2019 Performance Review

Substantial Opportunity Ahead While Agilent has delivered solid business performance over the last five years, we believe there is substantial opportunity for further improvement Significant Margin Expansion ■ Management is targeting 50 to 70bps of annual margin expansion over next few years ■ We estimate >800bps margin opportunity based on best-in-class peer ■ Agilent's increasing attach rates on higher margin service contracts and consumables should be a strong embedded driver of margin expansion over time Balance Sheet Optionality Underlevered balance sheet provides capital deployment flexibility Net debt / EBITDA <1x vs peer average of ~3x We believe Agilent's current valuation represents a discount to intrinsic value and does not fully reflect the company's high-quality business model, increasing mix of recurring revenue, strong long-term growth potential and significant margin expansion opportunity 32

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