Pershing Square Activist Presentation Deck

Agilent Investment Thesis Market leader in an oligopolistic industry with multiple barriers to entry #1 player with ~20% share; top 5 participants account for ~75% market share Regulatory requirements and high-touch nature of aftermarket services limit customer switching Instrument IP and periodic refresh cycles make it difficult for low-cost players to provide competitive offerings Strong secular growth trends support elevated revenue growth ■ Increasing regulatory requirements and consumer expectations drive growth in testing for pharmaceutical, diagnostics, energy, food and environmental safety end markets ▪ High-growth emerging markets account for ~1/3 of Agilent's revenue (China = 20% of rev.) High degree of recurring revenue results in economically resilient profit stream Recurring revenue = 60% of total revenue; growing at double the rate of instrument sales Organic revenue declined only 2% in 2009; recurring revenue then was 44% of total vs 60% today Delivering strong performance under current leadership team Since 2014, improved organic revenue growth to >6% and expanded EBIT margins by >500bps Significant future margin expansion and capital deployment opportunity Source: Company filings 31

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