1. BTR Siebe Creation of the global leader in controls and automation World-scale presence in all key controls/automation markets Opportunity to offer ‘total solution’ packages of controls, systems and services Significant operational synergies - at least £250 million of annual cost savings by March 2002 Demonstrable incremental revenue growth potential Enhanced scope for strategic opportunities in a consolidating sector A value creating merger

2. Convergence of BTR and Siebe strategy 1990-1995 Siebe The Diversified Engineer - Controls - Compressed Air - Specialist Mechanical - Safety and Life Support Siebe The Focused Engineer - Controls - Intelligent Automation - Industrial Equipment BTR The Conglomerate - Industrial - Transportation - Construction - Control & Electrical Systems - Consumer BTR The Focused Engineer - Control Systems - Power Drives - Specialist Engineering - Automotive 1996-1998 The 1998/99 merger of BTR Siebe produces the global leader in controls and automation

3. BTR Siebe Industrial logic - technology fit Siebe Compressors Pneumatics Siebe Valves & Actuators Siebe Field Measurement & Control Products Siebe Drives & Thermal Controllers Power Controls Siebe HMI Software & Safety Systems BTR Motors, BTR Power Transmission BTR Valves & Actuators BTR Sensors, Instruments, Meters BTR Drives, BTR Power Systems BTR Rail Signalling Siebe I/A Control Systems Siebe Process Optimisation Software High Medium Annual Growth Rate Technological Sophistication MediumHigh Siebe BTR Automation Components and Equipment Valves, Actuators and Controls Sensors, Meters and Instruments Programmable Controllers and Electronic Drives HMI, Scada and Safety Systems Distributed Control Systems and Services (UNIX/ Windows) Application & Advanced Control Systems and Services Combined BTR Siebe has strength in all automation technologies

4. BTR Siebe Geographic fit Sales (1) by destination Note: (1)Includes recent acquisitions and divestitures BTR Siebe RoW 7% North America 42% South America 4% Far East 10% U.K. 12% Continental Europe 25% U.K. 9% Far East 14% South America 4% North America 41% RoW 3% Continental Europe 29% Far East 12% South America 5% North America 41% RoW 4% Europe 27% U.K. 11% Delivery of technology anywhere in the world

5. BTR Siebe Industrial logic - product fit by division Broad range of automotive sealing, vibration and fluid systems equipment 1998 sales (£bn) Fluid systems 0.29 Sealing systems 0.55 Vibration control 0.35 Polymers 0.25 Drive trains0.20 1.64 Factory automation products and engineering equipment for general industrial applications 1998 sales (£bn) Compair/ Pneumatics 0.32 Eurotherm drives0.06 Industrial motors0.35 Power transmission0.40 Paper techn.0.30 Environmental0.10 Nylex Malaysia0.10 1.63 Power control products for telecoms, factory automation, computer and office equipment 1998 sales (£bn) Lambda0.25 Teccor0.05 Exide Electronics0.35 Batteries0.60 1.25 Controls, sensors and small systems for home and light commercial applications 1998 sales (£bn) Appliance0.52 Climate0.49 Sensors0.26 Motors0.35 Meters0.30 1.92 Large systems and total automation solutions for petrochems, food, beverage, power, rail, buildings, utilities, etc. 1998 sales (£bn) Foxboro0.68 APV0.60 Instruments0.20 Wonderware0.07 SIBS0.32 Valves0.45 Rail0.35 2.67 Automotive Industrial Drives and Equipment Power SystemsIntelligent Automation Cost savings/solution selling Controls Siebe BTR BTR Siebe Note:Pro forma annualised sales including recent acquisitions * Automotive only refers to the segment share TopABBEmerson Emerson EmersonDelphi competitors EmersonHoneywellLucent RockwellTI Group HoneywellGEAPC Siemens Dana Siemens SchlumbergerYuasa ABB Laird Cross-selling opportunities Global position #1#1#1#4#1* Market share21%18%20%6%16%