Flowserve and LRN sign multi-year agreement for global ethics education and certification program

Partnership Underscores Flowserve’s Commitment to A Customer-Centric Corporate Culture Driven by Values and Ethics

IRVING, TX and LOS ANGELES, CA—November 8, 2005—Flowserve (NYSE: FLS) and LRN, a premier provider of legal, compliance, ethics management and corporate governance solutions, today announced a multi-year agreement whereby Flowserve will utilize the LRN Governance and Ethics Management System™ to rollout a global ethics and compliance education and certification program. Under the terms of the three-year agreement, LRN will partner with Flowserve to help educate and certify its management team and many of its 13,000 employees around the world on the values and policies contained within the Flowserve Code of Business Conduct.

Flowserve defines six core values – competence, commitment, creativity, confidence, collaboration and character – that work to differentiate it from its competition and ground its customer-centric corporate culture. The partnership between the companies will deliver a customized online ethics and compliance education curriculum and certification program, including the creation and rollout of an interactive code of conduct course and certification, to help Flowserve continue to ensure the behavior and decisions of its associates, managers and leaders are aligned with Flowserve's corporate values and support the organization's business objectives. The program will be delivered via LRN's Web-based ethics and compliance education and certification platform, enabling Flowserve to communicate and then reinforce employee compliance with corporate policies, processes and practices.

"Flowserve has always been committed to doing business according to the highest ethical standards. LRN understood our management philosophy and that values, ethics and integrity are at the center of our business and brand value. LRN brought the experience, expertise and capabilities necessary to help us implement the program globally," said Mark Dailey, chief compliance officer at Flowserve. "Our new program will help ensure that our employees, no matter where they are located or their language of preference, continue to share a common understanding of our corporate standards of behavior, and do so in a way which respects their local culture."

To ensure a greater embrace by employees located both domestically and abroad, LRN will customize the platform to meet the needs of Flowserve's multinational workforce. Flowserve employees will be able self select from eight languages, including German, Italian, Chinese, Dutch and Swedish, so that their entire online learning and certification environment -- from welcome pages, curriculum lists, training instructions, completion data and virtual report cards – is presented in their native language and with cultural sensitivity. In later phases of the rollout, Flowserve will expand its education curriculum by selecting from LRN's library of more than 200 courses to map its education initiatives to the risks inherent in employee job functions and across operating units. Sophisticated management and reporting functionality, along with the data integration between the education and certification solutions, will enable managers to track the status of employee education and certification initiatives and better assess the effectiveness of its program on an ongoing and global basis.

"Flowserve is among a growing number of global companies in the energy industry who recognize that winning in the marketplace relies upon its managers and employees operating based on ethics, integrity and trust," said Dov Seidman, CEO and Chairman of LRN. "Flowserve has built its position over the years as a market leader based upon the knowledge that doing things right is good business. We are aligned with the strategy driving Flowserve's ethics education and certification initiative — that maintaining a common culture of integrity not only helps to protect a company from the costly problems that can follow an unethical incident, it can be the basis for competitive advantage."

About Flowserve
Flowserve Corp. is one of the world's leading providers of fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information is available at www.flowserve.com