Melrose Results Presentation Deck

3. On track to achieve adjusted ¹ operating margin targets Melrose Significant upside to come 1. Buy Improve 2. Sell 3. Melrose (Aerospace) 6.3% 2022 11.2% 2022 Margin targets pre-PLC costs Operating margin EBITDA margin 14% + Target 18% + Target 6.3% 2022 11.8% 2022 Dowlais 2 Operating margin EBITDA margin Described in the glossary to the Preliminary Announcement and considered by the Board to be a key measure of performance Comprises the Automotive, Powder Metallurgy and Hydrogen businesses Including depreciation and amortisation from equity accounted investments 11% + Target 16% + Target 9

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