Melrose Results Presentation Deck

4. Net debt¹ and leverage¹: both businesses sensibly positioned Melrose Proforma net debt at demerger 1. 2. Buy Improve 3. Sell 4. 5. 6. Net debt¹ at 31 December 2022 £1,139m Leverage¹ 1.4x Demerger costs² c.£70m c.£0.45bn Net Debt Melrose (Aerospace) UK pension buyout fee 3,4 c.£45m c.1.7x Leverage 5 2nd interim dividend payment³ c.£60m Proforma net debt of the combined Group at demerger is expected to be c.£1,315 million; c.1.6x leverage 5 Proforma net debt at demerger c.£1,315m c.£0.85bn Net Debt Leverage5 1.6x Dowlais 6 Melrose (Aerospace) keeps c.£0.45 billion of net debt; c.1.7x leverage 5 Dowlais opens with c.1.5x leverage5; £0.85 billion of net debt c.1.5x Leverage 5 Described in the glossary to the Preliminary Announcement and considered by the Board to be a key measure of performance Included in the Melrose proforma net debt shown in the demerger circular Not included in the Melrose proforma net debt shown in the demerger circular, but announced post year-end Agreed a buyout of one of the two UK Pension Plans within Aerospace, for c.£45 million, with a pension annuity provider (more details included in the appendix) Leverage per the new bank facility documents, calculated using the last twelve months adjusted EBITDA to 31 December 2022, including proforma central costs Comprises the Automotive, Powder Metallurgy and Hydrogen businesses 10

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