1. © Copyright 2005 Frost & Sullivan. All Rights Reserved. U.S. Municipal Water Equipment Market: Investment Analysis and Growth Opportunities Increasing Urbanization and Strict Water Regulations Boost Opportunities for Water Treatment Equipment Financial Services Group “As the trend toward urbanization continues, a booming population and an aging water infrastructure promise considerable growth opportunities for water treatment equipment vendors.”

2. © Copyright 2005 Frost & Sullivan. All Rights Reserved. Industry Trends The municipal water equipment market is poised for good growth with the expectation of increased government spending to improve the quality of municipal water Environmental Protection Agency (EPA) studies call for heavy investments in the public infrastructure and water treatment categories, which have been at bare minimum levels Slow government reaction in terms of compliance to the EPA guidelines a concern

3. © Copyright 2005 Frost & Sullivan. All Rights Reserved. Key Features Frost & Sullivan Provides: Detailed insights into recent developments and trends Drivers, restraints, challenges, and strategic recommendations Analyst insights on emerging issues in this market Market sizing and competitive analysis Market forecasts and opportunity analysis End user analysis within each report

4. © Copyright 2005 Frost & Sullivan. All Rights Reserved. What We Offer Coverage: The United States Proven methodology encompassing extensive primary and secondary data and research Focused information and strategies that cover business and technology issues Credible data and analysis highlighting municipal water equipment industry dynamics Winning strategies to help you create precise business plans

5. © Copyright 2005 Frost & Sullivan. All Rights Reserved. Who Will Benefit? Current Market Participants Find out how you compare to the competition Assess current and future drivers and restraints Determine and exploit new market share opportunities New Entrants Analyze challenges associated with the market Calculate time scales for strategy implementation Position yourself to capitalize on the market’s unmet needs Investment Community Analyze long-term strategies of the toll-free service providers Determine which participants will outperform the competition Assess attractiveness of investing in this market

6. © Copyright 2005 Frost & Sullivan. All Rights Reserved. What’s Included Highlights of municipal water equipment industry fundamentals Survey findings for municipal water equipment market Financial benchmarking analysis for all water equipment companies in Frost & Sullivan’s water universe Valuation multiples and performance of Frost & Sullivan water industry stock index versus the S&P 500

7. © Copyright 2005 Frost & Sullivan. All Rights Reserved. Amco Water Metering Systems Ameron International Badger Meter, Inc. Calgon Carbon Corp. Cuno, Inc. Danaher Corp. Flowserve Corp. Franklin Electric, Inc. GE Infrastructure Water & Process Technologies Gorman-Rupp Co. Hughes Supply, Inc. Met-Pro Corp. Millipore Corp. Neptune Technologies Group Pall Corp. Pentair, Inc. Rinker Materials Corp. Key Market Participants

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