Avantor Investor Conference Presentation Deck

Robust cash generation creating significant M&A capacity FREE CASH FLOW ($M) $163 FY18 71% Navantor™ $302 FY19 81% FCF CONVERSION¹ >$850 FY20E ~150% 1. Free cash flow as a percentage of adjusted net income 2. Usage of cash flow from operating activities 3. Subject to generation of FCF and availability of deals that meet our criteria FY18 - FY20E CAPITAL ALLOCATION CAPITAL ALLOCATION² Capex Debt Service FY21E+³ M&A 39th Annual J.P. Morgan Healthcare Conference 16

View entire presentation