006 2007 2008E
6% 7%
Note: Data from continuing operations; 2008E as of April 30, 2008
Nearly 50% of Sales From Infrastructure Equipment;
Solid Earnings and Cash Contributor
PAGE 47

48. Balance Sheet
($ millions) 12/31/07 3/31/08 Change
Cash $354 $385 $31
Other Current Assets 2,342 2,512 169
Goodwill 1,944 2,005 61
Other Assets 1,597 1,636 39
Total Assets $6,237 $6,537 $300
Other Current Liabilities $1,838 $1,905 $67
Total Debt 1,569 1,624 55
Long-Term Liabilities 825 829 4
Shareholders' Equity 2,006 2,180 174
Total Liabilities and Shareholders'
$6,237 $6,537 $300
Equity
Debt / Capital Ratio 44% 43%
(1)
LTM EBITDA $663 $712
(1)
Net Debt / EBITDA 1.83x 1.73x
Gross Debt / EBITDA (1) 2.29x 2.20x
Consolidated leverage ratios; Gross Debt to EBITDA as defined in the credit facility
(1)
PAGE 48

49. 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
< 2.0x Strategic acquisitions
Share repurchases
Consolidated leverage ratios; Gross Debt to EBITDA as defined in the credit facility
(1)
3/31/2008 Gross Debt to EBITDA at 2.2x;
Expect to be In Target Leverage Range During 2008
PAGE 49

50. Debt Maturity Schedule
$556
$500
$195
$75 $75 $75
$30
2008 2009 2010 2011 2012 2013 2014
Minimal Debt Repayment Requirements for the Next 3 Years
PAGE 50

51. 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 51

52. Non-GAAP Reconciliations
PAGE 52

53. Pro Forma APV Calculation
Pro Forma
Base Flow Purchase Flow
Segment APV Accounting Segment
Q1 2007
Revenue $251 $248 $499
Segment Income $38 $9 $47
Segment Margin 15.0% 3.5% 9.3%
Q1 2008
Revenue $277 $227 $0 $504
Segment Income $45 $8 ($8) $46
Segment Margin 16.4% 3.6% na 9.1%
Note: Data from continuing operations
PAGE 53

54. 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 $ 5,1 - $ 5,350
65 13.8% to 14.3%
APV $ 885 - $ 900 ~5%
To tal SP X $ 6,050 - $ 6,250 12.7% to 13.2%
2008E
SP X Flo w Techno lo gy 16.3% to 16.8%
APV ~5%
To tal SP X Flo w Technlo gy 1 .5% to 1
1 2.0%
Note: Data from continuing operations
PAGE 54

55. Organic Revenue Growth Reconciliation
Net Revenue Acquisitions Organic
Foreign
Growth/(Decline) and Other Growth/(Decline)
Currency
2005 6.2% 0.5% 0.0% 5.7%
2006 11.8% 1.4% 0.7% 9.7%
2007 15.7% 3.2% 2.7% 9.8%
2008E 27% - 32% 20% - 22% 2% - 3% 5% - 7%
Note: Data from continuing operations; 2008E as of 4/30/2008
PAGE 55

56. Q1 2008 Organic Revenue Growth Reconciliation
Quarter Ended March 31, 2008
Net Revenue Acquisitions/ Organic
Foreign
Growth Divestitures Growth
Currency
Flow 101.0% 91.1% 5.2% 4.7%
Test 14.4% 13.0% 4.6% -3.2%
Thermal 10.9% 0.0% 6.1% 4.8%
Industrial 26.2% 0.0% 1.3% 24.8%
Consolidated 37.2% 25.5% 4.6% 7.1%
Note: Data from continuing operations
PAGE 56

57. Q1 Free Cash Flow Reconciliation to GAAP Financial Measures
SPX Corporation and Subsidiaries
Free Cash Flow Reconciliation
(unaudited)
($ millions)
Q1 2006 Q1 2007 Q1 2008
Net cash from continuing operations $ (114) $ (6) $ (28)
Capital expenditures $ (10) $ (11) $ (21)
Free cash flow from continuing operations $ (124) $ (17) $ (48)
Taxes paid on LYONs tax recapture $ 84
Adjusted free cash flow from continuing operations $ (40)
PAGE 57

58. 2008E Free Cash Flow Reconciliation to GAAP Financial Measures
SPX Corporation and Subsidiaries
Free Cash Flow Reconciliation
(unaudited)
2008 Guidance Range
($ millions)
Net cash from continuing operations $ 400 $ 450
Capital expenditures $ (140) $ (150)
Free cash flow from continuing operations $ 260 $ 300
Note: Data from continuing operations; 2008E as of 4/30/2008
PAGE 58

59. EBITDA Reconciliations
($ millions) 2006 2007 2008E
Revenues $4,313 $4,822 $6,175
Net Income $171 $294 $344
Income tax provision (benefit) 56 90 181
Interest expense 50 77 110
Income before interest and taxes $277 $461 $635
Depreciation and intangible amortization expense 90 83 122
EBITDA from continuing operations $367 $544 $756
Adjustments:
Non-cash compensation expense 38 41 46
Extraordinary non-cash charges 41 14 0
Extraordinary non-recurring cash charges 27 7 18
Excess of JV distributions over JV income (12) 2 13
Loss (Gain) on disposition or assets 56 4 0
Pro Forma effect of acquisitions and divestitures 53 5
Other 8 0 2
Adjusted LTM EBITDA from continuing operations $525 $663 $840
Note: EBITDA as defined in the credit facility; 2008E as of 4/30/2008
PAGE 59

60. Debt Reconciliations
($ millions)
12/31/2007 3/31/2008
Short-term debt $ 255 $ 313
Current maturities of long-term debt 79 79
Long-term debt 1,235 1,231
Gross Debt $ 1,569 $ 1,624
Less: Puchase card program and extended A/P programs $ (58) $ (53)
Adjusted Gross Debt $ 1,511 $ 1,570
Less: Cash in excess of $50m $ (304) $ (335)
Adjusted Net Debt $ 1,207 $ 1,236
Note: Debt as defined in the credit facility
PAGE 60

61. 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
PAGE 61

62. 2006 Adjusted Earnings Per Share
FY
2006
GAAP EPS from continuing operations $3.74
Q2 Tax Accrual Reversal (0.57)
Q2 VSI Legal Settlement 0.20
Q4 Miscellaneous Tax Benefits (0.28)
Q4 C harges for Legacy Legal Matters 0.07
Loss from operations discontinued in 2007 (0.08)
Adjusted EPS from continuing operations $3.07
Note: Data from continuing operations
PAGE 62

63. 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 63

64. PAGE 64