Melrose Investor Day Presentation Deck

Melrose Clear refocus and restructuring plan to deliver 14% margin target Buy Improve Sell Operating profit margin (%) 11.8% 2018 4.3% 1 2020 £1.2 bn Full-year revenue run-rate £0.9 bn 8.3% 2 H2 2020 1. Not in H2 2020 run rate 2. Assumes commodity prices at H2 2020 levels ~1.5- 1.75% I Actions realised¹ I ~2.0 - 2.25% Further improvement plans See details on next page ~2.0- 2.25% Partial market recovery 14.0% 3 Partial market recovery 1 Rapidly reacted to the pandemic Adopted flexible workforce from the first month ● ● ● Over two thirds of revenue already above 14% margin ● Further accelerated restructuring activities 314% operating margin target in sight² Annualised £1.0 bn All actions in place to continue improvement and deliver margin expansion All actions required to deliver 14% operating margin target underway, requiring only partial market recovery Maintained positive return on sales for 2020 2 Profit recovering whilst activity started to ramp back up Solid margin during H2, with additional benefits from improvement actions 22

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