Investment Case

OUR INVESTMENT CASE IS BASED ON 6 CORE STRENGTHS

1. Industry leader in introducing customer driven, technologically advanced new products
2. Minimal direct competition
3. Significant barriers to entry based on technology, education, and global technical support
4. Skilled management team with extensive industry experience
5. Attractive global geographic growth opportunity:
   • Solid growth and market dynamics in developed markets
   • Strong potential for growth in emerging markets
6. Strong and consistent financial performance:
   • Superior margins
   • Strong conversion of revenue growth into free cash flow
   • Strong, unleveraged balance sheet
   • Disciplined return of cash to shareholders through dividends