Capturing Performance Improvement Opportunities

CAPITAL FRAMEWORK Driving shareholder value Strong balance sheet and investment grade credit profile Committed to growing shareholder returns Disciplined investment Improved net debt/EBITDA Reduced gross debt Once strong balance sheet and investment grade profile are assured Group-wide prioritisation Strong liquidity Rigorous capital allocation process Strategically aligned Clear and differentiated hurdle rates © 2023 Rolls-Royce Not Subject to Export Control 17

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