Investor Presentaiton

Pillars of Strong FCF - Improving Working Capital Efficiency Net Working Capital/NSR* Full Year 7.4% 5.7% 4.5% 4.3% -0.3% DSO 1::0 Investor CCI Presentation DSI W DPO 30 Days 47 Days 51 Days 2016 29 Days 43 Days 57 Days 2017 27 Days 48 Days 64 Days 2018 68 Days 50 Days 27 Days 2019 24 Days 42 Days 56 Days 2020 26 Days 42 Days 64 Days 1.7% 2021 Cash Conversion 2016 2017 2016 2017 2018 2019 2020 2021 Cycle 26 Days 15 Days *Net Sales Revenue 2018 12 Days 2019 9 Days 2020 10 Days 2021 4 Days 42

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