2019 Performance Review

New Investment in Agilent ("A") Agilent Ticker: A Market Cap: $26bn Div. Yield: 1% Leading analytical measurement company ◉ Sells instruments, consumables and services to identify, quantify and analyze molecular properties of substances and products Products and services enable mission-critical testing across a diversified set of end markets ■ Quality control testing for product impurities in pharmaceutical and packaged foods manufacturing processes Detection of trace contaminants in air, soil and water to ensure compliance with environmental standards Attractive "razor/razor blade" business model, where instrument sales drive recurring consumables and services revenue ■Initial instrument sales and aftermarket sales are highly profitable $5bn of revenue across more than 60,000 customers ■ Averaged annual organic revenue growth of 6% over the last decade End markets include pharma, chemicals & energy and food & environment We were able to opportunistically accumulate our position in Agilent at an attractive valuation, an average cost of $76.58 per share, due to share price underperformance caused by a temporary slowdown in instrument sales that has already shown early signs of recovery Source: Company filings 30

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