WebFERGUSON Emerson reported that President and CEO Lal Karsanbhais total pay for the fiscal year 2021 was $15.8 million. Rather than wait for you to achieve an uncertain 2023, our cash offer gives your shareholders immediate credit today. The team executes. Eric StarkloffPresident and Chief Executive Officer, June 22, 2022 Emerson's Second Offer Letter to NI, National Instruments Corporation11500 N Mopac ExpwyAustin, TX 78759-3504. Through its leading automation portfolio, including its majority stake in AspenTech, Emerson helps hybrid, process and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals. Although we question the motivations for your updated guidance, we do believe in the long-term potential of the NI business under Emerson's leadership and, in the spirit of achieving engagement, we are willing to incorporate your updated outlook to improve our offer. We can give no assurance that such plans, estimates or expectations will be achieved and therefore, actual results may differ materially from any plans, estimates or expectations in such forward-looking statements. I received your letter dated November 15th in response to our November 3rd letter. Prior to being named CEO, Karsanbhai led Emersons Automation Solutions business. We believe our Proposal provides significant value to your shareholders: Our Proposal is not subject to any financing condition and would be financed from cash on hand, committed lines of credit and/or other available sources of financing. The offer provides substantial premiums to both current and historical metrics, specifically: For reference, the last time NI's share price closed above $53 was on March 12th, 2018. All of these businesses have thrived under Emerson ownership and are leaders in their respective markets. The proposed transaction continues Emerson's transformation into a global automation company. Box 4100St. HBR Learnings online leadership training helps you hone your skills with courses like Team Management. Emerson CEO Dave Farr to Retire After 21 Years. I am writing to follow up on your August 2nd response to our June 22nd letter which reiterated our proposal for the acquisition of all of the outstanding shares of National Instruments Corporation ("NI") by Emerson Electric Co. ("Emerson").

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