Melrose Results Presentation Deck

Interest Melrose Interest £m Bonds 2022 5.375% unsecured bond 2032 4.625% unsecured bond Cross-currency swaps (2022 bonds) Bank debt¹ 2021 term loan 2023 revolving credit facility Cross-currency swaps Other facilities Total facilities / Gross debt Cash Net debt² Buy Improve Sell 1. 2. Facility size 450 300 750 824 3,031 3,855 81 4,686 At 31 December 2019 450 300 74 824 824 1,865 6 2,695 81 3,600 (317) 3,283 Income Statement rate 2.9% 4.4% 3.8% 3.8% 3.7% Cash rate 5.4% 4.6% 3.6% 3.4% 3.6% Interest ■ ■ Approximately 70% of interest exposure fixed on projected gross debt Significant committed facility headroom Effective average Income Statement interest rate of 3.7% on gross debt and cash rate of 3.6% 2019 bond and associated cross-currency swaps repaid in October 2019 using committed bank debt 2021 term loan amended to include, at Melrose's option, the right to extend the maturity date to April 2024 Bank debt is presented net of £30 million of unamortised arrangement fees and includes £6 million cross-currency swaps valuation at 31 December 2019. Headroom on the Group's committed bank facility at 31 December 2019 was £1,136 million Described in the glossary to the 2019 Preliminary Announcement, released on 5 March 2020 31

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