Avantor Investor Conference Presentation Deck

Multiple levers enabling continued margin expansion Target 50-100 bps of annual margin expansion ADJUSTED EBITDA MARGIN EXPANSION 13.9% FY17 avantor™ 17.9%¹ Q3 2020 M&A 1. Q3'20 Actual 2. Management estimates >20%² FY23E Volume leverage Pricing acumen & discipline DRIVERS DÙ Product mix benefits AVANTOR BUSINESS SYSTEM UNDERPINS EXECUTION 63 MARGIN EXPANSION Productivity Future M&A 39th Annual J.P. Morgan Healthcare Conference 14

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