Exhibit 1: Which equities are positioned to deliver Q2 margin upside ? Chart below plots delta between forecasted Q2'25 sequential OM ramp and typical seasonality (bps) - a lower number represents an easier Q2 margin bar Source: Morgan Stanley Research, Visible Alpha As discussed (Driving Price), we think US Industrials are positioned to drive broad margin upside into Q2 w/ the group pushing tariff price to counter costs that have not yet materialized. To screen for equities w/ conservative Q2 margins, Exhi ...