Melrose Results Presentation Deck

Cash generation in the year: highest ever for Melrose Melrose Free cash flow Cash flow from continuing operations £m Adjusted EBITDA¹ Lease obligation payments Positive non-cash impact from loss-making contracts Reduction in working capital Adjusted operating cash flow (pre-capex)² Net capital expenditure Net interest and tax paid Defined benefit pension contributions - ongoing contributions Dividend income from equity accounted investments Trading net other Adjusted free cash flow² Restructuring Free cash flow² ■ I ■ I Group 2020 Buy Improve Sell 770 (76) (59) 424 1,059 (292) (162) (111) 54 80 628 (172) 456 Reconciliation of opening to closing net debt² Reconciliation of net debt² Adjusted free cash flow² from continuing operations of £628 million, 6% higher than 2019 Free cash inflow after restructuring of £456 million, meaning net debt reduced by 13% Continued improvement in working capital, reduction in the year of £424 million - more to come Net debt² of £2,847 million at closing exchange rates of US $1.37 and €1.12 £m Net debt2 brought forward Net cash flow from acquisition and disposal related activities Free cash inflow in the year Discontinued operations Foreign exchange and other Net debt² at 31 December 2020 1. Calculated excluding EBITDA from equity accounted investments 2. Described in the glossary to the 2020 Preliminary Announcement, released on 4 March 2021 Group 2020 (3,283) (11) 456 (7) (2) (2,847) 11

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