Melrose Results Presentation Deck

Melrose strategy and track record: Buy, Improve, Sell Melrose Buy Improve Sell What Melrose does: Identify underperforming manufacturing businesses Buy at an appropriate price, use low leverage Improve business performance through operational improvement and investment Sell a more profitable and better cash generating business to a new owner Return value to shareholders Key performance statistics: Average equity return on deals IRR since the first deal Total shareholder return 2.6x 25% 2,579% 1. Melrose lifetime contributions, including the contribution paid on 6 January 2020 How has Melrose created value on previous deals: 48% from margin improvement 16% from cash generation 32% from multiple arbitrage 4% sales growth Investment is fundamental to success: Significant investment made in the businesses during ownership amounting to more than one third of the original equity price paid C Pension funding improved across all businesses owned > 13 £623m¹ 6

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