Capital Allocation and Growth Strategy

Capital Allocation Strategy to Support Growth and Create Value for Shareholders Business Reinvestment Including M&A Debt Reduction 4 Net leverage ratio target of 1.5-2.0 • Maintain investment grade Single A Rating Sustain Financial Strength and Flexibility 2 Dividend Maintain a dividend payout >50% 3 Share Buybacks Consistent amount annually Opportunistic if excess cash available

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