Pershing Square Activist Presentation Deck

Large Margin Gap Relative to Closest Peer Agilent's margins are significantly below its closest peer, Waters, despite being more than twice its size 2.1x Revenue $2.4bn Waters THE SCIENCE OF WHAT'S POSSIBLE.Ⓡ Revenue $5.2bn Agilent EBITDA Margin 34.8% Waters THE SCIENCE OF WHAT'S POSSIBLE." Note: Figures above reflect LTM financials. LTM financials are as of fiscal year 2019 for Agilent and fiscal Q4 2018 through Q3 2019 for Waters Source: Company filings 33 25.5% Agilent 930 bps

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