1. By: Bhavik Khandhar, Tracy Marsolo & Matt Shubeck Featuring: Brandon Harlow (Utilities)

2.  Recap of Sector Analysis  Company Analysis  Business Analysis  Financial Analysis  Valuation Analysis  Recommendation  Q & A

3.  Increase Industrials by 150 BP to 10.94% of portfolio  Industrials are leaders in a recovery  We recommended buying from Industrial Conglomerates or Electrical Components

4.  General Electric1.49%  Osh Kosh Corporation1.99%  Shaw Group4.40%  Canada Pacific Railway1.56%  Total9.44%

5.  Emerson is a diversified global manufacturing and technology company.  Emerson offers a wide range of products and services in the areas of process management, climate technologies, network power, storage solutions, professional tools, appliance solutions, motor technologies, and industrial automation  Company is recognized widely for their engineering capabilities and management excellence

6.  Process Management  Industrial Automation  Network Power  Climate Technologies  Appliance and Tools

7.  Ranked No. 30 on the Information Week magazine's annual listing of the most innovative users of information technology in the United States.  Ranked among the country's 400 best of the biggest publicly traded companies & has been on the list for the past 8 years.  Ranked No. 2 in Institutional Investor Magazine’s America’s Most Shareholder-Friendly Companies in March 2009  Increased dividends over the last 52 years

8.  Last Trade: 32.18  ET Change: 0.51 (1.52%)  Prev Close: 33.63  Open: 33.33  1y Target Est: 37.17  Day's Range: 33.33 - 34.19  52wk Range: 24.39 - 58.72  Volume: 2,049,884  Avg Vol (3m): 6,631,800  Market Cap: 25.65B  P/E (ttm): 12.39  EPS (ttm): 2.76  Div & Yield: 1.32 (3.70%)

23. Median 17.6

25. Median 15

27. EmersonAMETEKBaldor Electric Composite TechCooper Espey MfgFranklin ElectricHubbell AHubbell B Regal Beloit Roper Industries Smith (A.O.) UQM Tech Zareba SystemsTotal 25632327310585256003854224816151224406764550444048 58.19117.43052.40190.1181 12.713 40.08631.23050.56303.6665 2.778 89.23311.46430.11350.0091 3386.255.21285.76920.0139 161.63 060.00741.51410.317013.4429 7.721 785.25032.14420.01290.0001 3719.2 37 >1800 Highly Concentrated <1800 >1000 Moderately Concentrated <1000 Not Concentrated

28. ROE0.27442 Leverage2.27677 ROA0.12053 Asset Turnover1.21842 Profit Margin0.09892 EBIT Margin0.15234 1-interest burden0.95025interest burden0.049749 1-tax bruden0.68338tax burden0.31662

29. Absolute EMRhighlowmediancurrent Your Target Multiple Target E, S, B, CF per shareTarget Price P/ Forward E21.31017.614.817.62.33041.008 P/S2.10.81.81 28.55651.401 P/B5.12.44.12.94.111.09745.496 P/CF17.56.5158.3153.87758.157 Average Target: 49.02 Current Price: 32.18 Upside: 52%

30. Year200420052006200720082009 Quarterly Dividend0.20.20750.22250.26250.30.33 Annual Dividend0.80.830.891.051.21.32 Dividend Growth0.03750.0722891570.1797750.1428570.1 Average Dividend Growth0.106484 Beta1.17Current Price32.18 Market Risk Premium0.08Target Price61.06677 Risk Free Rate0.0345Upside0.897662 Rate0.1281

32.  General Electric1.49%  Osh Kosh Corporation1.99%  Shaw Group4.40%  Canada Pacific Railway1.56%  Emerson Electric1.50%  Total10.94%