Baird Investor Conference November 11, 2014

Scott Buckhout, CEO & President

Baird Investor

Conference

Forward Looking Statements

2

Safe Harbor This presentation contains forward-looking statements within the meaning of Section 27A of the Securities

Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reliance

should not be placed on forward-looking statements because they involve unknown risks, uncertainties and

other factors, which are, in some cases, beyond the control of CIRCOR. Any statements in this presentation

that are not statements of historical fact are forward-looking statements, including, but not limited to, those

relating to CIRCOR’s future performance, including the financial targets presented herein. Actual events,

performance or results could differ materially from the targets, anticipated events, performance or results

expressed or implied by such forward-looking statements. BEFORE MAKING ANY INVESTMENT

DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION

ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K AND

SUBSEQUENT REPORTS ON FORMS 10-Q, WHICH CAN BE ACCESSED UNDER THE "INVESTORS"

LINK OF OUR WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly update or revise

any forward-looking statement, whether as a result of new information, future events or otherwise.

Non GAAP Measures Within this presentation, both with respect to historical information and future targets, the company uses

non-GAAP financial measures, including adjusted operating margin, adjusted earnings per diluted share,

adjusted operating income, and free cash flow. These measures are intended to serve as a complement to

results provided in accordance with accounting principles generally accepted in the United States. CIRCOR

believes that such information provides an additional measurement and consistent historical comparison of

the Company’s performance. A reconciliation of the historical non-GAAP financial measures to the most

directly comparable GAAP measures is available as an appendix to the presentation slides under the

“Investors” link and “Webcasts & Presentations” Sublink on the company’s website at www.circor.com.

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CIRCOR is at an Inflection Point

“Holding Company”

• Acquisition focus

• Good products, brands

and markets

• Business unit autonomy

• Limited integration

• Many cultures

Transition

• Build the team

• Establish core operating

system: processes,

metrics, owners

• Simplify the Company

• Redefine CIRCOR

Business System

• Transition to one culture

• Address the portfolio

• Position for stronger

growth

“Operating Company”

• Global market-facing

organization

• Consistent priorities: growth,

margin, cash

• Pursuit of operational

excellence through CIRCOR

Business System

• Acquisitions only with strong

shareholder returns

• One CIRCOR culture:

customers, results,

accountability

• An engineering and

technology focused company

1999 2013

3

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CIRCOR Business Overview

Design, develop, manufacture and sell flow control products and solutions for Energy

(Oil & Gas and Power) and Aerospace markets

2013 Sales: $858 Million

2013 AOI Margin: 9.9%

Employees: ~3,000

Enterprise Value: ~$1.1 Billion

Energy Aerospace & Defense

77%

23%

Sales by Industry

52% 37%

8% 3%

Sales by Geography

Aerospace

& Defense

Energy

Asia Latin America

North

America EMEA

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Addressable Market

5

CAPEX 2013

Valves

Flow Control:

~$150 billion

Upstream 16

Power 5

$30 billion

Downstream

3

$1.1 trillion

ENERGY AEROSPACE & DEFENSE

BGA

30

CAPEX 2013

$8 billion

$310 billion

Fluid Control & Actuation

Actuation

6.5

Fluid Control

1.5 Midstream

4

Commercial

215

Military

65

BGA

30

Energy Sources: Upstream: Morgan Stanley, Midstream: AMR, Power & Downstream: EIF Valve Report Note: Flow Control includes pumps, valves, monitoring, filtration, systems used in controlling flow of liquids and gas A&D Source: Forecast International Note: Military = Aircraft, Missiles =; Commercial, Transport, Regional, Cargo, BGA = Business Jets, General Aviation, Civil Helicopters A&D Source: Counterpoint intelligence Aerospace Valves and Actuation reports

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Growing End Markets

Market Segment Trends Demand Drivers for CIRCOR

Upstream

Mid / Downstream

Power Generation

Aerospace

Defense

• Increase in Global CAPEX spending

• Extraction / Production shift to harsh environments

• Exceptional strength in Offshore, Unconventional, LNG

• Unconventional Oil & Gas drives CAPEX investment in

North America

• Refining capacity growth in Middle East and Asia Pacific

• China’s oil refining capacity up 40% by 2020

• Emerging markets fuel power investment growth

• Asia representing 70% of incremental power capacity

• China/India/Asia Pacific 6-8% CAGR

• Commercial aircraft build rates and backlog at historic highs

• Global airline passenger traffic growth over 5%

• New business jet programs in development

• Overall spending reduction at US DOD

• Some key programs to receive increased funding

− F35 Joint Strike Fighter

− Various missile programs

Strong

Moderate

Strong

Strong

Weak

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Good Products and Strong Brands

Energy Aerospace & Defense

Custom Engineered Control Valves

Instrumentation Valves Defense Aircraft Ground Support

Pneumatic Power Modules

Aerospace Fluid Control

Ball Valves

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Growth Drivers

New Organization

Margin Expansion Drivers

New Products

Go To Market

Initiatives

Easy To Do

Business

Sales Force Pay for

Performance

• Market facing

commercial team

• Product technology

aligned operations

and engineering

• Upstream

• LNG

• Power

• Aero & Defense

• Global Expansion

• Distribution rationalization

• Key account management

• Feet on the street

• Aftermarket

• On-time delivery

• Lead time reduction

• Customer interface

• Simplified pricing

• Link variable pay to

individual performance

Simplification

Operational

Excellence

Price

Volume Leverage

• Facilities

• Business units

• Systems

• Suppliers

• Product Portfolio

• Material Savings

• Factory productivity

• Shared services

• Simple structure

• Pocket price focus

• Project discipline

• Organic

• Inorganic

Go Forward Focus Areas

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Organic Growth: Geographic Expansion

Energy Group Commercial Expansion

Unconventional

Offshore

LNG

Power

Global EPCs

Offshore

Unconventional

Calgary

Rio

Coimbatore

Kuala Lumpur

Offshore

Offshore

Houston

Offshore

Unconventional

LNG

Milan

Conventional

Abu Dhabi

Unconventional

Offshore

Power

Offshore

Power

Unconventional

Beijing

Offshore

LNG

Under Evaluation

Current locations

Recently Established

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Organic Growth: New Product Development

M

ark

et

Gro

wth

Lo

w

Mediu

m

Hig

h

Low Medium High

Technology

Energy Product Portfolio

Product Development Focus

• Extreme Temperature

• Higher Pressure

• Abrasive Mediums

• High Reliability Gate, Globe, Check

Valves

Ball Valves

Engineered

Ball Valves

Control Valves

Turbine By-Pass

Control Valves LNG Valves

Subsea Valves

Severe Service

Instrumentation

10

Baird Investor

Conference 0

500

1,000

1,500

2,000

0

2

4

6

8

10

12

14

16

18

0

20

40

60

80

100

120

140

160

180

200

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

200000

Margin Expansion: Simplification

CIRCOR Complexity 2013

Manufacturing P&Ls

ERP Systems by Age Suppliers Age of ERP

Facilities Business Units

ERP Systems Business Units

Suppliers

Revenue

($M)

Sq.

Feet

2018 Target

~15

2018 Target

~15

2018 Target

~1200 Suppliers

(years)

2018 Target

~12

11

24

Facilities

22

Business

Units

24

ERP Systems

~5000

Suppliers

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Negotiate – put parts

on contract

CONTRACT

EXCELLENCE

BEST VALUE

SOURCING

VALUE

ENGINEERING

LEAN

PROCUREMENT

Source globally

Cost take-out redesigns

Streamlined purchase

order placement * Net of inflation

2014

Target

(3-5 Yrs.)

Net Productivity* >1% ~2%/year

# of suppliers 5,011 (Direct Material)

~1,200

% on contract 8% ~80%

Supplier OTD 48% 95%

Supplier DPPM >10,000 1,000

KEY METRICS

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Excellence in Global Sourcing

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Capital Deployment

Prioritization of Capital Deployment

Internal Investments • Growth

• Margin expansion

• Working capital

Acquisitions • In markets we understand

• Technology bias

• High growth market presence a plus

• “Bolt-on”

Share Buybacks • Will consider opportunistically

• Ongoing dialogue with Board

• Focus on ROIC

Long Term Target

Leverage Ratio

2 to 2.5x EBITDA

ROIC is the determining factor for prioritization

1

2 3

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Financial Targets

2018 Financial Targets

TARGET

Organic Sales Growth

4% to 6% CAGR

Adjusted Operating Margin

~15% in 2018

EPS Growth

~15% CAGR

Free Cash Flow Conversion

>100%

14

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686

822

846 858

840 1.97 2.13

2.59

3.21

3.70

2010 2011 2012 2013 2014T

Sales EPS

($ millions)

Sales / AOI Trend

Sales CAGR 4%

EPS CAGR 13%

Amounts adjusted for any special/impairment items

Q4-14 Guidance:

Sales $210 to $225

Adjusted EPS $1.02 to $1.12

15

*

*

* Midpoint of Q4-14 Guidance