2023 Rolls-Royce Civil Aerospace and Power Systems Performance Overview

Key building blocks - strategic review Our new capital allocation framework Higher priority on deleveraging the balance sheet and shareholder payments. ROLLS R ROYCE . • . Prioritise investment opportunities Central capital allocation to market spaces and programmes Focus on profitable opportunities Performance management of strategic plan Cash flow Safety capex and engineering spend Contractual committed investment Practical available cash flow Priorities Deleverage 1 Shareholder payments 2 Discretionary investments 3 Strategic fit Attractive market Carbon impact Competitive position Financial fit Profitability Expected returns Payback Investment risk Execution Delivery risk Probability of success Timing and environment ESG Page 10 © 2023 Rolls-Royce

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