Melrose Results Presentation Deck

Borrowing facilities Melrose £m Bonds 2022 5.375% unsecured bond 2032 4.625% unsecured bond Cross-currency swaps (2022 bonds) Bank debt¹ Term loan Revolving credit facility Cross-currency swaps Other facilities² Total facilities / Gross debt Cash Net debt³ £m Leverage4 Interest cover Buy Improve Sell Facility size 450 300 750 803 3,013 3,816 154 4,720 At 31 December 2020 31 December 2020 Waived 2.5x 450 300 80 830 803 1,362 9 2,174 154 3,158 (311) 2,847 September 2022 May 2032 Maturity date April 2024 January 2023 30 June 2021 Waived 3.0x ■ ■ I 31 December 2021 5.25x 3.0x Headroom on the Group's committed bank facility at 31 December 2020 was £1,632 million The Group targets 70% of interest exposure fixed on projected gross debt Effective average Income Statement interest rate of 4.2% on gross debt and cash rate of 4.2% In February 2021, Melrose exercised its option to extend the term loan to April 2024 Interest cover at 31 December 2020 was 5.1x compared to a covenant test of 2.5x 30 June 2022 4.75x 3.25x 31 December 2022 4.0x 4.0x Bank debt is presented net of £19 million of unamortised arrangement fees and includes £9 million cross-currency swaps valuation at 31 December 2020 Other facilities include bank overdrafts, some of which are uncommitted 30 June 2023 and thereafter 3.5x 4.0x 1. 2. 3. Described in the glossary to the 2020 Preliminary Announcement, released on 4 March 2021 4. Leverage will be adjusted following a material disposal from within the Group to be 4.25x at 31 December 2021, 4.0x at 30 June 2022, 3.75x at 31 December 2022 and 3.5x at 30 June 2023 and thereafter 34

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