Melrose Results Presentation Deck

Aerospace: earnings improvement trajectory H L Melrose 2018-2019 Good demand and revenue growth Quality fixes Initial operational improvement projects Started commercial actions 9.6%1 Buy Improve Sell 1. 2. 10.6% 2020 2021 Major revenue decline due to COVID-19 Strong decisive cost actions Quality and delivery improvements Started structural projects Sold non-core assets 0.5% 4.4% Annualised adjusted operating margin described in the glossary to the 2018 Preliminary Announcement 10% margin target on a partial market recovery and 12% margin target on a recovery to pre-COVID-19 revenue Steady civil market recovery ■ Execution of all restructuring projects ■ Outlook I Portfolio rationalisation, especially Defence Lower cost of quality and gains in productivity 12%² Excellent momentum towards margin target, well positioned to benefit from market recovery with continued strong future cash flows 27

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