Q1 2011 Earnings Call

Carlisle CompaniesCarlisle Companies Incorporated

April 26, 2011

Forward Looking Statements

fDuring the course of this presentation, we may make projectionsor other forward-looking statements within the meaning of thePrivate Securities Litigation Reform Act of 1995. We wish toa e Secu es ga o e o c o 995 e s ocaution you that such statements reflect only our currentexpectations, and that actual events or results may differt i ll d t h i l b l i b imaterially due to changes in global economic, business,

competitive, market and regulatory factors. More detailedinformation about these factors is contained in the documentsthat the Company files from time to time with the Securities andExchange Commission. We undertake no obligation to updatesuch projections or such forward looking statements in the futuresuch projections or such forward-looking statements in the future.

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Highlights of Q1 2011 Net sales up 27% Organic up 13%

Financial Summary

In Millions except per share amounts Q1 '11 Q1 '10 ∆ Organic up 13% $76 million from Hawk acquisition, 14% Growth in all segments except for

FoodService

In Millions, except per share amounts Q1 11 Q1 10 ∆

Net Sales 693.6$ 547.3$ 27%

Earnings Before Interest and Income Taxes (EBIT) 55.2 38.8 42%FoodService

EBIT up 42%, 90 bps margin improvement Margin for Hawk was 17 5%

( )

EBIT Margin 8.0% 7.1% 90 bps

Income from Continuing Operations, Net of Tax 33.3 23.1 44%

Continuing Operations Diluted Margin for Hawk was 17.5% Earnings from organic sales growth,

selling price realization and COS savings offset significant raw material

Continuing Operations Diluted Earnings per Share 0.53$ 0.37$ 43%

savings offset significant raw material increases in core businesses

Continuing Operations EPS of $0.53

Positive after-tax earnings contribution from Hawk

Strong sales and earnings growth despite raw material impact

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Strong sales and earnings growth despite raw material impactEarnings accretion from Hawk 1st quarter after acquisition

Sales Bridge

$693.6

650700750

Organic +12.6%

+13.9% +0.2%

Volume +10.7%

$547.3

500550600650

Millions

Organic by Segment

+2.1%

Mix/Other -0.2%

350400450

$ in M Construction 16%

Transportation 10%Brake & Friction 52%Interconnect 6%FoodService 0%

300

Q1 '10 Price Volume / Oth

Acq F/X Q1 '11

27% Sales Growth – 13% Organic, 14% Acquisition

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Margin Bridge

9.0%Q1 '10 Raw Mat Price Volume COS Acq Q1 '11

8.0%7.1%

+1.4%

+0.8%

+1.2%

%

7.0%

8.0%

+1.9%

4.0%

5.0%

6.0%

BIT

Mar

gin

‐4.4%

%

2.0%

3.0%EB

0.0%

1.0%

EBIT - $38.8 Million EBIT - $55.2 Million42%

Improvement from Hawk acquisition in Q1

%

5

Improvement from Hawk acquisition in Q1Raw material increases offset by volume, price and COS

Carlisle Construction MaterialsQ1 2011 Results

16% sales growthg

Growth on higher re-roofing demand 16%

$216 5

$251.3 40.0%

45.0%

50.0%

$250

$300

Selling price increases commenced in Q1, further price increases in Q2

EBIT declined 7% from $19.3M in 2010

$216.5

25.0%

30.0%

35.0%

$150

$200

Mill

ions

to $18.0M in 2011

Negative $9 million impact from raw materials over prior year

8.9% 7.2% 10.0%

15.0%

20.0%

$50

$100$ in

M

p y

29% increase in EPDM Rubber

44% increase in Carbon Black

0.0%

5.0%

$0Q1 '10 Q1 '11

11% increase in TPO Resin

Continued strength in replacement roofing in Q1 2011 – 85% of sales

Sales Margin

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Continued strength in replacement roofing in Q1 2011 85% of salesNegative raw material impact

Carlisle Transportation ProductsQ1 2011 Results

Sales growth of 10% Strength in all major product lines led Strength in all major product lines led

by Ag/Construction at 16% and High Speed Trailers at 14%

Lawn & Garden up 8%

10%$189.6

$209.1 40.0%

45.0%

50.0%

$200

$250

Lawn & Garden up 8% Selling price added $11 million, or 6%

110 bps EBIT margin improvement from COS d d ti i iti ti

25.0%

30.0%

35.0%

$150

Mill

ions

COS and expense reduction initiatives Raw material impact approximately $13

million significantly offset by selling price 6.1% 7.2% 10.0%

15.0%

20.0%

$50

$100

$ in

M

Natural rubber up 51%; Synthetic up 27%

Jackson consolidation substantially completed

0.0%

5.0%

$0Q1 '10 Q1 '11

completed Expect start-up costs through Q2

S lid i th d ti ffi i i t

Sales Margin

7

Solid organic growth and operating efficiency improvementsContinued pressure from raw materials mitigated by selling price

Carlisle Brake & FrictionQ1 2011 Results

Acquisition of Hawk contributed $76.2 qmillion to Net Sales and $13.3 million to EBIT 17.5% margin

$110.8

$100

$120

Organic sales growth of 52% driven by demand in global Construction and Mining $60

$80

Mill

ions

710 bps increase in EBIT margin 490 bps margin increase in core

brake business on higher sales$22.5

9 3%

16.4%$20

$40$ in

M

EBIT net of $1.7 million inventory step-up charges at Hawk

Successful integration progress in all

9.3%

$0Q1 '10 Q1 '11

operating aspects of Hawk and core brake business

Significant sales and earnings growth for core brake

Sales Hawk Margin

8

Significant sales and earnings growth for core brake and Hawk acquisition

Carlisle Interconnect TechnologiesQ1 2011 Results

Sales growth 6%

$61.9 $65.7

25.0%

30.0%

$60

$70

Sales growth 6% 10% growth in aerospace from legacy

Boeing programs and in-flight entertainment offset by delays in the 6%

12 6% 13 5% 15 0%

20.0%$40

$50

llion

s

entertainment offset by delays in the 787 program

6% decline in military sales from Government budget delays

6%

12.6% 13.5%

10.0%

15.0%

$20

$30

$ in

Mil

14% increase in EBIT from $7.8 million in Q1 ’10 to $8.9 million in Q1 ‘11

Savings from COS and Vancouver plant

0.0%

5.0%

$0

$10

Q1 '10 Q1 '11

Savings from COS and Vancouver plant consolidation offset higher raw material expense Silver up 85%

Sales Margin

Silver up 85% Copper up 32%

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6% sales growth and EBIT leverage despite raw material pressure

Carlisle FoodService ProductsQ1 2011 Results

Sales flat to prior year Sales flat to prior year

Selling price added 3.5%

Offset by volume reduction

$56.8 $56.7

25.0%

30.0%

$50

$60

yimpacted by weak demand in sector

EBIT margin decline from 11.4% to 11.4%15.0%

20.0%

$30

$40

Mill

ions

EBIT margin decline from 11.4% to 9.7%

Higher raw material costs

9.7%

5.0%

10.0%

$10

$20$ in

Partially offset by higher selling prices and savings from COS

0.0%$0Q1 '10 Q1 '11

Sales Margin

10

Continued weak demand; higher raw material mitigated by selling price

Strong Balance Sheet

Cash on Hand of $104 million

Debt Maturity ScheduleIn millions

Cash on Hand of $104 million

Revolving Credit Facility availability as of March 31, 2011 $359 million

H k 8 75% i d t f$359

$400

$500

Available Under Revolver at 3/31/11 Hawk 8.75% senior unsecured notes of

$57 million face amount redeemed on January 10, 2011 for $59 million

Debt to Capital ratio of 27%

$300

Revolver at 3/31/11

Debt to Capital ratio of 27%

Drawn$110$100

$200

IRB & Other

Senior Notes $149M

Senior Notes $249M

LC, $31$0

2012 2016 2018 2020

$149M

Well positioned for further investment in acquisitions, new

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product development and capital expenditures

Cash Flow by Quarter

$40

$50

$10

$20

$30lio

ns

-$10

$0

$10

$ in

Mil

-$30

-$20

Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11Q1 10 Q2 10 Q3 10 Q4 10 Q1 11

Operating Cash Flow Capital Expenditures Free Cash Flow

Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11Operating Cash Flow ($16.9) $37.3 $42.0 $45.0 ($0.3)p g ($ ) $ $ $ ($ )Capital Expenditures (8.4) (23.2) (15.2) (17.8) (16.9)Free Cash Flow (25.3) 14.1 26.8 27.2 (17.2)

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Q1 2011 Negative reflecting seasonality; Increased Capex investment

Working Capital as a % of Net Sales

30.0%

32.0%

28.0%

26.0%

22.0%

24.0%

20.0%

Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11

Working Capital Performance Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11WC as a % of Net Sales 30.4% 26.4% 25.1% 24.9% 23.5% 21.4% 21.6% 22.0% 23.4%

Working Capital reflects average of quarter ending Receivables plus Inventory less Accounts Payable. % of Net Sales calculated using average Working Capital over annualized year-to-date Net Sales.

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Managing working capital on higher sales volume

Q & A

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Carlisle 2011 Outlook Continued sales growth from Hawk acquisition and

segment organic growth in high-teens to low-20’s

Expect continuation of higher margin contribution from Brake & Friction segment

Raw material and inflation pressure could temper earningsg

Corporate Expense - $38M

Depreciation & Amortization $93M Depreciation & Amortization - $93M

Interest Expense - $22M

Tax Rate – 34%

Capital Expenditures - $70M to $80Mp p $ $

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