Melrose Results Presentation Deck

Nortek Air Management: highlights Melrose £m Revenue EBITDA EBITDA margin % Operating profit Operating margin % ■ ■ ■ 2020 Adjusted¹ results 1,227 227 Buy Improve Sell 18.5% 1. 2. 3. 4. 188 15.3% Growth² 5% 10% 0.8 ppts 8% 0.5 ppts H2 2020 Adjusted¹ results 677 136 20.1% Highlights Outstanding performance throughout 2020-sales, operating profit and operating margin expansion Strong retail sales due to home remodelling and innovative new products Commercial backlog strong, data centre opportunities remain excellent H2 adjusted operating margin of 17.3% reflecting excellent momentum through COVID-19 crisis Operating margins up 110bps versus prior year (now at record levels), and doubled since acquisition, more to come Strong cash generation with £221 million positive inflow³, 114% cash conversion4 pre-capex 117 17.3% H2 2020 Year on year Growth² Ongoing improvement plan reading through strongly Underlying growth in target profitable segments: new differentiated products in retail and commercial lines Breakthrough StatePoint Technology® for data centres contributing profit and cash Tight cost control and focused operational restructuring Business has significant further upside potential for future Rapidly expanding data centre market provides clear opportunity with proven traction and strong order book Strong pipeline for commercial projects with backlog due to COVID-19 execution issues; differentiated retail 'air quality' portfolio Next stage operational improvement plan already underway 16% 22% 0.9 ppts 24% 1.1 ppts Described in the glossary to the 2020 Preliminary Announcement, released on 4 March 2021 Growth is calculated at constant currency against 2019 results Adjusted operating cash flow (post-capex) Adjusted operating cash flow conversion (pre-capex) 28

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