OPW FUELING COMPONENTS

David J. RoppPresident

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One Company, One World, One Source

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Market OverviewMarkets Served

Retail Fueling (Major Oil, Convenience Store, etc.)Commercial Fueling (Truck Stops)Private Fueling (Municipal, Company Owned)

Served Market Size$750 Million Worldwide(6) Market SegmentsOPW Share Ranges from 10% to 50% by Segment

Market DriversEnvironmental RegulationsNew Station ConstructionInfrastructure ImprovementReplacement & Maintenance

Market DynamicsMajor Oil Consolidations - Slowed New ConstructionHigh Volume Retailers Entering MarketEnvironmental Requirements more stringent WorldwideSome Growth in Developing Countries

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Focus & StrategyBusiness Focus

Leading World Supplier of Fueling ComponentsMost Complete Product OfferingStrongest Global Presence

Business Segmentation WW Market PositionDispenser Products & Systems #1Environmental Systems #1Fuel Management Systems #2CleanEnergy Fueling #1

StrategyDefend strong North American baseExpand European business – Increased Local PresenceExpand South American and Asia Pacific business – Establishment of Local Presence

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Dispenser Products45%

Fuel Management20%

CleanEnergy5%

Environmental30%

Business Segmentation & Products

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EURO NOZZLES VAPOR RECOVERY NOZZLES

CONVENTIONAL NOZZLES

SWIVELS & BREAKAWAYS

MEMBRANE VAPOR RECOVERY SYSTEMS

AIR PRODUCTS

Dispenser Products

Markets-heavily regulatedOPW #1 in all markets except EuropeBroadest product offeringOPW recognized as technology leader

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FLEXIBLE PIPING AND SECONDARY

CONTAINMENT SYSTEMS

UNDERGROUND STORAGE TANK EQUIPMENT

ISLAND FORMS AND MANHOLE COVERS

VALVES & FITTINGS

Environmental Products

Markets-highly regulated by environmental andfire codesProducts highly localizedExpensive to shipDeveloping Countries offer growth markets

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COMMERCIAL FUELING SYSTEMS

TANK GAUGING

SYSTEMS & ACCESSORIES

Fuel Management Systems

OPW #1 worldwide in commercial fueling systemsOPW #2 worldwide in tank gaugesLocalized languageand technical support requiredRecently acquired Emco Electronics product line

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LPG FUELING PRODUCTS HYDROGEN FUELING PRODUCTS

CNG FUELING PRODUCTS

“CleanEnergy” Fueling Products

OPW only company to offer complete rangeMarket growing 10+% per yearPrimarily non-U.S. BusinessOPW working in early development major auto manufacturers on the fuel cell vehiclesRecently acquired LPG product line

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Strategic Initiatives

Develop and Implement Global Growth Plans (Local Manufacturing for Local Markets)Establish Six Sigma Culture WorldwideImplement Global Technical Support ModelLaunch “CleanEnergy” Fueling BusinessImplement an Integrated Sales and Marketing Program for “Station-In-A-Box”Introduce Steady Stream of New Products

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Global Operations

POMECOBuena Park, CA

MexicoOPW Sales/Service Office

Mexico City

CanadaDover Corp./Industrial Div. Ltd.

Strathroy

RichardsRockwood, TN

CorporateHeadquartersCincinnati, OH

OPW FMSChicago, IL

BrazilOPW de Brasil Ltda.

Sao Paulo

The NetherlandsOPW Fueling

Components EuropeZwanenburgPoland

OPW FMSKrakow

PhilippinesOPW ASEAN Sales

Sales OfficeManila

ChinaDover Corporation

of ChinaShanghai

IndiaOPW India

Sales/Service OfficeMumbai

OPW FMSCary, NC

ItalyBrevetti Nettuno

Bologna

United KingdomOPW Fueling Components

Market Harborough

Czech RepublicOPW

Chomutov

CanadaOPW FMS Strathroy

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Europe

Close manufacturing in Holland 4th quarter 2001Factory operation in Czech Republic started 3rd quarter 2001Scale-up underway

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South AmericaBuyout Brazil joint venture 1st quarter 2001Product line expanded 2002Strengthen sales & manufacturing 2002New Brazil facility under construction – will open 2nd quarter 2003Heavy emphasis / legislation on “New Environmental Standards” in Brazil

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AsiaOPW sales force to replace reps - in place 2000-2001Sourcing of components from China underway 2002W.O.F.E. Approved for China in 3rd quarter 2002Factory in China will open in early 2003

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Global Growth Achievements

Weighted average cost per hourly employee decreased 21% since 1998Annual cost reduction from China sourcing expected to exceed $1.0 million in 2003Sales in Asia Pacific/Latin America up 15% over 2001Local sales presence in all major global markets

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Six Sigma Process

Six Sigma – eliminates defects through consistent, predictable processes

Data driven processInitiatives focus on 80/20 ruleObjective – less than 3.4 defects per million opportunities

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Six Sigma Process

Top management drivenEducation:

Upper managementBlack BeltsGreen BeltsAll employeesSuppliers

Roll-outCincinnati – 1999Worldwide - 2002

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Six Sigma Training

12 Black Belts:2% of workforce200 hour training4 month process

103 Green Belts:17% of workforce20 hour trainingExpanding to 40 hour

12% of the supply base trained as Green Belts

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Internal Defects, Trend Chart(12V Vapor Recovery Nozzle)

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50000

100000

150000

200000

250000

300000

350000

400000

450000

2000 Avg 2001 Avg Jan Avg Feb Avg Mar Avg Apr Avg May Avg June Avg July Avg Aug Avg Sept Avg Oct 7

2002 TREND (PPM)

DE

FE

CT

S, P

PM

12V ORIGINAL GOAL (150000) 2002 REVISED GOAL (100000)

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Internal Defects, Pareto Analysis (12V Vapor Recovery Nozzle) October 2002

GUA RD

LIP SEA L

(A IR&FLOW TEST)

TEST GOOD

SPOUT O/R

FLOW TES TPOROSITY

MA IN & BLEEDER

POPPETB-CA P/ORING

SPOUT FLOW TEST

V /V ORING

5 5 5 81624253071 2.6 2.6 2.6 4.2 8.512.713.215.937.6

100.0 97.4 94.7 92.1 87.8 79.4 66.7 53.4 37.6

150

100

50

0

100

80

60

40

20

0

DefectCount

PercentCum %

Perc

ent

Cou

nt

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Six Sigma Results

Key Black Belt projects:7 completed5 underway$355,000 savings

Warranty cost reduced 41%Increase sales = “the real win”

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SummaryNew environmental regulations in California will positively impact OPW in 2003Major consolidations of oil companies slowed new constructionOPW target and won business in the high-volume retail segmentsOPW offset market declines by:

Market Share IncreasesProduct Line AcquisitionsNew Product DevelopmentGlobal Growth Initiatives

Initiatives to improve quality and reduce cost have provided funds for global growth and new product developmentOPW is structured properly and postured to benefit from any global growth in the industry