Melrose Results Presentation Deck

Aerospace highlights Melrose £m Revenue EBITDA EBITDA margin % Operating profit Operating margin % I ■ ■ ■ 2019 Adjusted¹ results 3,852 Buy Improve Sell 579 15.0% 409 10.6% Growth² 7% 17% +1.2 ppts 25% +1.4 ppts H1 2019 Adjusted ¹ results 1,904 276 14.5% 192 10.1% H2 2019 Adjusted¹ results 1,948 303 15.6% 217 11.1% H2 2019 Year on Year Growth2 Highlights Adjusted¹ operating profit up 25%, adjusted ¹ operating margin up 1.4 percentage points Second half performance stronger than the first half, adjusted ¹ operating margin reaching 11% in the second half New "One Aerospace" structure being implemented to better serve customers and generate further efficiencies Major new operational improvement programme commenced to drive sustainable gains in quality, delivery and cost North American Aerostructures business generated a small profit; only two years ago this part of Aerospace made a £43 million loss Record year of investment in technology, construction underway on the new Global Technology Centre in Bristol, UK, which is expected to open in 2020 7% 16% +1.2 ppts 23% +1.3 ppts 1. Described in the glossary to the 2019 Preliminary Announcement, released on 5 March 2020 2. Growth is calculated at constant currency against 2018 annualised results, excluding the impact of loss-making contracts and IFRS 16 in both periods for consistency 14

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