Investor Presentation December 2019

7 Financial Summary - Free Cash Flow Illustrative Levered Free Cash Flow Build¹ Free Cash Flow Drivers VERTIV Illustrative Run-Rate 2020E Illustrative 1 Low capital expenditure needs Run-Rate 2021E Adj. EBITDA $595 $ 640 1 (-) Net Capex (65) (65) 2 (-) Cash EBITDA Adjustments (45) 3 (-) Cash Interest (120) (100) 4 (-) Cash Taxes (80) (95) 5 (-) Working Capital (30) (40) 2 Digital transformation and restructuring spend are coming to an end 3 Illustrative interest load subject to refinancing of the pro-forma debt to narrow the gap vs. public peers³ Every ~50bp improvement in cost of debt equates to ~$10mm in additional earnings and FCF 4 Inefficient existing tax structure with potential to improve (this is not included in the forecast) 5 Significant working capital improvements already under way Levered Free Cash Flow $ 255 $ 340 % FCF Yield² % EBITDA Conversion 7 % 43 % 10 % 53 % Note: Hypothetical representation and does not represent a forecast. 2% FCF Yield defined as levered free cash flow divided by assumed equity value at closing of $3,376mm. 3 Calculated using 6.0% illustrative interest rate applied on mid-point of 2019YE and 2020YE Gross Debt. Assumes free cash flows are used for debt pay down. See "Non-GAAP Financial Measures" and "Additional Financial Information" beginning on slide 38 of the Appendix. 24

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