1 Tricorn Preliminary Results For year ended 31st March 2010

2 Results Overview Financial Review Business Performance Outlook Agenda

3 Results Overview 2010 £’ £’000 Sales revenue15,03122,245 Operating profit*4251,430 Profit before tax*2881,234 Cash and equiv1, Net debt8412,064 Decisive action in response to economic downturn H2 operating profit* up 40% on first half All business segments profitable for the full year Significantly stronger balance sheet Improving demand in Energy and Transportation sectors *Before intangible asset amortisation, restructuring charges and interest rate swap valuation

4 – Focus for 2009/10 effectively executed Capacity alignment – Headcount reduced by 25% and introduction of short time working – Maintained productivity through the year – Retention of key skills enabled swift response to increasing demand in H2 Cost Reduction – Administration costs down 27% to £3.7m – Well positioned as markets recover Strengthened balance sheet – Year end cash – Net debt – Gearing Results Overview

5 Financial Review

6 £’ Change % Sales15,03122,245(32) Admin & distribution costs(4,413)(6,065)27 EBITDA*8171,809(55) Profit before tax*2881,234(77) Adjusted EPS0.79p3.16p(75) Capital Expenditure % of depreciation in % Net debt(841)(2,064)59 Purchase of own shares(49)-- Total headcount Headlines *Before intangible asset amortisation, restructuring charges and interest rate swap valuation

7 £’ Change % Turnover15,03122,245(32) EBITDA*8171,809(55) Depreciation(392)(379) Interest charge*(137)(196)30 Profit before tax*2881,234(77) Intangible amortisation(118) Swap FV Adj8(100) Restructuring costs-(239) Profit before tax178777(77) Taxation(29)(192) Profit after tax149585(75) Profitability *Before intangible asset amortisation, restructuring charges and interest rate swap valuation

8 £’ Change % Total Fixed Assets2,5102,884 Inventory3,1073,81719 Trade & other receivables3,8393,661 Trade & other payables(3,360)(2,897) Net working capital3,5864,58122 Taxation & other creditors(477)(723) Net Debt(841)(2,064)59 Net Assets4,7784,6782 Gearing (total debt/equity)17.6%44.1% Net assets

,223 (267) PBIT Depreciation & Amortisation Components of 2010 cashflow 307 Cashflow Inventory reduction Other working capital movements Taxation (138) Net interest paid (135) Capital expenditure (49) Purchase of own shares EBITDA £817k £000’s

10 £’ Cash & cash equivalents1, Invoice discounting(1,388)(1,620)Renewed in November 2009 Term Loan(678)(969)1.6 times EBITA Finance leases(71)(188) Closing net debt(841)(2,064) Banking covenants Interest cover (EBITA/Interest) 3.1 times4.6 timesHurdle 2.5 times Cashflow cover2.5 times2.0 timesHurdle 1.1 times Banking Facilities

11 Foreign currency:- – The Group utilises forward contracts to hedge FX risk – Rates achieved in 2009/10 were $1.59 and EURO % movement in USD impacts the Group by £14k 10% movement in the Euro impacts the Group by £22k Steel prices:- – The Group monitors steel prices closely and seeks to pass increases through to its customers – A 10% movement in the steel price impacts costs by £116k per annum Economic exposures

12 Business Review

13 To acquire and grow engineering-based businesses which are supplying blue chip OEM customers which are focused on attractive end markets The key elements of this approach are to:- – Drive for operational excellence - ensuring products and services are globally competitive and that class-leading quality and delivery performance is achieved – Improve margins by the implementation of lean manufacturing, the resourcing of materials to low cost countries and the utilisation of Group resources (shared services and expertise) – Growth - organically by increasing share within its customers and developing new customers. Inorganically through selective acquisitions where Tricorn's management expertise can generate sufficient added value Strategy

14 Energy – Fabricated tubular assemblies for diesel engines and radiators sets used in power generation, mining, oil and gas Transportation – Nylon, rigid and hybrid pipe assemblies for engines, brake systems, fuel sender sub-systems used in both on and off highway applications Aerospace – Rigid pipe assemblies for civil and military aerospace applications Utilities – Patented jointing solution for multi layer and single layer pipe used in the water and gas markets Business Segments

15 £’ H2H12009 Sales4,8492,7022,1478,428 PBT*5087(37)612 Markets improving with H2 sales up 26% Returned to profitability in H2 Product finishing capabilities extended New orders secured Energy Segment *excludes restructuring costs

16 £’ H2 H12009 Sales4,6712,7001,9716,645 PBT*3660(24)112 H2 sales up 37% Returned to profitability in H2 Factory layout improved to accommodate new business wins Additional growth opportunities identified Transportation Segment *excludes restructuring costs

17 £’ H2H12009 Sales5,0142,3892,6255,995 PBT (8) Some softening in demand but now stabilising Returned to profitability on sales 16% down Management team strengthened Further scope for operational improvements Aerospace Segment

18 Utilities Segment £’ H2H12009 Sales ,177 PBT Demand remains relatively weak with sales down 58% Business still profitable on lower sales Should make significant contribution to Group earnings as housing market recovers

19 Economic uncertainty remains Encouraged by H2 growth in revenues Remain well positioned to respond to further changes in market demand Will consider potential acquisitions where Tricorn expertise can generate the necessary added value Outlook