Project Talent Discussion Materials Prepared for the Special Committee of the Board of Directors of Diversey Holdings, Ltd. March 1, 2023 Preliminary Draft Subject to Review and Significant Revision Exhibit (c)(xxi)

Preliminary Draft Subject to Review and Significant Revision These materials have been prepared by Evercore Group L.L.C. (“Evercore”) for the Special Committee of the Board of Directors of Diversey Holdings, Ltd. (the “Company”) to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the Management of the Company and/or other potential transaction participants or obtained from public sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such Management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company. These materials are not intended to provide the sole basis for evaluating and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Special Committee of the Board of Directors of the Company. These materials were compiled on a confidential basis for use by the Special Committee of the Board of Directors of the Company in evaluating the potential transaction described herein and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore (or any affiliate) to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates. Evercore and its affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein. Disclaimer 1

Preliminary Draft Subject to Review and Significant Revision Table of Contents I. Executive Summary II. Situation Update III. Context and Variants of Pearl’s Offers Appendices Appendix A: Trading Comps Appendix B: WACC Analysis Appendix C: Diamond Net Debt Appendix D: Diamond Shareholder Development 2 P.3 P.11 P.22 P.28 P.35 P.41 P.43

I Executive Summary Table of Contents

Preliminary Draft Subject to Review and Significant Revision Transaction Background (1/3) 4 Context The Target Company: Diamond (“Diamond” or the “Company”) has been listed on Nasdaq since its IPO on March 25, 2021 Shareholders in the Company consist of affiliated shareholders (“Baryte”), representing ~73% of the Company’s issued and outstanding shares, and unaffiliated shareholders / public float, representing ~27% Evercore Role: In the context of the proposed acquisition by Pearl and its affiliated company Sapphire (together “Pearl”), of all the issued and outstanding shares of the Company (the “Proposed Transaction”), a Special Committee of the Board of Directors of Diamond (the “Special Committee”) was formed on January 17, 2023, with the authority to, among other things, negotiate with respect to the Pearl proposal and determine whether a transaction would be in the best interests of the Company and its unaffiliated shareholders (including the authority to reject a transaction); Evercore L.L.C. (“Evercore”) has been engaged as financial advisor to the Special Committee This presentation should be read in conjunction with Evercore’s Discussion Materials Prepared for the Special Committee, dated February 1, 2023 (with market data as per January 27, 2023 “EVR 1-Feb Materials”) Background to Offers 1 st Offer: On August 3, 2022, Pearl submitted a letter of intent for a take private acquisition of Diamond, whereby each outstanding share of Diamond would be acquired for $11.00 in cash This offer represented a 47% premium to Diamond’s closing share price on August 2, 2022, and a 54% premium to the Company’s VWAP for the 30-day trading period ended August 2, 2022 and an implied TEV / NTM EBITDA multiple of 14.4x The 1st Offer assumed that Baryte would roll-over a portion of its equity position in the combined entity Initial Diligence Work Autumn 2022: Pearl conducted certain due diligence activities on Diamond from September 2022, which included, among others things, a management presentation, Q&A sessions, access to a virtual dataroom, access to Diamond’s 3-year business plan, certain site visits and preparation by a third party of a report on potential synergies resulting from the combination of Diamond and Sapphire 2 nd Offer: On January 11, 2023, Pearl submitted a subsequent letter of intent for a take private acquisition of Diamond, whereby each outstanding share of Diamond would be acquired for $7.50 in cash (please refer to Pearl’s Source and Uses in Section III of this presentation for a breakdown of the consideration mix between Diamond shareholders) This offer represented a 53% premium to Diamond’s closing share price as of January 10, 2023, and a 60% premium to the Company’s VWAP for the 30-day trading period ended January 11, 2023 and an implied TEV / 2023E EBITDA of 11.6x. The 2nd Offer was 32% lower than the 1st Offer Source: Letter of Intent, dated as of August 3, 2022, delivered by Pearl to Diamond; Letter of Intent, dated as of January 11, 2023, delivered by Pearl to Diamond

Preliminary Draft Subject to Review and Significant Revision Transaction Background (2/3) 5 Background to Offers (Cont’d) On February 2, 2023, at the direction of the Special Committee, Evercore delivered the message to Pearl that the Special Committee was of the view that: Diamond’s unaffiliated shareholders should receive at least $10.20 per share in cash This transaction should be subject to an affirmative Majority of the Minority Condition The form of consideration mix being offered to Baryte should also be offered as an option to the unaffiliated shareholders 3 rd Offer: On February 7, 2023, Pearl verbally made an improved offer at $7.75 per share in cash for all shareholders (and also shared corresponding Sources & Uses) This offer represented a 28% premium to Diamond’s closing share price on February 6, 2023, and a 48% premium to the Company’s VWAP for the 30-day trading period ended February 6, 2023 and an implied TEV / 2023E EBITDA multiple of 11.8x The offer followed a two day Commercial diligence and Synergies diligence session between both the Pearl and Diamond respective leadership teams, held in New York, that was characterized as “constructive” The $7.75 per share price offered by Pearl reflected that there would be no Tax Related Assets (“TRA”) payout made to Baryte in connection with the transaction, with an expectation offered by Baryte that the TRA was worth ~$30-150mm; – Pearl affirmed that they did not know how much of the TRA was Dutch or how much was being reflected in the 3rd Offer bid price but commented that the bid value was not reflecting a $150mm valuation of the TRA Pearl rejected the requests to (a) offer to the public an option to take the same forms of consideration that Baryte would be receiving as part of the contraction given Pearl had no interest in having Sapphire be a publicly listed entity going forward, nor for the complexity involved in such a transaction and (b) have the transaction be subject to an affirmative Majority of the Minority Condition as that was not a requirement for a Cayman domiciled company and it reduced transaction certainty for Pearl, to which Pearl ascribes meaningful importance Pearl was more comfortable with some form of Go-Shop provision Pearl also stated that they were not prepared to involve themselves in splitting the equity value of the offer between Baryte and the unaffiliated shareholders to the extent that differential considerations between Diamond shareholders became a topic On February 12, 2023, Baryte presented its perspectives on its investment thesis in Diamond to ‘inflect growth’ and Baryte’s views on the operational and macro challenges that could limit Diamond’s ability to deliver value to shareholders 4 th Offer: On February 14, 2023, Pearl verbally made an improved offer at $7.90 per share in cash for all shareholders (and also shared corresponding Sources & Uses) This offer represented a 36% premium to Diamond’s closing share price on February 13, 2023, and a 42% premium to the Company’s VWAP for the 30-day trading period ended February 13, 2023 and an implied TEV / 2023E EBITDA multiple of 12.0x

Preliminary Draft Subject to Review and Significant Revision Background to Offers (Cont’d) On February 16, 2023, at the direction of the Special Committee, Evercore delivered the message to Pearl that the Special Committee was of the view that Diamond’s unaffiliated shareholders should receive at least $9.00 per share in cash, or, were Pearl to agree to make the transaction subject to the approval of a majority of the unaffiliated shareholders (“Majority of the Minority Condition”), a price to Diamond’s unaffiliated shareholders of at least $8.00 per share in cash 5 th Offer: On February 28, 2023, Pearl made verbally an improved offer at $7.95 per share in cash for all shareholders (and also shared corresponding Sources & Uses) This offer represented a 35% premium to Diamond’s closing share price on February 28, 2023, and a 37% premium to the Company’s VWAP for the 30-day trading period ended February 28, 2023 and an implied TEV / 2023E EBITDA multiple of 12.0x Pearl stated that they were constrained from going higher due to (a) their sceptical perspective on some of the adjustments embedded in 2022’s ~$330mm Adjusted EBITDA (vs. the ~$100mm of Reported EBITDA), (b) lower valuation of the public’s share of the Dutch Tax Assets, for which there will not be an indemnification that mirrors that provided to Pearl by Baryte for Baryte’s share of the tax asset value and (c) Medline litigation which Pearl expects to bring material legal defence costs at a minimum Pearl continued to be unwilling to be a party to any differential cash equity value allocation amongst Baryte and Diamond’s unaffiliated shareholders that would be necessary to achieve the Special Committee’s $9.00 per share value for unaffiliated shareholders Pearl will not support a transaction that is predicated on a Majority of the Minority Condition Pearl requires that the Special Committee’s Fiduciary Out be limited to 30 days post-signing Pearl shared their draft debt commitment letter, base fee letter and agency fee letter with Wachtell and with Evercore Pearl refreshed the Sources & Uses to reflect the $.05/share increase in equity price As informed by Pearl, the LP fundraising process is constructively advancing, but likely not reaching its conclusion prior to the envisaged signing date. As a result, it is understood that Pearl would plan to backstop the LP fundraising between signing and close via contingent commitments from Pearl’s Fund IV and Fund V; Pearl did not mention that Baryte would need to participate in the backstop Pearl noted that signing and announcing a transaction in advance of Diamond’s earnings would avoid a situation where Diamond’s share price drops post its earnings release and shareholders who sell in response then miss the sale announcement associated share price uplift {it was not discussed as to whether, in the event that a transaction was in negotiations but not yet agreed, there might be some form of announcement to alert shareholders to the possibility of a transaction} Transaction Background (3/3) 6

Preliminary Draft Subject to Review and Significant Revision In connection with our assignment, we have, among other things: Reviewed certain internal projected financial data relating to the Company for the years 2023 - 2027 prepared and furnished to us by management of the Company, as approved for our use by the Special Committee (the “Company Management Forecast”, unchanged since our January 27, 2023 presentation); Reviewed the latest estimates for the financial data relating to the Company for year 2022 (the “2022LE”) prepared and furnished to us by management of the Company Reviewed the following information which have been provided to us by the management of the Company: Board presentations: December 2021 (2022 Budget), December 2022 (2023 Budget), January 2023 Reviewed Historical 2021-2022 quarterly income statements and cash flow information relating to the Company Reviewed the high level financial data relating to the Company for January 2023, furnished to us by management of the Company Reviewed the Company Management Presentation dated September 2022 Reviewed the projected financial data related to the company for the years 2023 – 2025 prepared in September 2022 Discussed with management of the Company their assessment of the past and current operations of the Company, the current financial condition and prospects of the Company, and the Company Management Forecast; and Performed such other analyses and examinations and considered such other factors that we deemed appropriate Separately, we have also, among other things: Reviewed Pearl’s offer letters and certain communication between Diamond and Pearl Reviewed Sapphire's Management presentation dated September 2022 Reviewed Operational Due Diligence Phase 2 Report, dated November 2022 and prepared by FTI Consulting Been provided access to the Project Diamond virtual dataroom to which Pearl also has access Evercore Review Status Update 7

Preliminary Draft Subject to Review and Significant Revision Current SP (Feb-28) 2nd Offer 3rd Offer 4th Offer Diamond Price Per Share Diamond Consensus Ecolab Share Price ($) 5.91 7.50 7.75 7.90 7.95 8.00 8.25 8.50 8.75 9.00 Metric FactSet 2023-Feb-28 % Premium to Current SP 0% 27% 31% 34% 35% 35% 40% 44% 48% 52% At Current SP % Premium to 30D VWAP 2% 29% 33% 36% 37% 38% 42% 46% 50% 55% % Premium to Median TP (2%) 25% 29% 32% 33% 33% 38% 42% 46% 50% NOSH (m) 327.5 327.5 327.5 327.5 327.5 327.5 327.5 327.5 327.5 327.5 Equity Value 1,936 2,457 2,538 2,588 2,604 2,620 2,702 2,784 2,866 2,948 45,393 Net Debt 1,841 1,841 1,841 1,841 1,841 1,841 1,841 1,841 1,841 1,841 10,982 TEV 3,777 4,298 4,379 4,429 4,445 4,461 4,543 4,625 4,707 4,789 56,375 Company Management Forecast $mm TEV / EBITDA Consensus EBITDA 2022LE 332 11.4x 12.9x 13.2x 13.3x 13.4x 13.4x 13.7x 13.9x 14.2x 14.4x 334 11.3x 20.8x EBITDA 2023E 370 10.2x 11.6x 11.8x 12.0x 12.0x 12.0x 12.3x 12.5x 12.7x 12.9x 378 10.0x 19.0x EBITDA 2024E 398 9.5x 10.8x 11.0x 11.1x 11.2x 11.2x 11.4x 11.6x 11.8x 12.0x 437 8.6x 17.3x Company Management Forecast $mm TEV / EBIT Consensus EBIT 2022LE 240 15.8x 17.9x 18.3x 18.5x 18.5x 18.6x 18.9x 19.3x 19.6x 20.0x 244 15.5x 31.8x EBIT 2023E 275 13.7x 15.6x 15.9x 16.1x 16.2x 16.2x 16.5x 16.8x 17.1x 17.4x 301 12.5x 28.2x EBIT 2024E 302 12.5x 14.2x 14.5x 14.7x 14.7x 14.8x 15.0x 15.3x 15.6x 15.9x 354 10.7x 24.9x Company Management Forecast $ / sh Price / Earnings Consensus EPS 2022LE $0.29 20.5x 26.0x 26.8x 27.4x 27.5x 27.7x 28.6x 29.4x 30.3x 31.2x $0.30 19.8x 35.3x EPS 2023E $0.36 16.3x 20.7x 21.3x 21.8x 21.9x 22.0x 22.7x 23.4x 24.1x 24.8x $0.42 14.1x 32.5x EPS 2024E $0.45 13.1x 16.6x 17.2x 17.5x 17.6x 17.8x 18.3x 18.9x 19.4x 20.0x $0.57 10.3x 27.5x Analysis At Various Prices 8 Source: Company Management Forecast, Company Filings, FactSet as of February 28, 2023, Pearl Offers Note: (1) Number of Shares Outstanding (NOSH) includes all granted, vested and unvested MEIP (Management Equity Incentive Plan) shares, PSUs (Performance Share Units) and RSUs (Restricted Share Units) as per Company Management (2) Refer to Appendix for Net Debt definition For Reference 5 th Offer (1) (2)

Preliminary Draft Subject to Review and Significant Revision 5.82 5.91 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50 8.00 8.50 9.00 9.50 10.00 10.50 11.00 11.50 12.00 12.50 13.00 13.50 14.00 2022-Jul-14 2022-Aug-14 2022-Sep-14 2022-Oct-14 2022-Nov-14 2022-Dec-14 2023-Jan-14 2023-Feb-14 Diamond Rolling 30D VWAP vs. Pearl’s Offers Premia Over Time 9 Diamond Rolling 30D VWAP Over Time (22-Jul – Current, $ per Share) Source: FactSet as of February 28, 2023, Pearl Offers Calculated Price Band @ Premiums to 30D VWAP 2023-Jan-11 Offer Premium of 60% (top of area) 2023-Feb-14 Offer Premium of 42% (line inside area) 2023-Feb-28 Offer Premium of 37% (bottom of area) +60% Diamond Share Price +48% 7.75 7.50 Implied Pearl’s Offer Premia $ per Share 2023-Jan-11 2023-Feb-07 2023-Feb-14 2023-Feb-28 Today Pearl’s Offers 7.50 7.75 7.90 7.95 Latest Offer 7.95 Closing Price Day Prior to Offer 4.91 6.05 5.79 5.83 Current Share Price 5.91 Calculated Premium 53% 28% 36% 36% Calculated Prem 35% 30D VWAP @ Time of Pearl’s Offer 4.68 5.25 5.55 5.82 Current 30D VWAP 5.82 Calculated Premium 60% 48% 42% 37% Calculated Prem 37% +53% vs 30 Day VWAP 11.00 Price per Share ($) Daily Shares Traded (‘000s) +42% 7.90 Rolling 30D VWAP +37% 7.95

Preliminary Draft Subject to Review and Significant Revision 4.00 6.32 3.95 5.76 6.21 7.37 6.59 6.17 5.37 6.98 5.75 9.00 8.49 11.68 7.12 8.12 8.62 7.41 8.43 9.71 9.06 Implied TEV(1,2) / EBITDA Valuation Methodology Metric Applied Valuation Range ($ per Share) 2022LE 2023E DCF Company Management Forecast Valuation as of 2023-Jan-01 Perpetuity Growth Rate Approach WACC Range: 9.0 – 10.0% PGR Range: 3.25 – 3.75% 11.2x - 14.4x 10.0x - 13.0x Terminal Multiple Approach WACC Range: 9.0 – 10.0% Terminal Value LTM EBITDA Multiple Range: 10.0 – 12.0x 12.4x - 15.1x 11.1x - 13.5x Trading Multiples Avg. Diamond discount to Ecolab applied to Ecolab multiple 10.2 – 12.2x 2023E EBITDA Average of discount of Diamond to Ecolab TEV / NTM EBITDA multiple of (-7.8x) applied to Ecolab current - average since IPO NTM multiples: 18.0 – 20.0x 11.4x - 13.6x 10.2x - 12.2x Smaller Companies Universe Median – 3rd Quartile TEV / 2023E EBITDA Multiples: 10.3 – 11.7x Applied on Diamond’s 2023E EBITDA 11.5x - 13.0x 10.3x - 11.7x Precedent Multiples Precedent transactions in the Hygiene / Cleaning Sector TEV / LTM EBITDA Multiples: 12.0 – 14.0x Applied on Diamond’s 2022LE(4) EBITDA 12.0x - 14.0x 10.8x - 12.6x Take over Premia Premiums Paid: U.S. Chemicals & Materials Transactions Applied Median – 3rd Quartile Premia of 28 – 41% on Share price (February 28, 2023) of $5.91 13.0x - 13.7x 11.7x - 12.3x Applied Median – 3 rd Quartile Premia of 29 – 48% on 3m VWAP (February 28, 2023) of $5.82 12.9x - 14.0x 11.6x - 12.6x Current Market Value Current Share Price Share price (February 28, 2023): $5.91 11.4x 10.2x 52-week High / Low Share Price Share price: $3.95 – $10.68 9.4x - 16.1x 8.5x - 14.4x Discounted Future Share Price (as per December 31, 2025) Applied NTM EBITDA Multiple Range of 9.2 – 11.2x to 2026E EBITDA, Equity value discounted to today at 12.1% Cost of Equity(3) 11.8x - 14.0x 10.6x - 12.5x Research Target Price Range Target price low / high: $5.00 – $9.00 (Median: $6.00) 5.00 10.5x - 14.4x 9.4x - 12.9x 6.40 3.95 5.91 7.50 7.56 6.56 6.03 5.91 6.95 5.72 9.00 8.57 10.68 8.61 8.33 8.59 7.61 8.18 9.68 9.03 Preliminary Valuation Summary 6.00 (All financials in $mm unless otherwise stated) For reference only 10 Core Valuation Methodologies 5 th Offer: $7.95 2023-Feb-28: $5.91 Source: Company Management Forecast, Company Filings, FactSet as of February 28, 2023. Note: (1) Number of Shares Outstanding (NOSH) includes all granted, vested and unvested MEIP (Management Equity Incentive Plan) shares, PSUs (Performance Share Units) and RSUs (Restricted Share Units) as per Company Management (2) Refer to Appendix for Net Debt definition. (3) Midpoint of Supply Side and Historical Cost of Equity Calculation for discounting based on unlevered smaller companies universe median Beta of 0.76 and Total Debt / Total Capitalisation of 27.5% (see WACC analysis in Appendix) (4) LE = Latest Estimate Latest View EVR 1-Feb Materials

II Situation Update Table of Contents

Preliminary Draft Subject to Review and Significant Revision FY23E CPI outlook in both US and Eurozone remain broadly unchanged, at +4.0% and +5.8% respectively. Inflation expected to continue to ease compared to FY22A, with US and Eurozone CPI increased by +8.0% and +8.4% respectively EUR/USD expectations have continued to improve since EVR 1-Feb Materials, towards $1.10 by Dec-23E and $1.12 by Dec-24E (+0.9% and +0.9% respectively), reversing FY-22A headwinds into potential FY23E/FY24E tailwinds for the large Euro area activity Publicly reporting Chemical companies guiding towards difficult 1Q23E but with improving prospect for 2Q-4Q 2023E Ecolab’s shares reacted positively (+10.9% in 2 days, still trading at +8.0%) following Q4-22 results release: +12% topline growth (I&S: +11%), +10% Operating Income growth (I&S: +11%), 97% FCF conversion for FY22A; Expected FY23E performance to continue to improve despite continuing high delivered product costs and easing demand Strong recent macro indicators have led analysts to marginally improve their US’ Real GDP growth outlook for FY23E from +0.3% in Dec-22A to +0.6% today; Eurozone expected now to be flat vs FY22A (vs. -0.1% decline in Dec-22A). No changes for FY24E outlook 1 2 3 4 5 12 Slightly Improved Current Environment but Mixed Outlook, Weighing on Sector Valuations Valuation Implications Source: FactSet, Company Management

Preliminary Draft Subject to Review and Significant Revision Diamond share price ($5.91) has traded in the $5.66-6.38 range since EVR 1-Feb Materials, with the 30D rolling VWAP increasing from $4.73 on January 2, 2023 to $5.82 now. Diamond share price is still trading lower by 61% compared to its IPO price 1 Since EVR 1-Feb Materials, the Company has continued to underperform its direct peer Ecolab (+2.6% vs +4.6%), the 2 Large Companies Universe and Smaller Companies Universe index Diamond is currently trading at 9.7x NTM EBITDA (based on Consensus), lower by 6.5x compared to its consensus IPO valuation; Diamond has also traded at a discount of ~8x on average compared to its peer since IPO (and also since EVR 1-Feb Materials) 3 Diamond’s Jan-23A sales was +3% and EBITDA was $1.7m higher compared to Jan-23E forecast, with higher EBITDA margins by 80bps 4 In advance of FY22 results on March 8, 2023, equity research analysts have no made material changes to the reviews since EVR 1-Feb Materials; BoA has reinstated coverage of Diamond on February 22, 2023, with a target price of $6.00 / Underperform 5 13 No Change in Trading of Diamond Shares Since EVR 1-Feb Materials Source: FactSet, Company Management, Filings

Preliminary Draft Subject to Review and Significant Revision 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Apr-22 Jul-22 Oct-22 Jan-23 -0.6 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 Apr-22 Jul-22 Oct-22 Jan-23 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Apr-22 Jul-22 Oct-22 Jan-23 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Apr-22 Jul-22 Oct-22 Jan-23 GDP and CPI Inflation Quarterly Trend Across the US and Eurozone 14 Real GDP Growth - Quarterly Trend US (% QoQ) Real GDP Growth - Quarterly Trend Eurozone (% QoQ) CPI Inflation - Quarterly Trend US (% YoY) Core HCPI Inflation - Quarterly Trend Eurozone (% YoY) Source: FactSet as of February 28, 2023 Q2 ’24E Q1 ’24E Q4 ’23E Q1 ’23E Q2 ’23E Q3 ’23E Q2 ’24E Q1 ’24E Q4 ’23E Q1 ’23E Q2 ’23E Q3 ’23E Q2 ’24E Q1 ’24E Q4 ’23E Q1 ’23E Q2 ’23E Q3 ’23E Q2 ’24E Q1 ’24E Q4 ’23E Q1 ’23E Q2 ’23E Q3 ’23E 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1

Preliminary Draft Subject to Review and Significant Revision $332m 300 350 400 450 500 550 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Diamond: Research’s Estimates Over Time 15 Research’s Median 2022E EBITDA Estimates Since IPO ($mm) 2022E EBITDA Q4 2021: Guidance 22E EBITDA: $380mm-420mm Q1 2022: Guidance 22E EBITDA: $380mm-420mm Q2 2022: Guidance 22E EBITDA: $350mm-390mm Q3 2022: Guidance 22E EBITDA: $330mm 468 379 343 331 Selected EBITDA Estimates Development Since IPO ($mm) 469 393 359 349 473 400 354 333 466 380 350 329 462 400 352 334 2022E EBITDA Since IPO Mar-22 Aug-22 Feb-23 2023E EBITDA Since IPO Mar-22 Aug-22 Feb-23 514 411 411 367 536 463 422 387 530 444 428 403 503 432 406 381 510 455 417 393 -10.7% -8.3% -5.8% -6.2% -5.8% -3.5% -2.8% -5.9% -6.0% -5.1% Source: FactSet as of February 28, 2023, Equity Research Since EVR 1-Feb Materials, there has only been 1 new broker note, a Bank of America Initiating Coverage report (22E EBITDA: $334m and 23E EBITDA: $350m) 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1

Preliminary Draft Subject to Review and Significant Revision North America Europe 56% 21% Asia Pacific & MEA 17% Latin America 6% Portfolio Mix (2022E) Geographic Mix (2022E) Revenue(1) (2019A – 2025E, $mm) Gross profit(1) (2019A – 2025E, $mm) EBITDA(1) (2019A – 2025E, $mm) Europe 45% North America 24% Asia Pacific 13% Middle East & Africa 10% Latin America 8% Side-by-side of Diamond and Ecolab 16 Diamond (Consensus Forecasts) 2,624 2,629 2,619 2,762 2,889 3,009 3,259 2019A 2020A 2021A 2022E 2023E 2024E 2025E 12,886 10,947 12,721 14,188 15,160 15,840 16,794 2019A 2020A 2021A 2022A 2023E 2024E 2025E 340 401 410 334 378 437 485 13% 15% 16% 12% 13% 15% 15% 2019A 2020A 2021A 2022E 2023E 2024E 2025E 2,931 2,384 2,642 2,712 2,969 3,265 3,610 23% 22% 21% 19% 20% 21% 21% 2019A 2020A 2021A 2022A 2023E 2024E 2025E Source: Company filings, FactSet as of February 28, 2023 Note: (1) PF for Ecolab’s acquisition of CID Lines and Purolite and sale of ChampionX 1,189 1,162 1,123 979 1,100 1,208 1,241 45% 44% 43% 35% 38% 40% 38% 2019A 2020A 2021A 2022E 2023E 2024E 2025E 5,248 4,578 5,215 5,427 5,868 6,345 6,677 41% 42% 41% 38% 39% 40% 40% 2019A 2020A 2021A 2022A 2023E 2024E 2025E Metric Margin % Metric Margin % Metric Metric Margin % Metric Margin % Metric Institutional 71% Food & Beverage 29% Global Industrial 48% Global Institutional & Specialty 31% Global Healthcare & Life Sciences 11% Other 10%

Preliminary Draft Subject to Review and Significant Revision 100 40.0 50.0 60.0 70.0 80.0 90.0 100.0 110.0 120.0 130.0 140.0 2018A 2019A 2020A 2021A 2022E 2023E 2024E Source: FactSet as of February 28, 2023 Note: (1) PF for Ecolab’s acquisition of CID Lines and Purolite and sale of ChampionX, as well as Rentokil’s acquisition of Terminix Large Companies Universe: Dupont, Eastman, Entegris, PPG, Rentokil, Sherwin-Williams, Sodexo Smaller Companies Universe: Ashland, Avient, Axalta, ChampionX, HB Fuller, Ingevity, Innospec, ISS, Quaker, Sensient, Stepan 100 60.0 70.0 80.0 90.0 100.0 110.0 120.0 130.0 140.0 2018A 2019A 2020A 2021A 2022E 2023E 2024E 17 Comparative Historical vs Research Projections EBITDA: Comparative Analysis of Diamond Peers (indexed to 100 as of 2022) Diamond (Consensus) Large Companies Universe Smaller Companies Universe Diamond (Consensus) Historical CAGR L5Y L3Y L1Y Diamond 1.5% (0.6%) (18.6%) 14.4% Ecolab 0.0% (2.6%) 2.6% 9.7% Large Universe 1.7% 1.8% (0.5%) 6.3% Smaller Universe 4.4% 5.4% 8.9% 11.2% CAGR 22E-24E Historical CAGR L5Y L3Y L1Y Diamond (1.7%) (6.3%) (12.8%) 11.1% Ecolab 0.3% 1.1% 4.1% 8.1% Large Universe (1.3%) (1.4%) (1.2%) 9.8% Smaller Universe 3.4% 3.0% 7.3% 5.0% CAGR 22LE-24E Large Companies Universe Smaller Companies Universe Projected Gross Profit Comparative Analysis of Diamond vs Peers (indexed to 100 in 2022) Projected EVR 1-Feb Materials As of 28th February

Preliminary Draft Subject to Review and Significant Revision 5.91 $5.76 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Diamond Share Price Performance Evolution 18 Diamond Share Price Evolution Since IPO (March 2021 – Current, $) 14-May-21: Q1 2021 Earnings Source: FactSet as of February 28, 2023 13-Aug-21: Q2 2021 Earnings 5-Nov-21: Q3 2021 Earnings and completed acquisition of the Avmor business 9-March-22: Q4 2021 Earnings 10-May-22: Q1 2022 Earnings 4-Aug-22: Q2 2022 Earnings 3-Nov-22: Q3 2022 Earnings 5-Aug-21: Announced an agreement to acquire Tasman Chemicals in Australia 8-Nov-21: Announced proposed public offering of ordinary shares 6-Dec-21: Completed acquisition of Birko Corporation and Chad Equipment 24-Jan-22: Completed acquisition of Shorrock Trichem based in Europe 14-June-22: Announced an adjustment in energy surcharge for its European business 20-Apr-21: Appointed Selim Bassoul and Juan R. Figuereo to the Board of Directors 1-Sep-21: Appointed Rod Hochman to the Board of Directors 1-Mar-22: Appointed Katherine S. Zanotti to the Board of Directors 17-Mar-22: Appointed Eric Foss as Chairman of the Board EVR 1-Feb Materials 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1

Preliminary Draft Subject to Review and Significant Revision 50 100 150 200 250 300 350 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 50 100 150 200 250 300 350 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Source: FactSet as of February 28, 2023 Note: Diamond Number of Shares Outstanding (NOSH) includes all granted, vested and unvested MEIP (Management Equity Incentive Plan) shares, PSUs (Performance Share Units) and RSUs (Restricted Share Units) as per Company Management. Refer to Appendix for Net Debt definition Large Companies Universe: Dupont, Eastman, Entegris, PPG, Rentokil, Sherwin-Williams, Sodexo Smaller Companies Universe: Ashland, Avient, Axalta, ChampionX, HB Fuller, Ingevity, Innospec, ISS, Quaker, Sensient, Stepan Diamond Share Price and TEV Development vs Ecolab and Peers Share Price Since Beginning of 2021 Q2 (Rebased 100 as of current) 19 All-time high: 18.5 $/share 100 TEV Since Beginning of 2021 Q2 (Rebased 100 as of current) Diamond Diamond Smaller Companies Universe 100 Large Companies Universe Smaller Companies Universe 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 Large Companies Universe All-time low: 4.0 $/share 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 TEV ($bn) - Average Since IPO L12M L6M L3M L1M 27-Jan Current Diamond $5.2bn 3.9 3.5 3.5 3.8 3.7 3.8 Ecolab $61.7bn 54.5 52.2 52.1 53.4 52.5 54.5 D. - ECL ($56.4bn) (50.6) (48.7) (48.6) (49.6) (48.7) (50.7)

Preliminary Draft Subject to Review and Significant Revision - 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 - 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Diamond Valuation Development vs Ecolab and Peers TEV / LTM EBITDA since Beginning of 2021 Q2 TEV / NTM EBITDA since Beginning of 2021 Q2 20 9.7x 14.8x 11.1x 16.2x Source: FactSet as of February 28, 2023 Note: Diamond Number of Shares Outstanding (NOSH) includes all granted, vested and unvested MEIP (Management Equity Incentive Plan) shares, PSUs (Performance Share Units) and RSUs (Restricted Share Units) as per Company Management. Refer to Appendix for Net Debt definition Large Companies Universe: Dupont, Eastman, Entegris, PPG, Rentokil, Sherwin-Williams, Sodexo Smaller Companies Universe: Ashland, Avient, Axalta, ChampionX, HB Fuller, Ingevity, Innospec, ISS, Quaker, Sensient, Stepan TEV / LTM EBITDA - Average Since IPO L12M L6M L3M L1M 27-Jan Current Diamond 13.3x 10.5x 10.1x 10.5x 11.2x 11.1x 11.1x Ecolab 22.8x 19.8x 19.0x 19.1x 19.4x 19.1x 19.8x in x (9.5x) (9.3x) (8.9x) (8.5x) (8.2x) (8.0x) (8.7x) in % (42%) (47%) (47%) (45%) (42%) (42%) (44%) D. - ECL 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 Diamond Diamond Smaller Companies Universe Large Companies Universe Large Companies Universe Smaller Companies Universe TEV / NTM EBITDA - Average Since IPO L12M L6M L3M L1M 27-Jan Current Diamond 12.2x 9.8x 9.0x 9.2x 9.8x 9.7x 9.7x Ecolab 20.0x 17.7x 17.2x 17.5x 17.8x 17.5x 18.0x in x (7.8x) (8.0x) (8.3x) (8.3x) (8.0x) (7.8x) (8.4x) in % (39%) (45%) (48%) (47%) (45%) (45%) (46%) D. - ECL

Preliminary Draft Subject to Review and Significant Revision 18.8x 10.8x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 6.00 5.91 0 % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0.00 5.00 10.00 15.00 20.00 25.00 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Buy Hold Sell Target Price Price $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Headwinds Have Caused Research to Downgrade Growth and Multiple 21 Summary of Select Price Targets(1) Target Price Range Since IPO ($) Evolution of Price Target and Recommendations ($) Median Target Price Target Price Low Target Price High 1 st Bid: $11.00 vs. TP: $9.00 2 nd Bid: $7.50 vs. TP: $6.35 $6.00 $9.00 $5.00 Source: FactSet as of February 28, 2023. Number of Shares Outstanding (NOSH) includes all granted, vested and unvested MEIP (Management Equity Incentive Plan) shares, PSUs (Performance Share Units) and RSUs (Restricted Share Units) as per Company Management, Pearl Offers Note: FactSet Price Target differs slightly from Mean Price Target shown due to the inclusion of further research. (1) 1 Year forward target price 3 rd Bid: $7.75 vs. TP: $6.35 Current Research Date Rating Price Target Bank of America 22 Feb 23 Sell 6.00 UBS 11 Jan 23 Buy 8.50 RBC Capital Markets 11 Jan 23 Hold 6.00 Morgan Stanley 10 Jan 23 Overweight 8.00 Goldman Sachs 06 Jan 23 Neutral 6.70 BMO Capital Markets 15 Dec 22 Market Perform 5.80 Mizuho Securities 02 Dec 22 Hold 5.58 JP Morgan 07 Nov 22 Overweight 9.00 Barclays 04 Nov 22 Hold 5.00 Jefferies 03 Nov 22 Hold 5.15 Min $5.00 Max 9.00 4 th Bid: $7.90 vs. TP: $6.35 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 Median Target Price Implied NTM EBITDA Multiple 1 st Offer implied a multiple of 14.1x vs. a TP multiple of 12.3x 2 nd Offer implied a multiple of 12.0x vs. a TP multiple of 10.9x 3 rd Offer implied a multiple of 12.2x vs. a TP multiple of 10.9x 4 th Offer implied a multiple of 12.3x vs. a TP multiple of 10.9x 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 5 th Offer implied a multiple of 12.6x vs. a TP multiple of 10.8x 5 th Bid: $7.95 vs. TP: $6.00

III Context and Variants of Pearl’s Offers Table of Contents

Preliminary Draft Subject to Review and Significant Revision 23 Pearl’s Communicated Sources & Uses – Offer @ $7.95 Source: Pearl S&U draft document dated February 28, 2023

Preliminary Draft Subject to Review and Significant Revision Pearl’s Offers 24 $mm / $ per share To Public SH To Baryte Total To Public SH To Baryte Total To Public SH To Baryte Total To Public SH To Baryte Total Equity Value $694 $1,774 $2,468 $717 $1,833 $2,551 $731 $1,869 $2,600 $736 $1,881 $2,616 Number of Shares (mm) 93 237 329 93 237 329 93 237 329 93 237 329 Total Package Offer Price / Share $7.50 $7.50 $7.50 $7.75 $7.75 $7.75 $7.90 $7.90 $7.90 $7.95 $7.95 $7.95 Public's capture of Pearl's Bumps vs. $7.50 n/a n/a n/a n/a Premium to Today Close ($5.91) 26.9% 31.1% 33.7% 34.5% Premium to 30 Day VWAP ($5.82) 28.9% 33.2% 35.8% 36.7% Equity Value Components Shares Purchased at Cash Price 93 113 206 93 110 202 93 108 200 93 107 199 Cash Price $7.50 $7.50 $7.50 $7.75 $7.75 $7.75 $7.90 $7.90 $7.90 $7.95 $7.95 $7.95 Cash Consideration $694 $850 $1,544 $717 $850 $1,567 $731 $850 $1,581 $736 $850 $1,586 Shares Purchased at PFD Equity Price 57 57 55 55 54 54 53 53 PFD Equity Price $7.50 $7.50 $7.75 $7.75 $7.90 $7.90 $7.95 $7.95 PFD Equity Consideration $425 $425 $425 $425 $425 $425 $425 $425 Shares Rolled 67 67 72 72 75 75 76 76 Rollover Shares Price $7.50 $7.50 $7.75 $7.75 $7.90 $7.90 $7.95 $7.95 Rollover Consideration $499 $499 $558 $558 $594 $594 $606 $606 Baryte PF Equity % in MergeCo 7.4% 8.0% 8.3% 8.7% Incremental Equity % Required to deliver Baryte $7.95 n/a n/a n/a n/a Required Sapphire TEV multiple % discount vs Diamond n/a n/a n/a n/a TEV $4,285 $4,367 $4,417 $4,458 TEV / 2022E EBITDA 12.9x 13.1x 13.3x 13.4x TEV / 2023E EBITDA 11.6x 11.8x 11.9x 12.0x Pearl's 5th Offer @ $7.95 Pearl's Offers Pearl's 2nd Offer @ $7.50 Pearl's 3rd Offer @ $7.75 Pearl's 4th Offer @ $7.90 Source: Company Management Forecast, Company Filings, Pearl’s Offers (1) Shares outstanding per Pearl S&U draft document dated as of February 28, 2023 (2) 2022E EBITDA of $332mm and 2023E EBITDA of $370mm as per Company Management Forecast (1) (2) (2)

Preliminary Draft Subject to Review and Significant Revision Pearl’s Offers Variants @ $7.95/share (1/2) 25 $mm / $ per share To Public SH To Baryte Total To Public SH To Baryte Total To Public SH To Baryte Total To Public SH To Baryte Total Equity Value $694 $1,774 $2,468 $736 $1,881 $2,616 $833 $1,784 $2,616 $833 $1,784 $2,616 Number of Shares (mm) 93 237 329 93 237 329 93 237 329 93 237 329 Total Package Offer Price / Share $7.50 $7.50 $7.50 $7.95 $7.95 $7.95 $9.00 $7.54 $7.95 $9.00 $7.54 $7.95 Public's capture of Pearl's Bumps vs. $7.50 n/a n/a 93.7% 93.7% Premium to Today Close ($5.91) 26.9% 34.5% 52.3% 27.6% 34.5% 52.3% 27.6% 34.5% Premium to 30 Day VWAP ($5.82) 28.9% 36.7% 54.7% 29.6% 36.7% 54.7% 29.6% 36.7% Equity Value Components Shares Purchased at Cash Price 93 113 206 93 107 199 93 100 193 93 84 176 Cash Price $7.50 $7.50 $7.50 $7.95 $7.95 $7.95 $9.00 $7.50 $9.00 $9.00 Cash Consideration $694 $850 $1,544 $736 $850 $1,586 $833 $753 $1,586 $833 $753 $1,586 Shares Purchased at PFD Equity Price 57 57 53 53 56 56 63 63 PFD Equity Price $7.50 $7.50 $7.95 $7.95 $7.57 $6.74 PFD Equity Consideration $425 $425 $425 $425 $425 425 $425 425 Shares Rolled 67 67 76 76 80 80 90 90 Rollover Shares Price $7.50 $7.50 $7.95 $7.95 $7.57 $6.74 Rollover Consideration $499 $499 $606 $606 $606 606 $606 606 Baryte PF Equity % in MergeCo 7.4% 8.7% 8.7% 8.7% Incremental Equity % Required to deliver Baryte $7.95 n/a n/a 1.5% 1.5% Required Sapphire TEV multiple % discount vs Diamond n/a n/a (1.0%) (1.0%) TEV $4,285 $4,458 $4,804 $4,323 $4,458 $4,804 $4,323 $4,458 TEV / 2022E EBITDA 12.9x 13.4x 14.5x 13.0x 13.4x 14.5x 13.0x 13.4x TEV / 2023E EBITDA 11.6x 12.0x 13.0x 11.7x 12.0x 13.0x 11.7x 12.0x Variant A-1 Public receives premium to Baryte Variant B Public receives premium to Baryte, with optical cash parity for Baryte $7.95 Offer Public receives $9.00 - Baryte receives blended $7.54, incl. cash component $7.50 Public receives $9.00 - Baryte receives blended $7.54, incl. cash component $9.00 Pearl's 5th Offer @ $7.95 Pearl's Offers Pearl's 2nd Offer @ $7.50 Source: Company Management Forecast, Company Filings, Pearl’s Offers (1) Shares outstanding per Pearl S&U draft document dated as of February 28, 2023 (2) 2022E EBITDA of $332mm and 2023E EBITDA of $370mm as per Company Management Forecast (1) (2) (2)

Preliminary Draft Subject to Review and Significant Revision Pearl’s Offers Variants @ $7.95/share (2/2) 26 $mm / $ per share To Public SH To Baryte Total To Public SH To Baryte Total To Public SH To Baryte Total To Public SH To Baryte Total Equity Value $736 $1,881 $2,616 $777 $1,839 $2,616 $796 $1,821 $2,616 $814 $1,802 $2,616 Number of Shares (mm) 93 237 329 93 237 329 93 237 329 93 237 329 Total Package Offer Price / Share $7.95 $7.95 $7.95 $8.40 $7.77 $7.95 $8.60 $7.70 $7.95 $8.80 $7.62 $7.95 Public's capture of Pearl's Bumps vs. $7.50 n/a 56.2% 68.7% 81.2% Premium to Today Close ($5.91) 34.5% 42.1% 31.5% 34.5% 45.5% 30.2% 34.5% 48.9% 28.9% 34.5% Premium to 30 Day VWAP ($5.82) 36.7% 44.4% 33.7% 36.7% 47.9% 32.3% 36.7% 51.3% 31.0% 36.7% Equity Value Components Shares Purchased at Cash Price 93 107 199 93 108 200 93 105 198 93 103 195 Cash Price $7.95 $7.95 $7.95 $8.40 $7.50 $8.60 $7.50 $8.80 $7.50 Cash Consideration $736 $850 $1,586 $777 $808 $1,586 $796 $790 $1,586 $814 $771 $1,586 Shares Purchased at PFD Equity Price 53 53 53 53 54 54 55 55 PFD Equity Price $7.95 $7.95 $8.00 $7.85 $7.71 PFD Equity Consideration $425 $425 $425 $425 $425 $425 $425 $425 Shares Rolled 76 76 76 76 77 77 79 79 Rollover Shares Price $7.95 $7.95 $8.00 $7.85 $7.71 Rollover Consideration $606 $606 $606 $606 $606 $606 $606 $606 Baryte PF Equity % in MergeCo 8.7% 8.7% 8.7% 8.7% Incremental Equity % Required to deliver Baryte $7.95 n/a 0.7% 0.9% 1.2% Required Sapphire TEV multiple % discount vs Diamond n/a (1.0%) (1.0%) (1.0%) TEV $4,458 $4,606 $4,400 $4,458 $4,672 $4,375 $4,458 $4,738 $4,349 $4,458 TEV / 2022E EBITDA 13.4x 13.9x 13.2x 13.4x 14.1x 13.2x 13.4x 14.3x 13.1x 13.4x TEV / 2023E EBITDA 12.0x 12.4x 11.9x 12.0x 12.6x 11.8x 12.0x 12.8x 11.7x 12.0x $7.95 Offer Variant A-2 Public receives premium to Baryte Variant A-3 Public receives premium to Baryte Variant A-4 Public receives premium to Baryte Pearl's 5th Offer @ $7.95 Pearl's Offers Public receives $8.40 - Baryte receives blended $7.77, incl. cash component $7.50 Public receives $8.60 - Baryte receives blended $7.70, incl. cash component $7.50 Public receives $8.80 - Baryte receives blended $7.62, incl. cash component $7.50 Source: Company Management Forecast, Company Filings, Pearl’s Offers (1) Shares outstanding per Pearl S&U draft document dated as of February 28, 2023 (2) 2022E EBITDA of $332mm and 2023E EBITDA of $370mm as per Company Management Forecast (1) (2) (2)

Preliminary Draft Subject to Review and Significant Revision Offer Variants Graphical Representation 27 499 558 594 606 606 606 606 606 425 425 425 425 425 425 425 425 850 850 850 850 753 808 790 771 1,774 1,833 1,869 1,881 1,784 1,839 1,821 1,802 $7.50 $7.75 $7.90 $7.95 $9.00 $8.40 $8.60 $8.80 $ - $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 0 500 1,000 1,500 2,000 2,500 3,000 $7.50 $7.75 $7.90 $7.95 A-1 A-2 A-3 A-4 Cash PFD Note Rollover Pearl Offer Price: Price Parity with Baryte Differential Equity Value Splits ($7.95 Pearl Offer) Price to Public ($) Baryte Equity Package Build-Up ($mm) Source: Company Management Forecast, Company Filings, Pearl’s Offers and subsequent counters Price / Share to Public

Appendix A Trading Comparables Table of Contents

Preliminary Draft Subject to Review and Significant Revision -56% -10% -31% -11% Source: FactSet as of February 28, 2023 Note: Returns reflect the compound total return assuming dividends are reinvested on the ex-date (excluding the reinvestment of special cash dividends) Large Companies Universe: Dupont, Eastman, Entegris, PPG, Rentokil, Sherwin-Williams, Sodexo Smaller Companies Universe: Ashland, Avient, Axalta, ChampionX, HB Fuller, Ingevity, Innospec, ISS, Quaker, Sensient, Stepan Diamond Total Shareholder Return Assessment YTD 29 2022 - YTD Since IPO (2021-03-25) (57%) -12% -34% -13% 9% -26% -2% Diamond Large Companies Universe Smaller Chemical Companies Universe 7% 5% 1% EVR 1-Feb Materials As of 28-Feb 35% 6% 9% 1% 12% -22% -4% 39% -61% EVR 1-Feb Materials As of 28-Feb EVR 1-Feb Materials As of 28-Feb -62%

Preliminary Draft Subject to Review and Significant Revision 6.8 5.9 14.5 10.6 2.5 59.5 4.1 36.8 2.7 19.0 3.1 6.5 3.8 1.9 3.4 30.1 3.1 43.4 12.0 3.6 6.2 5.6 13.7 10.3 2.4 57.6 4.1 36.3 2.7 18.9 3.1 6.6 3.9 1.9 3.5 31.2 3.2 45.4 12.8 4.0 (8.1%) (5.5%) (4.9%) (3.3%) (3.3%) (3.1%) (1.6%) (1.4%) (0.4%) (0.2%) 1.5% 1.8% 2.1% 2.6% 3.5% 3.7% 4.0% 4.6% 6.1% 9.6% Equity Value Changes Since EVR 1-Feb Materials 30 Ordered from the strongest decline to the strongest climb Equity Value Evolution Over the Last Month ($bn, 27th Jan – 28th Feb) Small Comps as of EVR 1-Feb Materials Small Comps as of 28th Feb Large Comps as of EVR 1-Feb Materials Large Comps as of 28th Feb Most down by < -2% Flat between -2% and +2% Up by more than +2% Source: FactSet as of February 28, 2023

Preliminary Draft Subject to Review and Significant Revision Stepan, (6.4%) Avient, (4.3%) Sherwin-Williams, (3.9%) Innospec, (3.6%) ISS, (2.0%) Dupont, (1.6%) Sodexo, (1.2%) Ashland, (0.2%) Ecolab, (0.1%) PPG, (0.0%) Entegris, 0.0% Diamond, 0.0% Rentokil, 0.0% Eastman, 0.1% Sensient, 0.2% ChampionX, 0.2% Axalta, 1.2% HB Fuller, 1.6% Ingevity, 2.9% Quaker, 3.2% Innospec, (6.1%) Sherwin-Williams, (4.6%) Stepan, (3.9%) ChampionX, (3.0%) Dupont, (2.9%) ISS, (2.6%) Eastman, (2.3%) Avient, (2.2%) Sodexo, (1.7%) PPG, (0.2%) Ecolab, (0.2%) Ashland, (0.1%) Entegris, 0.0% Diamond, 0.0% Rentokil, 0.0% Axalta, 0.3% HB Fuller, 0.4% Ingevity, 1.2% Quaker, 1.8% Sensient, 2.0% 31 2023E EBITDA Change (%, 27th Jan – 28th Feb) 2024E EBITDA Change (%, 27th Jan – 28th Feb) Source: FactSet as of February 28, 2023 Small Comps Large Comps EBITDA Estimates Changes Since EVR 1-Feb Materials

Preliminary Draft Subject to Review and Significant Revision 9.4x 9.4x 12.6x 16.6x 9.5x 9.4x 12.7x 17.3x Diamond Smaller Companies Universe Large Companies Universe Ecolab 10.0x 10.4x 13.9x 18.3x 10.2x 10.3x 13.8x 19.0x Diamond Smaller Companies Universe Large Companies Universe Ecolab 11.2x 11.2x 13.3x 19.9x 11.4x 11.1x 13.2x 20.8x Diamond Smaller Companies Universe Large Companies Universe Ecolab Diamond’s listed peer groups include smaller companies universe: Ashland, Avient, Axalta, ChampionX, HB Fuller, Ingevity, Innospec, ISS, Quaker, Sensient, Stepan We have indicated a second peer group with Ecolab and large companies universe: Dupont, Eastman, Entegris, PPG, Rentokil, Sherwin-Williams, Sodexo for reference only Public Trading Analysis 32 TEV / EBITDA (2022LE) TEV / EBITDA (2023E) TEV / EBITDA (2024E) Source: Company Management Forecast, FactSet as of February 28, 2023 (1) Diamond shown as per the Company Management Forecast Large Companies Universe : Dupont, Eastman, Entegris, PPG, Rentokil, Sherwin-Williams, Sodexo Smaller Companies Universe: Ashland, Avient, Axalta, ChampionX, HB Fuller, Ingevity, Innospec, ISS, Quaker, Sensient, Stepan Valuation For Reference Only (1) Valuation For Reference Only (1) Valuation For Reference Only (1) EVR 1-Feb Materials As of 28th February 11.5x 12.1x 14.8x 15.8x 16.2x 15.6x 12.2x 11.7x 3 rd Quartile:

Preliminary Draft Subject to Review and Significant Revision 12.0x 9.6x 8.7x 8.8x 19.8x 11.1x 11.3x 16.7x 13.3x 12.1x 12.0x 10.1x 11.2x 11.2x 15.8x 19.9x 14.6x 8.8x 14.4x 9.0x 11.1x 8.9x 8.5x 8.5x 19.3x 10.9x 11.0x 16.5x 13.2x 12.0x 12.2x 10.2x 11.4x 11.4x 16.2x 20.8x 15.3x 9.2x 15.6x 9.9x (8.1%) (7.1%) (2.9%) (2.7%) (2.6%) (2.4%) (2.2%) (1.0%) (0.5%) (0.4%) 1.3% 1.4% 1.6% 1.7% 2.9% 4.2% 5.0% 5.4% 8.7% 9.5% Summary of Changes Since EVR 1-Feb Materials 33 Most down by < -2% Flat between -2% and +2% Up by more than +2% Ordered from the strongest decline to the strongest climb TEV / EBITDA Evolution 2022E Over the Last Month (27th Jan – 28th Feb) Small Comps as of EVR 1-Feb Materials Small Comps as of 28th Feb Large Comps as of EVR 1-Feb Materials Large Comps as of 28th Feb Source: FactSet as of February 28, 2023

Preliminary Draft Subject to Review and Significant Revision Diamond: Companies Universe As of February 28th 2023 34 Trading Scale Valuation Multiples FCF Yield Coverage Leverage Returns Growth (USDm) except per share data Share Price Share Price Perf YTD Broker Target Upside Market Value EBITDA 2022E TEV / EBITDA 2022E TEV / EBITDA 2023E 2022E 2023E FCF / Dividends 2022E Net Leverage 2022E ROCE 2022E Dividend Yield 2022E Sales CAGR (22E-24E) EBITDA CAGR (22E-24E) Diamond 5.91 38.7% 1.5% 1,936 332 11.4x 10.2x (2.9%) 8.1% n/m 5.3x 5.4% - 6.7% 9.4% Smaller Companies Universe Ashland 101.78 -5.3% 27.7% 5,598 596 10.9x 10.3x 2.7% 6.5% 2.1x 1.0x 5.2% 1.2% 6.5% 7.2% Avient 43.63 29.2% 10.0% 3,970 521 12.0x 11.7x 7.4% 5.2% 3.4x 3.0x 8.3% 2.8% 4.2% 6.1% Axalta 29.80 17.0% 10.7% 6,601 811 12.2x 11.0x 2.2% 6.7% n/m 3.8x 7.6% - 4.6% 10.9% ChampionX 30.57 5.5% 11.2% 6,248 608 11.1x 8.8x 5.0% 7.0% 6.9x 0.6x 11.6% 0.8% 5.3% 18.5% HB Fuller 69.76 -2.6% 14.7% 3,870 535 10.2x 9.2x 3.5% 5.8% 3.5x 3.1x 7.1% 1.0% 3.3% 9.9% Ingevity 82.56 17.2% 21.1% 3,113 453 9.9x 8.6x 4.8% 7.0% n/m 2.5x 14.1% n/a 7.6% 9.8% Innospec 109.46 6.4% 12.8% 2,732 228 11.4x 11.1x 1.5% 3.6% n/m n/a 11.4% n/a 3.8% 7.7% ISS 21.87 4.2% -84.4% 4,060 622 9.2x 7.5x 8.6% 10.1% 6.3x 2.7x 7.8% 1.4% 4.0% 17.4% Quaker 195.78 17.3% 8.0% 3,511 257 16.5x 14.9x 0.4% 4.3% 0.4x n/a (6.4%) 1.0% 4.9% 12.4% Sensient 75.39 3.4% 19.4% 3,186 247 15.6x 14.4x (0.3%) 6.5% (0.1x) 2.6x n/a 2.2% 5.7% 6.9% Stepan 104.09 -2.2% 35.5% 2,393 302 8.9x 8.9x (4.0%) 0.4% (3.2x) n/a 9.5% 1.3% 1.6% 8.9% 3rd Quartile 12.2x 11.7x 5.0% 7.0% 5.6x 3.1x 11.4% 1.8% 5.7% 12.4% Median 11.1x 10.3x 2.7% 6.5% 2.7x 2.6x 8.1% 1.2% 4.6% 9.8% Source: FactSet as of February 28, 2023 (1) Diamond shown as per the Company Management Forecast For reference only Ecolab 159.37 9.5% 4.8% 45,393 2,712 20.8x 19.0x 2.4% 3.2% 1.9x 2.9x 8.4% 1.4% 5.7% 9.7% Large Companies Universe Dupont 73.03 6.4% 16.4% 36,280 3,261 11.0x 11.3x (0.4%) 4.2% (0.2x) 1.0x 5.4% 1.9% 0.7% 2.8% Eastman 85.20 4.6% 8.0% 10,267 1,800 8.5x 8.4x 3.5% 6.4% 1.0x 2.5x 9.5% 3.7% 3.1% 5.3% Entegris 85.23 29.9% 15.6% 12,777 1,179 15.3x 15.6x (0.9%) 1.3% (1.9x) 4.4x 7.5% 0.6% 0.5% 6.6% PPG 132.06 5.0% 6.0% 31,245 2,378 16.2x 14.6x 1.8% 4.9% 1.0x 2.4x 8.4% 1.9% 3.3% 11.8% Rentokil 6.20 0.9% 41.8% 18,936 1,655 13.2x 13.8x 2.4% 3.9% 2.1x 2.4x 5.7% 1.3% -5.7% 2.0% Sherwin-Williams 221.35 -6.7% 14.8% 57,640 3,608 19.3x 19.0x 2.2% 3.8% 2.1x 2.9x 15.6% 1.0% 1.1% 5.4% Sodexo 93.05 -1.9% 20.9% 13,745 1,760 8.5x 7.6x 5.6% 6.9% 1.9x 1.1x 6.9% 2.9% 7.2% 11.1% 3rd Quartile 16.2x 15.6x 3.5% 6.4% 2.1x 2.9x 9.5% 2.9% 3.3% 11.1% Median 13.2x 13.8x 2.2% 4.2% 1.0x 2.4x 7.5% 1.9% 1.1% 5.4% (1)

Appendix B WACC Analysis Table of Contents

Preliminary Draft Subject to Review and Significant Revision A risk-free rate of 4.11% has been applied which represents the 20Y US Treasury spot yield WACC Evaluation Key Conclusions 36 Risk-Free Rate Unlevered Beta Total Debt / Total Capitalization Equity Risk Premium Size Premium Pre-Tax Cost of Debt Tax Unlevered Beta range of 0.68 – 0.83 representing the 1 st and 3rd quartile of the Smaller Companies Universe Index with the mid point of 0.76 representing the median Target Total Debt / Total Capitalization of between 20% and 35% representative of Peer group capitalizations Equity Risk Premium of 6.22% for Supply Side and 7.46% for Historical scenarios based on Kroll ERP report and applies no specific country risk premium As per Kroll CRSP size premia breakdown for companies with market capitalizations between $1,660m and $2,686m Pre-Tax Cost of Debt calculated as per BBB and BB US Corporate Effective Yields as of Jan 24 2023 20% Debt/Capitalisation = BBB+, 27.5% = BBB- and 35% = BB+ Effective Tax Rate of 29.5% as per Company management Conclusions Calculation Inputs Cost of Capital inputs are elevated currently suggesting a WACC range for Diamond of c.9% - c.10% Beta Conclusions On a 2Y basis (the standard for Beta evaluations), Diamond is incomparable vs its peers due to its IPO being less than 2 years ago Diamonds 1Y, 6M and 3M Beta’s are significantly disrupted vs peers due to the limited free float and traded NOSH of the business, combined with factors such as the COVID-19 pandemic Ecolab, the closest peer of Diamond, but on a size and trading basis incredibly different, has seen a drastic change in its Beta vs the Large Chemical Companies Index as popularity for hygiene / disinfection stocks has seen powerful momentum post the pandemic It is observed that Diamond trades at a discount to Ecolab’s Beta (on a 1Y and 6M basis) Therefore, a range lower than Ecolab but above the disrupted Beta’s of Diamond has been selected (based on the Smaller Companies Index) Cost of Debt Risk Free Rates and indeed Credit Spreads are elevated currently The 5Yr median credit spreads with BBB ratings give a yield of 3.83% vs 5.70% spot yield For reference, the current yield of the Diamond Senior Notes due 2029 yield 8.15% (below the ICE BoA B US High Yield Index (8.65%) but above the BB equivalent (7.05%) Source: Company Information, Bloomberg, Damodaran, FactSet as of February 28, 2023, Kroll

Preliminary Draft Subject to Review and Significant Revision 2-Year Weekly 1-Year Weekly Company Share Price (Current) Equity Value Debt Total Debt / Total Cap Adj. BBG Levered Beta Unlevered Beta Adj. BBG Levered Beta Unlevered Beta Diamond $5.91 $1,936 $2,047 51.4% n/a n/a 1.46 0.82 Ecolab 159.37 45,393 8,407 15.6% 1.27 1.12 1.26 1.11 Smaller Companies Universe Median NA 3,870 1,429 22.0% 0.93 0.76 0.87 0.73 Reference Large Companies Universe Median NA 18,936 7,100 24.4% 1.15 0.89 1.16 0.92 WACC Calc Supply Side Weighted Average Cost of Capital Risk-Free Rate 4.11% Market Risk Premium: 6.22% Unlevered Smaller Companies Median Beta 0.76 Total Debt / Total Capitalization Total Debt / Total Capitalization 27.5% 20.0% 27.5% 35.0% Levered Beta 0.97 0.68 9.0% 8.9% 8.8% Supply Side Historical 0.76 9.5% 9.4% 9.3% Equity Risk Premium 6.2% 7.5% 0.83 9.9% 9.8% 9.7% Size Premium 1.3% Equity Cost of Capital 11.5% 12.7% Historical Weighted Average Cost of Capital Market Risk Premium: 7.46% Total Debt / Total Capitalization Pre-Tax Cost of Debt 5.5% 20.0% 27.5% 35.0% After-Tax Cost of Debt 3.9% 0.68 9.8% 9.7% 9.6% 0.76 10.4% 10.2% 10.1% WACC Range 9.4% 10.2% 0.83 10.9% 10.7% 10.6% Peers WACC Unlevered Beta Unlevered Beta 1. Large Chemical Peers set consists of Ecolab, DuPont, Eastman, Entegris, PPG, Sherwin-Williams, Aramark, Cintas, Rollins, Sodexo and Rentokil 2. Smaller Chemical Peers set consists of Ashland, Avient, Axalta, ChampionX, HB Fuller, Ingevity, Innospec, ISS, Quaker, Sensient and Stepan 3. 20 Year US Treasury Bond 4. Unlevered Beta calculated as: Beta × (E/(E + D × (1-CT))); CT = Effective Tax Rate of 29.5% as per Mgmt. 5. Capital structure range based target capital structure 6. Assumes no country specific risk 7. As per Kroll CRSP size premia breakdown for companies with market capitalizations between $1,660m and $2,686m 8. Pre-Tax Cost of Debt calculated as per BBB and BB US Corporate Effective Yields as of Feb 27 2023 9. 20.0% assumed as BBB+ rating (implied leverage ~2.9x 2022E EBITDA) with Kd of 5.0%, 27.5% assumed as BBB-rating (~2.0x) with Kd of 5.5% and 35.0% assumed as BB+ rating (~1.35x) with 6.0% Kd Weighted Average Cost of Capital (WACC) Analysis Sources: Company Information, Bloomberg, Damodaran, FactSet as of February 28, 2023, Kroll (1) (2) (3) (4) (5) (6) (7) (8) (8) 37 (9) (9) 1 st Quartile 3 rd Quartile +0.3% –0.02 0 –0.02 0 Change since EVR 1-Feb Materials +0.2% +0.1% +0.2% +0.2%

Preliminary Draft Subject to Review and Significant Revision Detailed WACC Peer Overview 38 Sources: Company Information, Bloomberg, FactSet as of February 28, 2023, Kroll 1-Year Weekly 2-Year Weekly Company Share Price (Current) Equity Value Debt Debt / Capitalization Adj. Bloomberg (Levered) Beta Unlevered Beta Adj. Bloomberg (Levered) Beta Unlevered Beta Diamond 5.91 1,936 2,047 51.4% 1.46 0.82 n/a n/a Key Peer Ecolab 159.37 45,393 8,407 15.6% 1.26 1.11 1.27 1.12 Large Companies Universe DuPont 73.03 36,280 11,851 24.6% 1.18 0.96 1.17 0.94 Eastman 85.20 10,267 5,065 33.0% 1.26 0.92 1.22 0.89 Entegris 85.23 12,777 5,866 31.5% 1.83 1.37 1.78 1.33 PPG 132.06 31,245 7,601 19.6% 1.16 0.98 1.11 0.94 Sherwin-Williams 221.35 57,640 12,508 17.8% 1.00 0.86 0.99 0.85 Aramark 36.80 9,620 8,529 47.0% 1.16 0.70 1.15 0.70 Cintas 438.47 45,319 3,100 6.4% 1.14 1.08 1.16 1.10 Rollins 35.20 17,335 336 1.9% 0.85 0.84 0.76 0.75 Sodexo 93.05 13,745 7,100 34.1% 0.58 0.43 0.81 0.59 Rentokil 6.20 18,936 6,121 24.4% 1.01 0.80 0.66 0.52 Large Cap 1st Quartile 18.3% 1.00 0.81 0.85 0.71 Large Cap Peer Median 24.4% 1.16 0.92 1.15 0.89 Large Cap Peer Mean 23.3% 1.13 0.91 1.10 0.89 Large Cap 3rd Quartile 32.6% 1.18 0.98 1.16 0.94 Smaller Companies Universe Ashland 101.78 5,598 1,429 20.3% 0.84 0.71 0.90 0.76 Avient 43.63 3,970 2,237 36.0% 1.48 1.05 1.42 1.00 Axalta 29.80 6,601 3,761 36.3% 1.15 0.81 1.15 0.81 ChampionX 30.57 6,248 734 10.5% 0.82 0.75 0.93 0.85 HB Fuller 69.76 3,870 1,806 31.8% 0.95 0.70 0.98 0.73 Ingevity 82.56 3,113 1,473 32.1% 0.87 0.65 0.88 0.65 Innospec 109.46 2,732 45 1.6% 0.74 0.73 0.67 0.66 ISS 21.87 4,060 2,409 37.2% 0.83 0.58 0.93 0.65 Quaker 195.78 3,511 992 22.0% 1.93 1.60 1.69 1.40 Sensient 75.39 3,186 687 17.7% 1.00 0.87 0.93 0.80 Stepan 104.09 2,393 455 16.0% 0.82 0.72 0.79 0.69 Mid Cap 1st Quartile 16.9% 0.83 0.71 0.89 0.68 Mid Cap Peer Median 22.0% 0.87 0.73 0.93 0.76 Mid Cap Peer Mean 23.8% 1.04 0.83 1.02 0.82 Mid Cap 3rd Quartile 34.1% 1.08 0.84 1.06 0.83

Preliminary Draft Subject to Review and Significant Revision 2.29% 2.29% 3.42% 3.42% 3.77% 3.77% 2.51% 1.54% 2.97% 1.77% 2.81% 1.60% 4.80% 3.83% 6.39% 5.19% 6.58% 5.37% BB BBB BB BBB BB BBB Increasing Cost of Debt Over Time 5Yr Median 1Yr Median Spot Source: Federal Reserve Economic Data (FRED), ICE BofA US Corporate Index Option-Adjusted Spreads (as of February 28th, 2023) and FactSet Note: The ICE BofAML OASs are the calculated spreads between a computed OAS index of all bonds in a given rating category and a spot Treasury curve 39 Risk Free Rate Credit Rating Spread Risk Free Rate & Credit Spreads Average Over Time Yield Credit Rating Latest View View as of 27-Jan 2023 2.29% 2.29% 3.61% 3.61% 4.11% 4.11% 2.54% 1.54% 2.97% 1.77% 2.80% 1.59% 4.83% 3.83% 6.58% 5.38% 6.91% 5.70% BB BBB BB BBB BB BBB 5Yr Median 1Yr Median Spot

Preliminary Draft Subject to Review and Significant Revision Diamond Corporate Bond vs Indices Diamond has traded both wide of and inside of the BankAmerica B Index, suggesting that Index pricing is a relevant proxy for Diamond yields at a given rating 8.15% 7.05% 5.83% 8.65% 0 2 4 6 8 10 12 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Late Sept 2021 Pricing of $500m Senior Notes 4.625% Senior Notes due 2029 Diamond Senior Notes ICE BofA BB US High Yield Index ICE BofA BBB US Corporate Index Source: Bloomberg of February 28, 2023, FRED 40 ICE BofA B US High Yield Index Diamond Senior Notes B Index BB Index BBB Index 1 Month Avg: 7.73% 8.40% 6.75% 5.54% 3 Month Avg: 8.15% 8.53% 6.71% 5.53% 6 Month Avg: 8.83% 8.83% 6.94% 5.71% 12 Month Avg: 8.05% 8.22% 6.37% 5.15%

Appendix C Diamond Net Debt Table of Contents

Preliminary Draft Subject to Review and Significant Revision Diamond Net Debt 2022LE (All financials in $mm unless otherwise stated) 42 Notes: (1) Excludes potential exercise of options and potential cash outflow connected with the Tax-Related Assets (2) Unfunded pension deficit assumes a 21% tax shield per Company Management Source: Company Management, Company Filings Diamond Net Debt 2022LE Units View as of EVR 1-Feb Materials Latest View Net Financial Debt $mm 1,771 1,780 (+) Pension Deficit (After-Tax)(2) $mm 55 55 (+) Contingent Consideration $mm - - (+) Asset Retirement Obligations $mm 6 6 Other Debt-Like Items $mm 61 61 Other Cash-Like Items $mm - - Total Net Debt(1) $mm 1,832 1,841

Appendix D Diamond Shareholder Development Table of Contents

Preliminary Draft Subject to Review and Significant Revision 2/28/23 $5.91 Estimated Prem. / (Disc.) Position (% Outstanding) Rank Investor Style Cost Basis to Basis Δ Current 9/30/22 1 MFS Invst. Mgmt. Core Growth $12.21 (51.6) % k 3.0 % 3.0 % 2 Frontier Capital Mgmt. GARP 6.65 (11.1) k 1.8 1.4 3 JP Morgan Asset Mgmt. GARP 14.14 (58.2) k 1.7 1.7 4 BlackRock Institutional Trust Index 12.13 (51.3) k 1.4 1.4 5 BlackRock Financial Mgmt. Core Growth 14.24 (58.5) m 1.3 1.7 6 Hawk Ridge Capital Mgmt. Hedge Fund 7.34 (19.5) k 1.3 1.1 7 Allspring Global Investments Core Value 14.35 (58.8) m 0.8 0.8 8 UBS Asset Mgmt. Core Value 7.74 (23.7) m 0.8 0.8 9 Philosophy Capital Mgmt. Hedge Fund 5.18 14.1 k 0.7 0.1 10 RobecoSAM AG Specialty 13.10 (54.9) m 0.7 0.8 11 Hargreaves Lansdown Fund Managers GARP 12.96 (54.4) n 0.7 0.7 12 Ensign Peak Advisors Specialty 9.39 (37.1) m 0.6 0.8 13 Hill City Capital Hedge Fund 6.25 (5.5) k 0.6 0.6 14 The Vanguard Group Index 10.78 (45.2) k 0.5 0.5 15 American Century Invst. Mgmt. Core Growth 12.26 (51.8) m 0.5 0.7 16 Geode Capital Mgmt. Index 12.16 (51.4) k 0.5 0.5 17 BlackRock Invst. Mgmt. (UK) Core Growth 14.40 (59.0) m 0.5 0.6 18 Vaughan Nelson Invst. Mgmt. Core Growth 12.22 (51.6) n 0.4 0.4 19 State Street Global Advisors Index 12.60 (53.1) k 0.4 0.4 20 Ariel Investments Core Value 6.90 (14.4) k 0.3 0.2 Top 20 Total $10.85 (45.5) % 18.5 % 18.2 % Median for Holders with Cost Basis >$10 $12.60 (53.1) Median for Holders with Cost Basis <$10 $6.90 (14.4) 22 D. E. Shaw & Co. Hedge Fund 6.93 (14.7) k 0.2 % 0.1 % Share Price Diamond Institutional Shareholder Summary 44 Top 20 Institutional Shareholders and Hedge Funds of Note Top 250 Institutional Holders Summary Source: Refinitiv Eikon (formerly Thomson Reuters), FactSet, Company filings Note: Blue shading represents funds that have been activists in the past. Position change based on shares owned, not percent outstanding 1. % Outstanding calculated based on current Number of Shares Outstanding (NOSH) that includes all granted, vested and unvested MEIP (Management Equity Incentive Plan) shares, PSUs (Performance Share Units) and RSUs (Restricted Share Units) as per Company Management. Delta in ownership is driven by a change in the shareholder’s position 2. Estimated cost basis is a per share item calculated as the summed product of the volume-weighted average price over the periods when shares were purchased and the increase in shares over these periods divided by the total number of shares purchased during the most recent period of continuous ownership since 03/31/21 3. Data based on 12/31/22 13F filings and any subsequent 13Ds and 13Gs 4. Retail percent ownership based on disclosed broker non-votes from the 2022 annual meeting Institutional 23% Retail 1% Baryte 73% Other Insiders 3% Total Insider: ~76% Core Growth 29% GARP Hedge 20% Fund 17% Broker-Dealer 1% Index 16% Core Value 9% Other 8% Investor Type(4) (2) (3) (1)

Preliminary Draft Subject to Review and Significant Revision $ - $4.00 $8.00 $12.00 $16.00 $20.00 Evolution of Today’s Institutional Shareholders Over Time: #1-5 45 Source: Refinitiv Eikon (formerly Thomson Reuters), FactSet, Company filings Note: Diamond Ownership (%) calculated based on current Number of Shares Outstanding (NOSH) that includes all granted, vested and unvested MEIP (Management Equity Incentive Plan) shares, PSUs (Performance Share Units) and RSUs (Restricted Share Units) as per Company Management. Delta in ownership is driven by a change in the shareholder’s position #1-5 Institutional Shareholders Ownership by Quarter BlackRock Financial Management MFS Investment Management JP Morgan Asset Management BlackRock Institutional Trust Company Frontier Capital Management Diamond Share Price Diamond Ownership (%) Share Price (US$ / share) 1.0% 1.0% 1.7% 2.7% 3.0% 3.0% 3.0% - - - - 0.6% 1.4% 1.8% 0.5% 0.6% 1.5% 1.7% 1.7% 1.7% 1.7% 0.6% 0.6% 0.8% 0.8% 1.3% 1.4% 1.4% 2.1% 2.0% 1.9% 2.2% 1.8% 1.7% 1.3% - 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4

Preliminary Draft Subject to Review and Significant Revision $ - $4.00 $8.00 $12.00 $16.00 $20.00 - - - 0.2% 0.7% 1.1% 1.3% 1.1% 1.1% 1.0% 1.0% 0.7% 0.8% 0.8% - - - 0.0% 0.5% 0.8% 0.8% - - - - - 0.1% 0.7% 0.2% 0.4% 0.5% 0.8% 0.8% 0.8% 0.7% - 0.3% 0.5% 0.8% 1.0% 1.3% 1.5% Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Evolution of Today’s Institutional Shareholders Over Time: #6-10 46 #6-10 Institutional Shareholders Ownership by Quarter RobecoSAM Hawk Ridge Capital Management UBS Asset Management Philosophy Capital Management Allspring Global Investments Diamond Share Price Diamond Ownership (%) Share Price (US$ / share) 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 Source: Refinitiv Eikon (formerly Thomson Reuters), FactSet, Company filings Note: Diamond Ownership (%) calculated based on current Number of Shares Outstanding (NOSH) that includes all granted, vested and unvested MEIP (Management Equity Incentive Plan) shares, PSUs (Performance Share Units) and RSUs (Restricted Share Units) as per Company Management. Delta in ownership is driven by a change in the shareholder’s position

Preliminary Draft Subject to Review and Significant Revision $ - $4.00 $8.00 $12.00 $16.00 $20.00 - 0.1% 0.7% 0.8% 0.8% 0.7% 0.7% - - 0.1% 0.8% 0.8% 0.8% 0.6% - - - - - 0.6% 0.6% 0.2% 0.2% 0.2% 0.2% 0.4% 0.5% 0.5% 0.5% 0.6% 0.7% 0.6% 0.9% 0.7% 0.5% - 0.3% 0.5% 0.8% 1.0% Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Evolution of Today’s Institutional Shareholders Over Time: #11-15 47 #11-15 Institutional Shareholders Ownership by Quarter American Century Investment Management Hargreaves Lansdown Fund Managers Hill City Capital Vanguard Group Ensign Peak Advisors Diamond Share Price Diamond Ownership (%) Share Price (US$ / share) 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 Source: Refinitiv Eikon (formerly Thomson Reuters), FactSet, Company filings Note: Diamond Ownership (%) calculated based on current Number of Shares Outstanding (NOSH) that includes all granted, vested and unvested MEIP (Management Equity Incentive Plan) shares, PSUs (Performance Share Units) and RSUs (Restricted Share Units) as per Company Management. Delta in ownership is driven by a change in the shareholder’s position

Preliminary Draft Subject to Review and Significant Revision $ - $4.00 $8.00 $12.00 $16.00 $20.00 0.2% 0.2% 0.3% 0.3% 0.4% 0.5% 0.5% 0.8% 0.8% 0.7% 0.8% 0.7% 0.6% 0.5% 0.1% 0.1% 0.3% 0.4% 0.4% 0.4% 0.4% 0.2% 0.2% 0.2% 0.2% 0.4% 0.4% 0.4% - - - - 0.1% 0.2% 0.3% - 0.3% 0.5% 0.8% 1.0% Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Evolution of Today’s Institutional Shareholders Over Time: #16-20 48 #16-20 Institutional Shareholders Ownership by Quarter Ariel Investments Geode Capital Management Vaughan Nelson Investment Management State Street Global Advisors BlackRock Investment Management (UK) Diamond Share Price Diamond Ownership (%) Share Price (US$ / share) 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 Source: Refinitiv Eikon (formerly Thomson Reuters), FactSet, Company filings Note: Diamond Ownership (%) calculated based on current Number of Shares Outstanding (NOSH) that includes all granted, vested and unvested MEIP (Management Equity Incentive Plan) shares, PSUs (Performance Share Units) and RSUs (Restricted Share Units) as per Company Management. Delta in ownership is driven by a change in the shareholder’s position