Investor Presentaiton

Balance sheet and capital allocation ■ Committed to an investment grade credit profile ■ CMS/C&I transaction benefits balance sheet - Dividend proceeds from CMS/C&I separation used to pay down debt - Additional benefit from disposition of Jacobs retained stake within 12 months of transaction close Transaction proceeds and strong FCF generation supports consistent return of capital to shareholders - - FY2024 guidance for >100% underlying free cash flow conversion - Priority for organic investment and return of capital to shareholders through share repurchases and dividends 24

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