Melrose Results Presentation Deck

New bank facilities Melrose Melrose Bank Facilities c. £1.55bn² multi-currency unsecured facility Guaranteed by various group companies 3-5 year RCF³ 3 year Term loan US$300m €100m Buy 1. Improve 2. Sell 3. 130bps 3 year RCF US$250m Opening margin on drawn debt 130bps Financial covenants US$550m €300m £300m Leverage Interest cover 155bps Max 3.5x Min 4.0x Dowlais¹ Bank Facilities Comprises the Automotive, Powder Metallurgy and Hydrogen businesses FX rates used for translating amounts into GBP are 1.21 for GBPUSD and 1.13 for GBPEUR 3 year facility can be extended for two one-year periods at the company's option c. £1.8bn² multi-currency unsecured facility Guaranteed by various group companies 3 year Term loan US$400m €100m £100m US$660m €450m £350m Opening margin on drawn debt 140bps 160bps 3-5 year RCF3 Financial covenants Leverage Interest cover Both facilities' terms based on tried and tested Melrose facility Max 3.5x Min 4.0x 36

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