<SEC-DOCUMENT>0000950103-23-005626.txt : 20230412
<SEC-HEADER>0000950103-23-005626.hdr.sgml : 20230412
<ACCEPTANCE-DATETIME>20230412085934
ACCESSION NUMBER:		0000950103-23-005626
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230412
DATE AS OF CHANGE:		20230412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL INSTRUMENTS CORP
		CENTRAL INDEX KEY:			0000935494
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				741871327
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41595
		FILM NUMBER:		23814740

	BUSINESS ADDRESS:	
		STREET 1:		11500 NORTH MOPAC EXPRESSWAY
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78759
		BUSINESS PHONE:		5123389119

	MAIL ADDRESS:	
		STREET 1:		11500 NORTH MOPAC EXPRESSWAY
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78759

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL INSTRUMENTS CORP /DE/
		DATE OF NAME CHANGE:	19950113

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMERSON ELECTRIC CO
		CENTRAL INDEX KEY:			0000032604
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP) [3600]
		IRS NUMBER:				430259330
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		8000 W FLORISSANT AVE
		STREET 2:		P O BOX 4100
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63136
		BUSINESS PHONE:		3145532000

	MAIL ADDRESS:	
		STREET 1:		8000 W. FLORISSANT
		STREET 2:		P.O. BOX 4100
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63136

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EMERSON ELECTRIC MANUFACTUING CO
		DATE OF NAME CHANGE:	19730710
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Rule 14a-101)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">NATIONAL INSTRUMENTS CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified in Its Charter)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">EMERSON ELECTRIC CO. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
  </TABLE>
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    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials:</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Amount previously paid:</FONT></TD></TR>
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    <TD STYLE="width: 48px; font-size: 12pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 12, 2023, Emerson Electric Co. (&ldquo;Emerson&rdquo;)
issued the following press release:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Emerson to Advance Global Automation Leadership
Through Acquisition of NI</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Next Step in Emerson&rsquo;s Portfolio Transformation,
Diversifying Technology Into Test and Measurement Automation</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Provides Enhanced Automation Capabilities and
Expansion Into Diverse, High-Growth Discrete End Markets</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Significant Opportunities to Create Shareholder
Value Through $165 Million of Cost Synergies </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Accelerates Underlying Revenue Growth, Expands
Gross Margins, Accretive to Adjusted Earnings in Year One and Meets Communicated Return Criteria</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Emerson Reaffirms Second Quarter Guidance</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><I>Emerson to Host Conference Call to Discuss Transaction
Today at 8:30 a.m. Eastern Time / 7:30 a.m. Central Time</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ST. LOUIS, Missouri &amp; AUSTIN, Texas &ndash; April 12, 2023
&ndash; Emerson (NYSE: EMR) and NI (Nasdaq: NATI) today announced that they have entered into a definitive agreement under which
Emerson will acquire NI for $60 per share in cash at an equity value of $8.2 billion. Emerson already owns approximately 2.3 million
shares of NI, representing approximately 2% of shares outstanding, which were acquired at a weighted average price of $36.84. As a
result, Emerson's effective per share purchase price is $59.61.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NI provides software-connected automated test and measurement systems
that enable enterprises to bring products to market faster and at a lower cost. NI&rsquo;s solutions help customers solve current and
future test challenges and improve speed and efficiency in their product development cycles. NI had $1.66 billion in 2022 revenue and
operates in more than 40 countries, serving approximately 35,000 customers across semiconductor and electronics, transportation, and aerospace
and defense markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;We are pleased to reach an agreement with NI, whose best-in-class
test and measurement product and software offerings accelerate Emerson&rsquo;s progress toward a cohesive, higher growth and higher margin
automation portfolio,&rdquo; said Lal Karsanbhai, President and Chief Executive Officer of Emerson. &ldquo;With this expansion into test
and measurement, Emerson will enhance its automation capabilities and gain a broader set of customers that relies on NI&rsquo;s solutions
at critical points along the product development cycle. These capabilities provide Emerson industry diversification into attractive and
growing discrete markets like semiconductor and electronics, transportation and electric vehicles, and aerospace and defense that are
poised to benefit from secular growth trends. NI&rsquo;s business is well-aligned with our vision for automation and we look forward to
working together to bring more comprehensive and innovative solutions to our customers, accelerate growth and position Emerson to deliver
significant shareholder value.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&ldquo;Over the past several months, we&rsquo;ve been evaluating strategic
options for the future of our business with the intent to maximize its value,&rdquo; said Eric Starkloff, NI&rsquo;s Chief Executive Officer.
&ldquo;We ran a robust and comprehensive process, considered a range of potential options, and believe this represents the best outcome
for all NI stakeholders. This transaction is a strong testament to the improvements and initiatives we&rsquo;ve implemented in recent
years that have transformed NI into a software focused company with higher growth, better profitability and lower cyclicality. We&rsquo;re
thrilled that Emerson recognizes the value we&rsquo;ve created and we believe they will help us build on our momentum to further position
NI as a leading provider of software-connected automated test and measurement systems.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Compelling Strategic and Financial Rationale</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Balanced and Diversified End Markets:</B> With favorable long-term trends and an estimated priority total addressable market of
$35 billion, the test and measurement market is fast-growing, highly complementary and one of the four priority adjacencies Emerson presented
at its 2022 Investor Conference. The transaction is expected to drive value creation and advance Emerson&rsquo;s position as a global
automation leader by expanding and diversifying its customer base within highly attractive end markets. With a diversified end market
mix including semiconductor and electronics, transportation, and aerospace and defense, NI is expected to be well positioned to capitalize
on megatrends that offer attractive growth opportunities. In markets like semiconductor and electric vehicle manufacturing, NI expands
Emerson&rsquo;s reach into the design and validation phase of the lifecycle, providing early access to customers. Overall, NI will increase
Emerson&rsquo;s end market exposure in discrete markets to 18% of sales, which will be Emerson&rsquo;s second largest industry segment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Complementary Software and Innovation Capabilities: </B>NI&rsquo;s technology stack of industry-leading intelligent devices, controls
and software complements Emerson&rsquo;s own technology stack and will accelerate Emerson&rsquo;s efforts to create a higher value, cohesive
industrial technology portfolio. NI&rsquo;s flexible and modular system-level test solutions have an open and interoperable software platform,
a key differentiator that enables customers to continually evolve and automate their test processes in increasingly complex and fast-changing
end markets. With 20% of sales in software, NI also increases Emerson&rsquo;s exposure to high-growth industrial software opportunities.
Both Emerson and NI share innovation-focused engineering cultures. With Emerson&rsquo;s proven track record of innovation and successful
new product launches, the combined company will be able to accelerate and expand the development of innovative offerings for customers
leveraging the complementary expertise of both organizations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Delivers Substantial Synergies: </B>Emerson has identified $165 million of cost synergy opportunities by the end of year 5 through
application of best practices from the Emerson Management System. Emerson intends to drive productivity improvements and streamline duplicative
costs across general and administrative, sales and marketing, and research and development functions, while leveraging Emerson&rsquo;s
scale in manufacturing and supply chain. Additional opportunities to enhance NI&rsquo;s free cash flow generation will be pursued through
proven operational excellence and productivity levers.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Strong Financial Profile and Attractive Returns for Shareholders:</B> The transaction is expected to be immediately accretive to
adjusted EPS and Emerson&rsquo;s long-term financial targets outlined at Emerson&rsquo;s 2022 Investor Conference. NI&rsquo;s strong positions
in attractive and growing markets are expected to deliver sustainable underlying growth aligned to Emerson&rsquo;s 4-7% through-the-cycle
underlying growth target. NI also brings significant recurring revenue and immediate gross margin accretion to the combined Emerson portfolio.
The combination of strong growth, attractive gross margins and the synergy potential to expand operating margins all contribute to returns
in line with Emerson&rsquo;s communicated returns criteria.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Unites Aligned Company Cultures</B>: NI&rsquo;s innovation and problem-solving focused culture is highly complementary with Emerson&rsquo;s
purpose-driven culture focused on innovation. Employees will have expanded opportunities for career development and advancement within
Emerson.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Transaction Terms &amp; Approvals</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The transaction has been approved by the Boards of Directors of both
Emerson and NI. Under the terms of the agreement, NI shareholders will receive $60 per share in cash, which represents a 49% premium to
NI&rsquo;s closing share price as of January 12, 2023, the day prior to NI&rsquo;s public announcement of a strategic review.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The transaction is expected to close in the first half of Emerson&rsquo;s
fiscal 2024, subject to the completion of customary closing conditions, including regulatory approvals and approval by NI shareholders.
Emerson expects to finance the transaction using available cash and liquidity, including approximately $8 billion of post-tax proceeds
from the majority sale of Climate Technologies to Blackstone announced in October 2022, which is expected to close in the second calendar
quarter of 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Emerson Reaffirms Second Quarter 2023 Guidance</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On February 8, 2023, Emerson provided continuing operations second quarter
underlying sales growth guidance of 8%-10% and adjusted earnings per share guidance of $0.95-$1.00. Emerson is reaffirming this guidance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investor Conference Call and Presentation</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Emerson management will discuss the transaction during an investor
conference call today, April 12, 2023, beginning at 7:30 a.m. Central Time / 8:30 a.m. Eastern Time. Participants can access a live webcast
available at&nbsp;<FONT STYLE="color: Blue"><U>www.Emerson.com/en-us/investors</U></FONT>&nbsp;at the time of the call. A replay of the
call will be available for 90 days. Conference call slides will be posted in advance of the call.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">NI plans to release its first quarter fiscal year 2023 results after
market close on April 27, 2023. Given the pending acquisition of NI by Emerson, NI will not host an earnings conference call for first
quarter results.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Advisors</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC and Centerview Partners LLC are serving
as financial advisors to Emerson and Davis Polk &amp; Wardwell LLP is serving as legal advisor. BofA Securities is serving as exclusive
financial advisor to NI and Wachtell, Lipton, Rosen &amp; Katz is serving as legal advisor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>About Emerson</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Emerson (NYSE: EMR) is a global technology and software company providing
innovative solutions for the world&rsquo;s essential industries. 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. For more information, visit&nbsp;<FONT STYLE="color: Blue"><U>Emerson.com</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>About NI</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">At NI, we bring together people, ideas and technology so forward thinkers
and creative problem solvers can take on humanity&rsquo;s biggest challenges. From data and automation to research and validation, we
provide the tailored, software-connected systems engineers and enterprises need to Engineer Ambitiously&trade; every day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>National Instruments, NI and&nbsp;<FONT STYLE="color: Blue"><U>ni.com</U></FONT>&nbsp;and
Engineer Ambitiously are trademarks of&nbsp;National Instruments Corporation. Other product and company names listed are trademarks or
trade names of their respective companies. (NATI-F)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><U>Additional Information and Where to Find
It</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">This communication relates to a proposed business
combination transaction between Emerson and NI (the &ldquo;Proposed Transaction&rdquo;). This communication does not constitute an offer
to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. In connection
with the Proposed Transaction, NI may file one or more proxy statement(s) or other documents with the SEC. This communication is not a
substitute for any proxy statement NI may file with the SEC in connection with the Proposed Transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">BEFORE MAKING ANY VOTING OR INVESTMENT DECISION,
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT(S) AND/OR OTHER DOCUMENTS IF AND
WHEN THEY ARE FILED, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE
THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. <B>Any definitive proxy
statement (if and when available) will be mailed or otherwise made available to stockholders of NI. </B>Investors and security holders
will be able to obtain free copies of these documents filed with the SEC if and when available without charge through the website maintained
by the SEC at www.sec.gov or, in the case of documents filed by NI, by directing a request to National Instruments Corporation, 11500
North Mopac Expressway, Austin, Texas 78759, Attention: Investor Relations; telephone (512) 683-5215, or from NI&rsquo;s website www.ni.com,
or, in the case of documents filed by Emerson, by contacting the investor relations department of Emerson:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Emerson </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">8000 West Florissant Avenue, P.O. Box 4100</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">St. Louis, MO</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">www.emerson.com/en-us/investors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Investor Relations:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Colleen Mettler, Vice President</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(314) 553-2197</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">investor.relations@emerson.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><U>Participants in the Solicitation</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Emerson and certain of its directors and executive
officers may be deemed to be participants in the solicitation of proxies in connection with the Proposed Transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">Information regarding the persons who may,
under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the Proposed Transaction, including
a description of their direct or indirect interests in the transaction, by security holdings or otherwise, will be set forth in any proxy
statement(s) and other relevant materials related to the Proposed Transaction if and when they are filed with the SEC. Information regarding
the directors and executive officers of Emerson is contained in Emerson&rsquo;s proxy statement for its 2023 annual meeting of stockholders,
filed with the SEC on December 9, 2022 and its Annual Report on Form 10-K for the year ended September 30, 2022, which was filed with
the SEC on November 14, 2022. To the extent holdings of Emerson securities by the directors and executive officers of Emerson have changed
from the amounts of securities of Emerson held by such persons as reflected therein, such changes have been or will be reflected on Statements
of Change in Ownership on Form 4 filed with the SEC. These documents can be obtained free of charge from the sources indicated above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">NI and certain of its directors, executive
officers and employees may be deemed to be participants in the solicitation of proxies in respect of the Proposed Transaction. Information
regarding NI&rsquo;s directors and executive officers is available in NI&rsquo;s proxy statement for the 2023 annual meeting of stockholders,
which was filed with the SEC on March 27, 2023. Other information regarding the participants in the proxy solicitation and a description
of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement(s) filed by NI and
other relevant materials to be filed with the SEC in connection with the Proposed Transaction when they become available. Free copies
of such proxy statement(s) and such other materials may be obtained as described in the preceding section.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><U>Caution Concerning Forward-Looking Statements
of Emerson</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This communication contains &ldquo;forward-looking&rdquo; statements
as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended
by the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Private Securities Litigation Reform Act of 1995. All statements, other
than historical facts, are forward-looking statements, including: statements regarding the expected timing and structure of the Proposed
Transaction; the ability of the parties to complete the Proposed Transaction; the expected benefits of the Proposed Transaction, such
as improved operations, enhanced revenues and cash flow, synergies, growth potential, market profile, business plans, expanded portfolio
and financial strength; the competitive ability and position of Emerson following completion of the Proposed Transaction; legal, economic
and regulatory conditions; and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances
and results and other statements that are not historical facts and are sometimes identified by the words &ldquo;may,&rdquo; &ldquo;will,&rdquo;
&ldquo;should,&rdquo; &ldquo;potential,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;endeavor,&rdquo; &ldquo;seek,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;overestimate,&rdquo; &ldquo;underestimate,&rdquo; &ldquo;believe,&rdquo; &ldquo;plan,&rdquo;
&ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;project,&rdquo; &ldquo;predict,&rdquo; &ldquo;continue,&rdquo; &ldquo;target&rdquo; or
other similar words or expressions or negatives of these words, but not all forward-looking statements include such identifying words.
Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by such forward-looking statements. Emerson 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. Important factors that could cause actual results to differ materially from such plans, estimates or expectations
include, among others: (1) that one or more closing conditions to the Proposed Transaction, including certain regulatory approvals, may
not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant
approval for the consummation of the Proposed Transaction, may require conditions, limitations or restrictions in connection with such
approvals or that any required approval by the stockholders of NI may not be obtained; (2) the risk that the Proposed Transaction may
not be completed in the time frame expected, or at all; (3) unexpected costs, charges or expenses resulting from the Proposed Transaction;
(4) uncertainty of the expected financial performance of NI following completion of the Proposed Transaction; (5) failure to realize the
anticipated benefits of the Proposed Transaction, including as a result of delay in completing the Proposed Transaction or integrating
the business of NI with the business of Emerson; (6) the ability of Emerson to implement its business strategy; (7) difficulties and delays
in achieving revenue and cost synergies; (8) inability to retain and hire key personnel; (9) the occurrence of any event that could give
rise to termination of the Proposed Transaction; (10) potential litigation in connection with the Proposed Transaction or other settlements
or investigations that may affect the timing or occurrence of the contemplated transaction or result in significant costs of defense,
indemnification and liability; (11) evolving legal, regulatory and tax regimes; (12) changes in economic, financial, political and regulatory
conditions, in the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made
disasters, civil unrest, pandemics (e.g., the coronavirus (COVID-19) pandemic (the &ldquo;COVID-19 pandemic&rdquo;)), geopolitical uncertainty,
and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent U.S. administration;
(13) the ability of Emerson and NI to successfully recover from a disaster or other business continuity problem due to a hurricane, flood,
earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or
man-made event, including the ability to function remotely during longterm disruptions such as the COVID-19 pandemic; (14) the impact
of public health crises, such as pandemics (including the COVID-19 pandemic) and epidemics and any related company or governmental policies
and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national
or global economies and markets, including any quarantine, &ldquo;shelter in place,&rdquo; &ldquo;stay at home,&rdquo; workforce reduction,
social distancing, shut down or similar actions and policies; (15) actions by third parties, including government agencies; (16) potential
adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; (17) the risk
that disruptions from the Proposed Transaction will harm Emerson&rsquo;s and NI&rsquo;s business, including current plans and operations;
(18) certain restrictions during the pendency of the acquisition that may impact Emerson&rsquo;s or NI&rsquo;s ability to pursue certain
business opportunities or strategic transactions; (19) the ability to meet expectations regarding the accounting and tax treatments of
the Proposed Transaction; and (20) other risk factors as detailed from</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">time to time in Emerson&rsquo;s reports filed with the SEC, including
Emerson&rsquo;s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents
filed with the SEC. While the list of factors presented here is considered representative, no such list should be considered to be a complete
statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of
forward-looking statements. Any forward-looking statements speak only as of the date of this communication. Emerson undertakes no obligation
to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as
required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><U>Caution Concerning Forward-Looking Statements
of NI</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This press release contains &ldquo;forward-looking statements&rdquo;
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act that are subject to risks
and uncertainties. These statements include those set forth above relating to the Proposed Transaction, the expected timing and structure
of the Proposed Transaction; the ability of the parties to complete the Proposed Transaction; the expected benefits of the Proposed Transaction,
such as improved operations, enhanced revenues and cash flow, synergies, growth potential, market profile, business plans, expanded portfolio
and financial strength; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, as well as those
that may be identified by words such as &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;may,&rdquo; &ldquo;could,&rdquo;
&ldquo;will,&rdquo; &ldquo;intend to,&rdquo; &ldquo;project,&rdquo; &ldquo;predict,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;continue,&rdquo;
&ldquo;seek to,&rdquo; &ldquo;strive to,&rdquo; &ldquo;endeavor to,&rdquo; &ldquo;are committed to,&rdquo; &ldquo;remain committed to,&rdquo;
&ldquo;focus on,&rdquo; &ldquo;are encouraged by,&rdquo; &ldquo;remain cautious,&rdquo; &ldquo;remain optimistic&rdquo; or &ldquo;estimate&rdquo;;
statements of &ldquo;goals,&rdquo; &ldquo;initiatives,&rdquo; &ldquo;commitments,&rdquo; &ldquo;strategy&rdquo;, &ldquo;focus&rdquo; or
&ldquo;visions&rdquo;; or other variations thereof or comparable terminology or the negative thereof. All forward-looking statements are
based on current expectations and projections of future events. NI claims the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995 for all forward-looking statements. Although NI believes that the expectations
reflected in the forward-looking statements are reasonable, forward-looking statements are not guarantees of performance and actual results
could differ materially from those projected in the forward-looking statements as a result of a number of important factors which could
affect NI&rsquo;s future results and could cause those results or other outcomes to differ materially from those expressed or implied
in the forward-looking statements. Risks and uncertainties include without limitation: the global shortage of key components; effect of
the global economic and geopolitical conditions; NI&rsquo;s international operations and foreign economies; adverse public health matters,
including epidemics and pandemics such as the COVID-19 pandemic; NI&rsquo;s ability to effectively manage its partners and distribution
channels; interruptions in NI&rsquo;s technology systems or cyber-attacks on its systems; the dependency of NI&rsquo;s product revenue
on certain industries and the risk of contractions in such industries; concentration of credit risk and uncertain conditions in the global
financial markets; NI&rsquo;s ability to compete in markets that are highly competitive; NI&rsquo;s ability to release successful new
products or achieve expected returns; the risk that NI&rsquo;s manufacturing capacity and a substantial majority of its warehousing and
distribution capacity are located outside of the U.S.; NI&rsquo;s dependence on key suppliers and distributors; longer delivery lead times
from NI&rsquo;s suppliers; risk of product liability claims; dependence on NI&rsquo;s proprietary rights and risks of intellectual property
litigation; the continued service of key management, technical personnel and operational employees; NI&rsquo;s ability to comply with
environmental laws and associated costs; NI&rsquo;s ability to maintain its website; the risks of bugs, vulnerabilities, errors or design
flaws in NI&rsquo;s products; NI&rsquo;s restructuring activities; NI&rsquo;s exposure to large orders; NI&rsquo;s shift to more system
orders; NI&rsquo;s ability to effectively manage its operating expenses and meet budget; fluctuations in NI&rsquo;s financial results
due to factors outside of its control; NI&rsquo;s outstanding debt; the interest rate risk associated with NI&rsquo;s variable rate indebtedness;
seasonal variation in NI&rsquo;s revenues; NI&rsquo;s ability to comply with laws and regulations; changes in tax rates and exposure to
additional tax liabilities; NI&rsquo;s ability to make certain acquisitions or dispositions, integrate the companies we acquire or separate
the companies we sold and/or enter into strategic relationships; risks related to currency fluctuations; provisions in charter documents
and Delaware law that delay or prevent NI&rsquo;s acquisition; the timing, receipt and terms and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">conditions of any required governmental and regulatory approvals of
the Proposed Transaction that could cause the parties to terminate the merger agreement; the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger agreement entered into pursuant to the Proposed Transaction; the possibility
that NI&rsquo;s stockholders may not approve the Proposed Transaction; the risk that the parties to the merger agreement may not be able
to satisfy the conditions to the Proposed Transaction in a timely manner or at all; risks related to disruption of management time from
ongoing business operations due to the Proposed Transaction; the risk that any announcements relating to the Proposed Transaction could
have adverse effects on the market price of NI&rsquo;s common stock; the risk of any unexpected costs or expenses resulting from the Proposed
Transaction; the risk of any litigation relating to the Proposed Transaction; the risk that the Proposed Transaction and its announcement
could have an adverse effect on the ability of NI to retain customers and retain and hire key personnel and maintain relationships with
customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; and
the risk the pending Proposed Transaction could distract management of NI. NI directs readers to its Form 10-K for the year ended December
31, 2022 its subsequent Form 10-Qs, and the other documents it files with the SEC for other risks associated with NI&rsquo;s future performance.
These documents contain and identify important factors that could cause NI&rsquo;s actual results to differ materially from those contained
in NI&rsquo;s forward-looking statements. All information in this press release is as of the date above. NI undertakes no duty to update
any forward-looking statement to conform the statement to actual results or changes in NI&rsquo;s expectations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Reconciliations of Non-GAAP Financial Measures &ndash; Emerson:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><B>2023E February Guidance Underlying Sales Change</B></TD>
    <TD STYLE="text-align: center"><B>Q2 FY23E</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 21%">Reported (GAAP)</TD>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%; border-top: black 1pt solid; background-color: white; text-align: right">10.5% - 12.5%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">(Favorable) / Unfavorable FX</TD>
    <TD STYLE="background-color: white; text-align: right">~ 3%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">(Acquisitions) / Divestitures</TD>
    <TD STYLE="background-color: white; text-align: right">~ (5.5)%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Underlying (Non-GAAP)</TD>
    <TD STYLE="border-top: black 1pt solid; background-color: white; text-align: right">8% - 10%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 73%"><B>2023E February Guidance Earnings Per Share</B></TD>
    <TD STYLE="width: 27%; text-align: center"><B>Q2 FY23E</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Earnings per share (GAAP)</TD>
    <TD STYLE="border-top: black 1pt solid; background-color: white; text-align: right">&nbsp;$0.75 - $0.80</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Amortization of intangibles</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">~ 0.15</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Restructuring and related costs</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">~ 0.05</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Adjusted earnings per share (Non-GAAP)</TD>
    <TD STYLE="border-top: black 1pt solid; background-color: white; text-align: right">$0.95 - $1.00</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Contacts</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>For Emerson:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Investors&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Colleen Mettler</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">314-553-2197<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Media</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Jim Golden / Joseph Sala / Tanner Kaufman</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Joele Frank, Wilkinson Brimmer Katcher</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">212-355-4449</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>For NI: </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Investor Relations<BR>
Marissa Vidaurri<BR>
Vice President, Investor Relations, NI<BR>
512-773-0856<BR>
<FONT STYLE="color: Blue"><U>marissa.vidaurri@NI.com</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Media<BR>
John Christiansen&nbsp;/&nbsp;Pete Siwinski&nbsp;/&nbsp;Danya Al-Qattan<BR>
FGS Global<BR>
<FONT STYLE="color: Blue"><U>NI@fgsglobal.com</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Additional Information and
Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">This
communication relates to a proposed business combination transaction between Emerson and National Instruments Corporation (&ldquo;NATI&rdquo;)
(the &ldquo;Proposed Transaction&rdquo;). This communication does not constitute an offer to buy or sell or the solicitation of an offer
to buy or sell any securities or a solicitation of any vote or approval. In connection with the Proposed Transaction, NATI may file one
or more proxy statement(s) or other documents with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;). This communication
is not a substitute for any proxy statement NATI may file with the SEC in connection with the Proposed Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">BEFORE
MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT(S)
AND/OR OTHER DOCUMENTS IF AND WHEN THEY ARE FILED, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE
PROPOSED TRANSACTION, BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED
MATTERS. <B>Any definitive proxy statement (if and when available) will be mailed or otherwise made available to stockholders of NATI.
</B>Investors and security holders will be able to obtain free copies of these documents filed with the SEC if and when available without
charge through the website maintained by the SEC at www.sec.gov or, in the case of documents filed by Emerson, by contacting the investor
relations department of Emerson: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white"><U>Emerson
</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">8000
West Florissant Avenue, P.O. Box 4100</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">St.
Louis, MO </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">www.emerson.com/en-us/investors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">Investor
Relations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">Colleen
Mettler, Vice President</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">(314)
553-2197</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">investor.relations@emerson.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white"><U>Participants
in the Solicitation</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">Emerson
and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with
the Proposed Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">Information
regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the
Proposed Transaction, including a description of their direct or indirect interests in the transaction, by security holdings or otherwise,
will be set forth in any proxy statement(s) and other relevant materials related to the Proposed Transaction if and when they are filed
with the SEC. Information regarding the directors and executive officers of Emerson is contained in Emerson&rsquo;s proxy statement for
its 2023 annual meeting of stockholders, filed with the SEC on December 9, 2022 and its Annual Report on Form 10-K for the year ended
September 30, 2022, which was filed with the SEC on November 14, 2022. To the extent holdings of Emerson securities by the directors and
executive officers of Emerson have changed from the amounts of securities of Emerson held by such persons as reflected therein, such changes
have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. These documents can be obtained free
of charge from the sources indicated above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white"><U>Caution
Concerning Forward-Looking Statements</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">This
communication contains &ldquo;forward-looking&rdquo; statements as that term is defined in Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements,
other than historical facts, are forward-looking statements, including: statements </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">regarding
the expected timing and structure of the Proposed Transaction; the ability of the parties to complete the Proposed Transaction; the expected
benefits of the Proposed Transaction, such as improved operations, enhanced revenues and cash flow, synergies, growth potential, market
profile, business plans, expanded portfolio and financial strength; the competitive ability and position of Emerson following completion
of the Proposed Transaction; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing. Forward-looking
statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by
the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;potential,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo;
&ldquo;endeavor,&rdquo; &ldquo;seek,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;overestimate,&rdquo; &ldquo;underestimate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;plan,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;project,&rdquo; &ldquo;predict,&rdquo; &ldquo;continue,&rdquo;
&ldquo;target&rdquo; or other similar words or expressions or negatives of these words, but not all forward-looking statements include
such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks,
uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. 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. Important factors that could cause actual results to differ materially from such plans,
estimates or expectations include, among others: (1) that one or more closing conditions to the Proposed Transaction, including certain
regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit,
delay or refuse to grant approval for the consummation of the Proposed Transaction, may require conditions, limitations or restrictions
in connection with such approvals or that any required approval by the stockholders of NATI may not be obtained; (2) the risk that the
Proposed Transaction may not be completed in the time frame expected, or at all; (3) unexpected costs, charges or expenses resulting from
the Proposed Transaction; (4) uncertainty of the expected financial performance of NATI following completion of the Proposed Transaction;
(5) failure to realize the anticipated benefits of the Proposed Transaction, including as a result of delay in completing the Proposed
Transaction or integrating the business of NATI with the business of Emerson; (6) the ability of Emerson to implement its business strategy;
(7) difficulties and delays in achieving revenue and cost synergies; (8) inability to retain and hire key personnel; (9) the occurrence
of any event that could give rise to termination of the Proposed Transaction; (10) potential litigation in connection with the Proposed
Transaction or other settlements or investigations that may affect the timing or occurrence of the contemplated transaction or result
in significant costs of defense, indemnification and liability; (11) evolving legal, regulatory and tax regimes; (12) changes in economic,
financial, political and regulatory conditions, in the United States and elsewhere, and other factors that contribute to uncertainty and
volatility, natural and man-made disasters, civil unrest, pandemics (e.g., the coronavirus (COVID-19) pandemic (the &ldquo;COVID-19 pandemic&rdquo;)),
geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current
or subsequent U.S. administration; (13) the ability of Emerson and NATI to successfully recover from a disaster or other business continuity
problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications
failure or other natural or man-made event, including the ability to function remotely during longterm disruptions such as the COVID-19
pandemic; (14) the impact of public health crises, such as pandemics (including the COVID-19 pandemic) and epidemics and any related company
or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the
functioning of national or global economies and markets, including any quarantine, &ldquo;shelter in place,&rdquo; &ldquo;stay at home,&rdquo;
workforce reduction, social distancing, shut down or similar actions and policies; (15) actions by third parties, including government
agencies; (16) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction;
(17) the risk that disruptions from the Proposed Transaction will harm Emerson&rsquo;s and NATI&rsquo;s business, including current plans
and operations; (18) certain restrictions during the pendency of the acquisition that may impact Emerson&rsquo;s or NATI&rsquo;s ability
to pursue certain business opportunities or strategic transactions; (19) the ability to meet expectations regarding the accounting and
tax treatments of the Proposed Transaction; and (20) other risk factors as detailed from time to time in Emerson&rsquo;s and NATI&rsquo;s
reports filed with the SEC, including Emerson&rsquo;s and NATI&rsquo;s annual report on Form 10-K, periodic quarterly reports on Form
10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. While the list of factors presented here is considered
representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors
may present significant additional obstacles to the realization of forward-looking statements. Any forward-looking statements speak only
as of the date of this communication. Emerson undertakes no obligation to update any forward-looking statements, whether as a result of
new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance
on any of these forward-looking statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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