2019 Performance Review

Large Margin Gap Relative to Closest Peer Agilent's margins are significantly below its closest peer, Waters, despite being more than twice its size 2.1x Revenue $2.4bn Waters THE SCIENCE OF WHAT'S POSSIBLE." Revenue $5.2bn 34.8% Agilent EBITDA Margin Waters THE SCIENCE OF WHAT'S POSSIBLE." Note: Figures above reflect LTM financials. LTM financials are as of fiscal year 2019 for Agilent and fiscal Q4 2018 through Q3 2019 for Waters Source: Company filings 33 930 25.5% bps Agilent

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