Conversion Presentation

Overview T. Rowe Price Conversion Team Flowserve Team Flowserve Participant May 2010 June 2010July 2010August 2010September 2010October 2010November 2010 Formalize investment strategy  Initial Meetings with T. Rowe Price  Conference calls with prior provider  Gather Plan documents  Conversion brochure distributed  T. Rowe Price systems set-up and testing   Service agreements finalized and executed  Conversion assets and records to T. Rowe Price TRO Services Begin   Document Plan procedures  Announcement letter mailed  Information kits sent and phone lines open  Formalize communications strategy     Employee Meetings  Regularly scheduled meetings to review Outstanding Items and Procedures 

May Objectives T. Rowe Price Team: –Review plan documents –Conduct initial Implementation Meetings –Prepare communications strategy document –Identify key decisions and outstanding questions Flowserve Team: – Deliver plan documents – Identify internal resources – Notify prior provider and request test data – Select investment menu Combined Team: – Conduct data interface discussion – Identify processing timeframes and due dates – Conduct communications audit – Issue and Review DB calculation specifications May Milestones  05/31 Flowserve selects investment menu  05/17 Communications audit Flowserve T. Rowe Price Participant  05/24 Begin DB Plan Specifications Review  05/03 Review plan documents Planning sessions and data interface discussions 05/17 – 10/29 

T. Rowe Price Team: –Formalize communications strategy –Begin communications production –Begin DB data analysis, clean- up and conversion –Begin DC procedures review –Begin DC system setup and testing Flowserve Team: – Provide final approval for communications strategy – Identify employee meeting needs – Provide DB conversion test data June Objectives Combined Team: – Conference calls with prior providers – Conduct regularly scheduled status meeting conference calls – DB data analysis and clean-up  06/4 Formalize communication strategy June Milestones Flowserve T. Rowe Price Participant  06/25 Conference calls with prior provider(s) begin  06/18 Begin communications production  06/11 Provide DB conversion test data  06/15-09/30 DB data analysis, clean-up and conversion

July Milestones TRP Team: –Begin system set-up and testing –Reconcile test valuation –Identify any data/asset issues –Prepare service agreements –Review and evaluate data feed for contributions and maintenance –Define DB payment conversion requirements –Announcement letter mailed Flowserve Team: –Prepare test contribution & maintenance data –Prior provider sends prior period test valuation July Objectives Combined Team: – Conduct regularly scheduled status meeting conference calls – Review test results  7/01 – 10/31 Draft administrative procedures and forms Flowserve T. Rowe Price Participant  07/03 Submit test data (indicative data & contribution)  07/15 – 10/31 Define DB payment conversion requirements  07/30 Prepare service agreements  07/19 – 08/31 Test valuation files from prior provider  07/1 Begin system set up and testing  07/05 Announcement letter mailed

T. Rowe Price Team: –Continue system setup and testing –Provide test deferral and loan extract files –Mail conversion brochure –Create phone text/script –Open phones and website for selection period, if applicable –Conduct employee meetings August Objectives Combined Team: – Conduct regularly scheduled status meeting conference calls Flowserve Team: – Review and approve conversion brochure – DC Service agreements finalized & executed – Test deferral and loan extract files August Milestones Flowserve T. Rowe Price Participant  08/06 Provide test deferral & loan extract files  08/09 Review and approve conversion brochure  08/02 DC Conversion brochure and black-out notice mailed  08/16 – 08/27 Employee meetings  08/31 Finalize DC procedures  08/01 TRP posts DC start-up data  08/16 Phone lines open  08/27 DC Service agreements finalized & executed  08/20 Supply test extract file results

September Milestones T. Rowe Price Team: –Prepare asset conversion letter –Post DC assets and records –Develop DB participant forms and letters –Transition DC administration to day-to-day team Flowserve Team: – Submit live start up files – Provide requirements for actuarial feeds September Objectives Combined Team: – Continue admin procedure review – Conduct regularly scheduled status meeting conference calls Flowserve T. Rowe Price Participant  September Develop DB participant forms and letters  09/27 Provide requirements for DB actuarial feeds  09/01 DC conversion assets to T. Rowe Price  09/13 T. Rowe Price posts DC conversion  09/08 DC conversion data to T. Rowe Price

October Milestones T. Rowe Price Team: –Continue DB system setup and testing Flowserve Team: – User Acceptance Testing, DB systems – DB Service agreements finalized and executed October Objectives Combined Team: – Conduct regularly scheduled status meeting conference calls Flowserve T. Rowe Price Participant  10/25 DB Service agreements finalized & executed  October User acceptance testing for DB systems  October Continue DB system setup and testing  Mid October Run quarterly statements

November Milestones T. Rowe Price Team: –Transition DB administration to day-to-day team Flowserve Team: – Complete DB payment conversion to U.S. Bank November Objectives Combined Team: – Finalize any outstanding conversion items Flowserve T. Rowe Price Participant Full TRO services begin  11/01 T. Rowe Price completes DB conversion  11/01 Pension Benefits link live

Overview T. Rowe Price Conversion Team Flowserve Team Flowserve Participant May 2010 June 2010July 2010August 2010September 2010October 2010November 2010 Formalize investment strategy  Initial Meetings with T. Rowe Price  Conference calls with prior provider  Gather Plan documents  Conversion brochure distributed  T. Rowe Price systems set-up and testing   Service agreements finalized and executed  Conversion assets and records to T. Rowe Price TRO Services Begin   Document Plan procedures  Announcement letter mailed  Information kits sent and phone lines open  Formalize communications strategy     Employee Meetings  Regularly scheduled meetings to review Outstanding Items and Procedures  Successful conversion!

Overview T. Rowe Price Conversion Team Flowserve Team Flowserve Participant May 2010 June 2010July 2010August 2010September 2010October 2010November 2010 Formalize investment strategy  Initial planning session with T. Rowe Price & payroll meeting  Communications audit  Conference calls with prior provider  Prepare service agreement  Begin production  Conversion brochure distributed  Plan features resume on system  T. Rowe Price to submit test salary deferral and loan extract file  Follow-up calls with prior provider  Employee meetings   Service agreement finalized and executed  Conversion data to T. Rowe Price  Conversion money to T. Rowe Price Full services begin  Create participant data base Test valuation from prior provider    Submit test data   Announcement letter mailed  Information kits sent and phone lines open  Formalize communications strategy  Successful conversion!