Drivers: FY 19 FY 20 FY 21 FY 22

New Equipment Market Size: $ 35,300 $ 31,594 $ 35,711 $ 37,497

Growth Rate: (10.5%) 13.0% 5.0%

New Equipment Market Share: 16.0% 17.0% 18.0% 18.0%

Service Units (Maintenance): 2.00 2.10 2.15 2.21

Growth Rate: 5.0% 2.4% 3.0%

Revenue per Service Unit: $ 3,735 $ 3,517 $ 3,660 $ 3,807

Growth Rate: (5.8%) 4.1% 4.0%

Product - COGS % Revenue: 82.2% 82.6% 82.3% 82.4%

Service - COGS % Revenue: 62.3% 61.4% 61.1% 61.6%
OpEx % Revenue: 15.0% 16.3% 14.7% 15.4%

Tax Rate: 31.9% 30.1% 27.6% 29.9%

NCI Net Income % Total: 11.9% 14.2% 12.3% 12.8%

Accounts Receivable % Revenue: 24.7% 22.6% 23.6%

Inventory & Other % COGS: 17.2% 15.4% 16.3%
Op. Lease Assets % OpEx: 26.1% 25.0% 25.5%

Accounts Payable % COGS: 16.2% 15.4% 15.8%

Accrued Liabilities % Total Expenses: 17.9% 16.3% 17.1%
Contract Liabilities % Total Expenses: 23.0% 21.9% 22.4%
Other Liabilities % Total Expenses: 14.6% 11.7% 13.1%

CapEx % Revenue: 1.1% 1.4% 1.1% 1.2%

D&A % Revenue: 1.4% 1.5% 1.4% 1.4%
Pensions/Other Items % Revenue: 0.4% 1.2% (0.2%) 0.5%

Acquisitions & Other: (58) (170) 67 (75)

Minimum Cash: $ 3,000

Excess Cash Flow: $ 1,655
% Stock Repurchases: 85.0%
% Debt Repayment: 15.0%

Interest Expense % Debt: 2.0% 1.9% 2.5%

Change in Debt: (248)
Dividends % Net Income: 0.0% 28.7% 31.5% 35.0%
Stock Repurchases: (1,406)
NCI Dividends % NCI Net Income: 107.9% 99.3% 89.1% 98.8%

Other Items % Debt Issuances: 3.2% 2.0%

FX Rate Effects % Revenue: (0.2%) 0.5% (0.3%) 0.0%

Income Statement: FY 19 FY 20 FY 21 FY 22

Products: $ 5,648 $ 5,371 $ 6,428 $ 6,749

Services: 7,470 7,385 7,870 8,430
Total Revenue: 13,118 12,756 14,298 15,180

Cost of Products: (4,640) (4,439) (5,293) (5,560)

Cost of Services: (4,652) (4,538) (4,812) (5,195)
Operating Expenses: (1,973) (2,076) (2,107) (2,330)
Operating Income: 1,853 1,703 2,086 2,094

Other Income / (Expense): (39) (64) 22 22

Non-Service Pension Expense: 33 (6) (11) (11)
Interest Income / (Expense): 14 (122) (136) (182)
Pre-Tax Income: 1,861 1,511 1,961 1,924

Income Taxes: (594) (455) (541) (575)

Net Income: 1,267 1,056 1,420 1,349

(-) NCI Net Income: (151) (150) (174) (173)
Net Income to Parent: $ 1,116 $ 906 $ 1,246 $ 1,176

Balance Sheet: FY 19 FY 20 FY 21 FY 22

ASSETS:
Cash: $ 1,799 $ 3,475 $ 3,000
Accounts Receivable: 3,148 3,232 3,589
Inventory & Other: 1,546 1,554 1,753
Net PP&E, Goodwill & Intangibles: 3,031 2,860 2,827
Op. Lease Assets: 542 526 595
Other Assets: 644 632 636
Total Assets: $ 10,710 $ 12,279 $ 12,400

LIABILITES & EQUITY:

Accounts Payable: $ 1,453 $ 1,556 $ 1,698
 Accrued Liabilities: 1,977 1,993 2,238
Contract Liabilities: 2,542 2,674 2,937
Total Debt: 5,963 7,273 7,025
Op. Lease Liabilities: 367 336 405
Other Liabilities: 1,609 1,431 1,719
Total Liabilities: 13,911 15,263 16,023

Common Shareholders' Equity: (3,862) (3,625) (4,266)

Noncontrolling Interests: 661 641 643
Total Equity: $ (3,201) $ (2,984) $ (3,623)

TOTAL LIABILITIES + EQUITY: $ 10,710 $ 12,279 $ 12,400

Balance Check: $ - $ - $ -

Cash Flow Statement: FY 19 FY 20 FY 21 FY 22

Cash Flow from Operations:
Net Income to Parent: $ 1,116 $ 906 $ 1,246 $ 1,176
(+/-) Reversal of NCI Net Income: 151 150 174 173
(+) D&A: 180 191 203 217
(+/-) Pensions/Other Items: 54 156 (33) 71
(+/-) Change in WC & Leases: (32) 77 160 383
Cash Flow from Operations: 1,469 1,480 1,750 2,020
1,761
Cash Flow from Investing:
(-) CapEx: (145) (183) (156) (184)
(-) Acquisitions & Other: (58) (170) 67 (75)
Cash Flow from Investing: (203) (353) (89) (259)

Cash Flow from Financing:

(+/-) Change in Debt: 6 5,947 1,375 (248)
(-) Common Dividends: - (260) (393) (412)
(-) Stock Repurchases: - - (725) (1,406)
(-) Dividends to NCI: (163) (149) (155) (170)
(+/-) Other Items: (976) (6,382) (44) -
Cash Flow from Financing: (1,133) (844) 58 (2,237)

FX Rate Effects: (20) 59 (43) 0

Net Change in Cash: 113 342 1,676 (475)

 FY 23 FY 24 FY 25 FY 26

$ 39,372 $ 40,946 $ 42,584 $ 43,862

5.0% 4.0% 4.0% 3.0%

18.2% 18.4% 18.5% 18.5%

2.28 2.35 2.42 2.49

3.0% 3.0% 3.0% 3.0%

$ 3,940 $ 4,078 $ 4,200 $ 4,326

3.5% 3.5% 3.0% 3.0%

82.4% 82.4% 82.4% 82.4%

61.6% 61.6% 61.6% 61.6%
15.4% 15.4% 15.4% 15.4%

29.9% 29.9% 29.9% 29.9%

12.8% 12.8% 12.8% 12.8%

23.6% 23.6% 23.6% 23.6%

16.3% 16.3% 16.3% 16.3%
25.5% 25.5% 25.5% 25.5%

15.8% 15.8% 15.8% 15.8%

17.1% 17.1% 17.1% 17.1%
22.4% 22.4% 22.4% 22.4%
13.1% 13.1% 13.1% 13.1%

1.2% 1.2% 1.2% 1.2%

1.4% 1.4% 1.4% 1.4%
0.5% 0.5% 0.5% 0.5%

(75) (75) (75) (75)

$ 1,022 $ 1,046 $ 1,085 $ 1,124

3.0% 3.0% 3.5% 3.5%

 (153) (157) (163) (169)
37.5% 40.0% 40.0% 40.0%
(869) (889) (923) (956)
98.8% 98.8% 98.8% 98.8%

2.0% 2.0% 2.0% 2.0%

0.0% 0.0% 0.0% 0.0%

FY 23 FY 24 FY 25 FY 26

$ 7,166 $ 7,534 $ 7,878 $ 8,114

8,987 9,581 10,164 10,783
16,153 17,115 18,042 18,898

(5,903) (6,207) (6,490) (6,685)

(5,538) (5,904) (6,263) (6,645)
(2,480) (2,627) (2,770) (2,901)
2,232 2,377 2,519 2,667

22 22 22 22
(11) (11) (11) (11)
(211) (206) (235) (229)
2,032 2,182 2,295 2,449

(607) (652) (686) (732)

1,425 1,530 1,610 1,717

(182) (196) (206) (220)
$ 1,243 $ 1,334 $ 1,404 $ 1,498

FY 23 FY 24 FY 25 FY 26

$ 3,000 $ 3,000 $ 3,000 $ 3,000

3,819 4,046 4,265 4,468
1,865 1,974 2,079 2,173
2,791 2,754 2,714 2,673
633 671 707 741
635 630 621 607
$ 12,744 $ 13,075 $ 13,387 $ 13,661

$ 1,807 $ 1,913 $ 2,014 $ 2,105

 2,381 2,521 2,655 2,776
3,125 3,308 3,485 3,643
6,871 6,715 6,552 6,383
443 481 517 551
1,829 1,936 2,039 2,132
16,456 16,873 17,262 17,591

(4,358) (4,446) (4,526) (4,582)

645 648 650 653
$ (3,713) $ (3,798) $ (3,875) $ (3,929)

$ 12,744 $ 13,075 $ 13,387 $ 13,661

$ - $ - $ - $ -

FY 23 FY 24 FY 25 FY 26

$ 1,243 $ 1,334 $ 1,404 $ 1,498

182 196 206 220
231 245 258 270
76 80 84 88
207 200 191 168
1,938 2,055 2,143 2,243
1,668 1,772

(196) (207) (218) (229)

(75) (75) (75) (75)
(271) (282) (293) (304)

(153) (157) (163) (169)

(466) (534) (561) (599)
(869) (889) (923) (956)
(180) (193) (203) (217)
- - - -
(1,668) (1,773) (1,850) (1,940)

1 1 1 1

0 0 (0) (0)