Melrose Results Presentation Deck

Foreign exchange forward looking Melrose Exchange rates Average rates Closing rates Income Statement volatility - Translational impact Impact on adjusted¹ operating profit of a 10% strengthening² of: £m USD EUR Movement in adjusted¹ operating profit % impact on adjusted¹ operating profit ■ 45 Buy Improve Sell 7% 12 2% CNY Other³ 7 1% 11 2% USD 1.28 1.37 2020 1. Described in the glossary to the 2020 Preliminary Announcement, released on 4 March 2021 10% strengthening against all currencies 2. 3. Assuming all other currencies strengthen against Sterling by 10% at the same time EUR 1.13 1.12 USD 1.28 1.33 Increase in debt 2019 EUR 1.14 1.18 Balance Sheet volatility Impact on debt of a 10% strengthening² of: £m USD 187 EUR Transactional FX hedges taken out to provide appropriate short and medium-term cover: Next 12 months: c.90% covered 12 to 24 months: c.60% to 80% covered Group debt drawn in UK, US and Euro currencies to protect leverage, based on a mix of approximately 60% USD, 20% EUR and 20% GBP 72 16

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