FY2023 Separation Roadmap

Balance sheet and cash flow Strong cash flow generation ☐ Q1 cash flow from operations (CFFO) $418M and FCF of $401M Continue to expect >100% FY24 adjusted FCF conversion¹ " Balance sheet strength affords prudent capital deployment ☐ Expect to maintain an investment grade credit profile $1.0B Repurchase Authorization - Opportunistically repurchased $100M in shares in Q1 - $775M remaining under authorization Q2 dividend of $0.29/share, an increase of 11.5% y/y, to be paid on March 22, 2024 Leverage Metrics ($ billions) Cash/debt Net Debt Position Net debt to LTM adjusted FY24 EBITDA Fixed/Floating debt Ending Q1 weighted interest rate FY24 Q1 $1.1B/$2.9B $1.7B 1.2x ~65%/35% ~5.1% 20 Note: See Use of Non-GAAP financial measures and operating metrics at the end of this presentation. 1Reconciliation of adjusted free cash flow conversion for fiscal year 2024 to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation, including with respect to the costs and charges relating to transaction expenses, restructuring and integration and other non-recurring or unusual items to be incurred in such periods.

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