Slide 1: Responses to Politan claims on Mr. Kiani's employment agreement and governance
“Mr. Kiani’s employment agreement includes a special payment that is triggered by common governance changes such as appointing a Lead Independent Director or shareholders voting to change more than one-third of the Board.” Mr. Kiani’s original employment agreement was executed in 1995, long before M
Slide 2: 2017-2022 CAGR vs. Long-Term Growth Target Range
2017 — 2022 CAGR Actual ™ Target ~ — Long-Term Growth Target Range 20% 0% 10% 10% 8% 8% ° 6% : Total Revenue SET® rainbow® Automation and Other Parameters Source: Company Presentation / Filings
Slide 3: Total Shareholder Return: Last 10 Years and Last 5 Years
TSR — Last 10 Years () TSR — Last 5 Years“) 2% 131% 852% ‘4669 106% 79% 85% 71% 396% 311% 219% Masimo S&P 500 NASDAQ Medical Devices High-Growth Masimo S&P 500 NASDAQ Medical Devices High-Growth Composite Index” MedTech Median Composite Index” — MedTech Median® TSR - Summary‘) Total Shareholder Retu
Slide 4: Historical Targets vs. Actual Performance
Historical Targets vs. Actual Performance Actual Performance vs Long-Term Targets Presented at 2017 Investor Day 2017A-2021A 2017A - 2021A 2017A —2021A Revenue CAGR Oper, Margin Expansion EPS CAGR ) ) (% (bps) (% 970 bps 120 bj eatertoraianke outperformance > 520bps 23.2% 480 bps outperformance 400b
Slide 5: Historical ROIC
Historical ROIC = — ROIC (Including Royalties) —®— ROIC (Excluding Royalties) — — Medical Devices Index Weighted Average 25% 20% 15% 10% 5% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 6: AV / NTM EBITDA
AV / NTM EBITDA” 8/16/2022: = 12/12/2022: 5/2/2023: 50.0x Politan First Masimo Politan Files Disclosed Stake Investor 14A Nominating in Masimo Day®) 2 Directors 1 ' 1 40.0x 1 1 1 1 1 1 1 30.0x : 27.3x ‘ 1 1 1 121.8x +2.0x 20.0x. 119.2x (0.7x) 1 f ' ! 1 1 1 1 1 i 1 1 4 10.0x t ' H f ' ' 1 1 1 1 1 1 1
Slide 7: About Masimo; Additional Information Regarding the Annual Meeting
About Masimo Additional Information Regarding The Annual Meeting of Stockholders Currently Expected to Be Held on June 26, 2023 and Where to Find It Masimo has filed a definitive proxy statement containing a form of WHITE proxy card with the SEC in connection with its solicitation of proxies for its