Melrose Results Presentation Deck

Foreign exchange forward looking Melrose Exchange rates Average rates Closing rates Income Statement volatility - Translational impact Impact on adjusted¹ operating profit of a 10% strengthening² of: £m USD EUR Movement in adjusted¹ operating profit % impact on adjusted¹ operating profit ■ Buy Improve Sell 23 123 6% 3. 4 1% USD 1.38 1.35 CNY FY 2021 8 2% EUR 1.16 1.19 Other³ 11 3% FY 2020 USD 1.28 1.37 EUR 1.13 1.12 Balance Sheet volatility Impact on debt of a 10% strengthening² of: £m USD Increase in debt 1. Described in the glossary to the Preliminary Announcement and considered by the Board to be a key measure of performance 10% strengthening against all currencies Assuming all other currencies strengthen against Sterling by 10% at the same time Transactional FX hedges taken out to provide appropriate short and medium-term cover: Next 12 months: c.90% covered 12 to 24 months: c.60% to 80% covered Group debt drawn in UK, US and Euro currencies to protect leverage, based on a mix of approximately 52% USD, 28% EUR and 20% GBP 74 EUR 37 42

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