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1Q 2021 Investor Presentation

Prudent Approach to Capital Allocation Capital allocation goals 15 ())))) Capital allocation levers INVESTING IN GROWTH OPPORTUNITIES G Reinvestment S C Acquisitions Anchored around a BBB+ rating MA Ensure adequate financial flexibility 999 Provide necessary capital to pursue growth opportunities Meet return thresholds and create long-term value for shareholders |á Manage risk RETURN OF CAPITAL Dividends Share repurchases Moody's | Better decisions 1Q 2021 Investor Presentation 14

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