2019 Performance Review

Underlevered Relative to Peers Agilent can now increase its leverage to peer levels due to the positive benefits of tax reform, improved margins, higher mix of recurring revenue and reduced cyclicality Net Debt/ LTM EBITDA: Pro forma for GE BioPharma acquisition¹ ¦>3.5x¦ Mgmt. guided 'near-term' 0.8x Current: 0.7x leverage target 2.8x 2.5x 2.5x¦ Current: 1.1x Agilent DANAHER PerkinElmer Thermo Fisher SCIENTIFIC Agilent's net leverage of <1x is significantly below average peer levels of ~3x Waters THE SCIENCE OF WHAT'S POSSIBLE. Note: Figures above reflect LTM financials. LTM financials are as of fiscal year 2019 for Agilent and fiscal Q4 2018 through Q3 2019 for Danaher, Perkin Elmer, Thermo Fisher and Waters Source: Company filings (1) Assumes $18bn of net debt raised per management guidance 34

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