Investing For Growth - New Products and Research

Replacement Market • Planned replacement makes up approximately 65% • • AAON of AAON's equipment sales. AAON participates very little in the unplanned replacement market. Replacement demand is driven by many factors, including: - General economic growth - Average age of existing equipment in the market - Energy efficiency desires - Lower cost of ownership - Technological innovation/capabilities - Governmental regulations - Environmental awareness - Indoor air quality improvement Most of these factors are driving a reacceleration in volume in 2022. 22

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