LSI Segment Divestment

Operational Free Cash Flow Robust cash flow generation despite higher CAPEX FY 2020 YoY change CHF million FY 2019 (Restated)1 Maintained target level of receivable and payable days EBITDA 1,378 114 1.264 Change of operating net working (260) (26) (234) capital (NWC) Opportunity to further optimize inventory CAPEX (889) (196) (693) Other 275 241 34 Accelerated deployment of CAPEX against additional initiatives Operational free cash flow² 504 133 371 YE NWC as % sales 15.9% 0.0ppts 15.9% CAPEX as % sales 19.7% 3.2ppts 16.5% Increased customer funding for selected growth projects 1 Restated to reflect the classification of Specialty Ingredients as discontinued operations 2 Before acquisitions 15

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