Melrose Results Presentation Deck

Foreign exchange forward looking Melrose Exchange rates Average rates Closing rates Income Statement volatility - Translational impact Impact on adjusted ¹ operating profit of a 10% strengthening² of: £m USD EUR 68 26 Movement in adjusted¹ operating profit % impact on adjusted¹ operating profit ■ - 6% Buy Improve Sell 2% 1. 2. 3. CNY 9 1% USD 1.28 1.33 Other³ 15 1% 2019 EUR 1.14 Transactional FX hedges taken out to provide appropriate short and medium term cover: Next 12 months: c.90% covered 12 to 24 months: c.65% covered Described in the glossary to the 2019 Preliminary Announcement, released on 5 March 2020 10% strengthening against all currencies Assuming all other currencies strengthen against Sterling by 10% at the same time 1.18 USD 1.33 1.27 Increase in debt 2018 EUR 1.13 Balance Sheet volatility Impact on debt of a 10% strengthening² of: £m USD 1.11 204 Group debt drawn in UK, US and Euro currencies to protect leverage, based on a mix of approximately 60% USD, 20% EUR and 20% GBP EUR 75 30

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