Melrose Results Presentation Deck

Melrose track record: managing successfully in a crisis Melrose Buy Improve Sell 4. Aerospace cut the most inventory in 2020 and has the highest year over year restructuring cost savings for 2021 Aerospace is not currently seeing a recovery in its civil end market, so is having to reshape the most Aerospace inventory reduction in 2020 £128m, 21% 1. 2. 5. Highest ever year for Melrose cash generation¹ £322m Second half 2019 6. Leverage² reducing 4.3x Consensus £415m Aerospace year over year restructuring savings for 2021 as a proportion of the Group savings Second half 2020 4.1x Actual £591m >60% Full year 2019 £628m Full year 2020 3.2x Proforma (H2 annualised) ■ ■ ■ ■ ■ ■ ■ ■ Inventory reduction achieved in Aerospace in 2020 of 21% Much has been achieved and more restructuring savings are to come Melrose achieved its record cash generation in 2020, despite the significant profit reduction Particularly strong year on year growth seen in the second half, 29% up on 2019 Working capital improvement, more to come Leverage reducing faster than planned On a proforma run rate basis (annualising H2 profits) leverage is 3.2x; the next covenant test will be 5.25x at December 2021 Proforma leverage closer to the Melrose norm of 2x to 3x Adjusted free cash flow is described in the glossary to the 2020 Preliminary Announcement, released on 4 March 2021 Described in the glossary to the 2020 Preliminary Announcement, released on 4 March 2021 7

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