2Q 2023 Investor Presentation slide image

2Q 2023 Investor Presentation

Disciplined Approach to Capital Management Capital Allocation Priorities Increasing Dividends Through Market Cycles $3.50 COVID-19 Recession INVESTING FOR GROWTH $3.00 $2.50 CAGR 1 Reinvestment $2.00 2001 Great Recession 17% Accelerating organic growth $1.50 Recession $1.00 2 Acquisitions $0.50 Advance global integrated $0.00 risk assessment strategy 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023F¹ RETURNING CAPITAL Leverage Anchored to BBB+ Rating Gross Leverage² 3 Dividends Net Leverage³ BBB+ threshold 2.96x Positioning as a "growth" stock 2.26x 2.50x 2.40x 4 Share Repurchases 2.30x 2.34x Mechanism to return excess cash to stockholders 1.80x 1.82x 1.50x 2019 2020 2021 2022 2023F 1. Quarterly dividend of $0.77. 2. 3. Gross leverage represents outstanding debt on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by Fitch. Net leverage represents outstanding debt (net of cash) on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by S&P. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 61
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