Capital Allocation Plan 2020-2023

As part of the Strategy and Growth Framework, we have evolved the original Capital Allocation Model, which set our leadership priorities for 2016-2019, and unveiled our Capital Allocation Plan, which outlines the sources and uses of cash from 2020 to 2023. Under the Capital Allocation Plan and expected strong business performance from 2020 to 2023, we will:

• Generate $16 billion to $18 billion in operating cash flow, before RD&E investment
• Invest $10 billion to $12 billion to extend our leadership and grow
• Return $8 billion to $10 billion to shareholders through increased dividends and share repurchases