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The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) this presentation or by reading the presentation slides, you agree to the conditions set out below. This presentation (including any oral briefing and any question-and-answer session in connection with it) is for information only. The presentation is not intended to, and does not constitute, represent or form part of any offer, invitation, inducement or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in the US or any other jurisdiction. Securities may not be sold in the U.S. absent registration or an exemption from registration. This presentation must not be acted on or relied on in connection with any contract or commitment whatsoever. It does not constitute a recommendation regarding any securities. Past performance, including the price at which Melrose's securities have been previously bought or sold and the past yield on Melrose's securities, cannot be relied on as a guide to future performance. Nothing herein should be construed as financial, legal, tax, accounting, actuarial or other specialist advice. The release, presentation, publication or distribution of this presentation in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about and observe any applicable requirements. It is your responsibility to satisfy yourself as to the full observance of any relevant laws and regulatory requirements. Any failure to comply with applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. In addition, in the United Kingdom, this presentation is being made available only to persons who fall within the exemptions contained in Article 19 and Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the \"Order\"). This presentation is not intended to be available to, and must not be relied upon, by any other person. Nothing in this presentation constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. None of Melrose, its shareholders, subsidiaries, affiliates, associates, or their respective directors, officers, partners, employees, representatives and advisers (the \"Relevant Parties\") makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation, or otherwise made available, nor as to the reasonableness of any assumption contained in such information, and any liability therefor (including in respect of direct, indirect, consequential loss or damage) is expressly disclaimed. No information contained herein or otherwise made available is, or shall be relied upon as, a promise, warranty or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of such information. Unless expressly stated otherwise, no statement in this presentation is intended as a profit forecast or estimate for any period and no statement in this presentation should be interpreted to mean that cash flow from operations, free cash flow, earnings or earnings per share for Melrose for the current or future financial years would necessarily match or exceed the historical published cash flow from operations, free cash flow, earnings or earnings per share of Melrose. Statements of estimated cost savings relate to future actions and circumstances which, by their nature, involve risks, uncertainties and contingencies. As a result, any cost savings referred to may not be achieved, may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. By attending the presentation to which this document relates and/or by accepting this document you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice. This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Melrose. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Melrose to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions including as to future potential cost savings, synergies, earnings, cash flow, return on average capital employed, production and prospects. These forward-looking statements are identified by their use of terms and phrases such as \"anticipate\", \"believe\", \"could\", \"estimate\", \"expect\", \"intend\", \"may\", \"plan\", \"objectives\", \"outlook\", \"probably\", \"project\", \"will\", \"seek\", \"target\", \"risks\", \"goals\", \"should\" and similar terms and phrases. There are a number of factors that could affect the future operations of Melrose and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, including (without limitation): (a) changes in demand for Melrose's products; (b) currency fluctuations; (c) loss of market share and industry competition; (d) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; and (e) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as at the specified date of the relevant document within which the statement is contained. Melrose does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation. Certain financial data has been rounded. 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This is not an internal Melrose forecast, it is a company compiled consensus from all 14 external analysts that cover Melrose, adjusting for the disposal of Ergotron where appropriate\n2. Recovery to 2019 revenue volume levels calculated on a like-for-like basis\n3. Described in the glossary to the 2022 Interim Financial Statements and considered by the Board to be a key measure of performance\n4. Consensus¹ operating profit before depreciation and amortisation from subsidiaries and equity accounted investments (depreciation and amortisation calculated as 2x H1 2022)\n5. Comprises the Automotive, Powder Metallurgy and Hydrogen group of businesses\n6. As shown on slide 9 of the GKN Aerospace Investor Day presentation, dated 8 June 2022, adjusting for divestments and both completed and announced site closures\n7. Excluding the uplift in revenue from current year inflation headwinds being fully recovered", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Further market recovery potential beyond 2022 consensus¹ (back to 2019 levels²)", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 22:52:44.492+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65d099cd-5150-4bc3-bcd7-dc8df764f916", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 10, "name": "Market Size", "beatId": "15ca68d2-fe47-4d68-9512-107fb3c27a63", "matchId": "d40d4f0a-d59c-43d0-a618-c00470b784d4", "beatType": { "name": "Market Size", "slug": "sequoia-pitch-market-size", "status": "active", "canonId": "019dd9b8-20e6-729c-bc28-05442906d032", "version": 1, "description": null }, "evidence": "The document provides an overview of the market size and potential for growth", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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Aerospace on track to meet recently upgraded operating margin target", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 22:52:46.323+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f324ddd9-dd52-4917-847f-93f0e461717d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.77, "x": 0.14, "y": 0.91 }, "kind": "source-note", "text": "1. Described in the glossary to the 2022 Interim Financial Statements and considered by the Board to be a key measure of performance\n2. This is not an internal Melrose forecast, it is a company compiled consensus from all 14 external analysts that cover Melrose, adjusting for the disposal of Ergotron where appropriate\n3. Consensus² operating profit before depreciation and amortisation from subsidiaries and equity accounted investments (depreciation and amortisation calculated as 2x H1 2022)", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The Automotive Group¹ on track to meet operating margin targets", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 22:52:47.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2989a01-098b-4697-b50d-d7fa8b081679", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.15, "y": 0.79 }, "kind": "list", "text": "Required restructuring projects to achieve target margin in the Automotive Group¹, on a market recovery, complete this year", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 22:52:47.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d05732a4-e10d-4975-adc0-0153b7fd0042", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.16, "x": 0.61, "y": 0.58 }, "kind": "metric", "text": "11%+\nAuto 10%+; PM 14%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 22:52:47.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "201182c5-f81b-46dd-b701-71a846c65bb0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.16, "x": 0.61, "y": 0.39 }, "kind": "metric", "text": "16%+\nAuto 15%+; PM 20%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 22:52:47.43+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3eb4022-1c14-423c-bce1-1fdb8f4a7199", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.77, "x": 0.14, "y": 0.91 }, "kind": "source-note", "text": "1. Comprises the Automotive, Powder Metallurgy and Hydrogen group of businesses\n2. Described in the glossary to the 2022 Interim Financial Statements and considered by the Board to be a key measure of performance\n3. This is not an internal Melrose forecast, it is a company compiled consensus from all 14 external analysts that cover Melrose, adjusting for the disposal of Ergotron where appropriate\n4. Consensus³ operating profit before depreciation and amortisation from subsidiaries and equity accounted investments (depreciation and amortisation calculated as 2x H1 2022)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Described in the glossary to the 2022 Interim Financial Statements and considered by the Board to be a key measure of performance\n2. Includes £1 million of depreciation and amortisation within the Corporate segment\n3. Full year ongoing pension contributions will include the £30 million annual contribution payable to the GKN UK pension schemes in H2", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 22:53:25.839+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45b86ed3-dcf1-4db8-af2a-cc4221087a5d", "parentComponentId": null }, { "bbox": { "h": 0.73, "w": 0.78, "x": 0.1, "y": 0.15 }, "kind": "table", "text": "Continuing operations, Item, Income Statement, H1 2022 adjusted¹ results, Cash Flow, H1 2022 adjusted¹ results, Adjusted¹ operating profit, £171 million, N/A, Central costs, £22 million (includes a divisional LTIP charge of £3 million), (£19 million), Free cash flow¹, N/A, (£104 million), Underlying effective tax rate, 22%, N/A, Net finance costs:, Bank and loan related, (£31 million), Lease obligation related, (£6 million), (£42 million), Amortisation of debt arrangement costs, (£5 million), Pension interest, (£2 million), Depreciation and amortisation:, Subsidiaries², (£202 million), £202 million, Equity accounted investments, (£13 million), N/A, Capital expenditure, N/A, (£79 million), Pension payments – ongoing contributions (global), N/A, (£11 million)³, Restructuring costs, (£82 million), (£53 million), Non-controlling interest, £3 million, £nil, Number of shares in issue at 30 June 2022, 4,260 million, N/A, Weighted average number of shares in period, 4,366 million, N/A, Adjusted¹ EBITDA:, H1 2022 including equity accounted investments, £386 million, N/A, For leverage covenant purposes (12 months), £702 million, N/A", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 22:53:25.839+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22a1282d-8ec3-4686-9e0a-85b2c66c0d7e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.42, "x": 0.03, "y": 0.05 }, "kind": "title", "text": "Some helpful data for 2022", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 22:53:25.839+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "183d88b8-e89b-49a1-8b7d-f5969c45c066", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 5, "to": 6, "label": "Problem", "description": "The document presents the problem of the Automotive Group's performance" }, { "from": 7, "to": 9, "label": "Solution", "description": "The document presents the solution of demerging the Automotive Group" }, { "from": 10, "to": 16, "label": "Market Size", "description": "The document provides an overview of the market size and potential for growth" }, { "from": 17, "to": 25, "label": "Business Model", "description": "The document presents the business model and highlights of the two groups" } ], "loops": [ { "from": 41, "to": 42, "label": "Before After", "description": "To show the structure before and after the demerger" }, { "from": 7, "to": 9, "label": "Cost Of Inaction", "description": "To highlight the cost of not demerging the Automotive Group" } ] }