1 Tricorn Preliminary Results For year ended 31st March 2011 June 2011 Mike Welburn, Chief Executive Officer Phil Lee, Group Finance Director

2 Results Overview Introduction to Tricorn Financial Review Business Performance Outlook Agenda

3 Results Overview

4 £’ % change Revenue21,76415,031 45% Operating profit*1, % Operating profit margin*5.5%2.8% 95% Profit before tax*1, % Cash and equivalents1,6121,296 24% Net debt % Adjusted EPS2.57p0.79p 325% Recommended dividend0.1p- n/a *- Before intangible asset amortisation, shared based payment charges, interest rate swap and foreign exchange derivative valuation.

5 –45% growth in revenue Energy and Transportation divisions key drivers Improving demand in Utilities Aerospace revenues broadly flat –95% improvement in operating margin Reduced operational gearing Gross margins maintained –3.2x increase in adjusted EPS –Significantly strengthened balance sheet Net debt reduced to £61k Paid off £0.780m of debt in the year Inventories maintained at last year’s levels Cash and cash equivalents £1.6m at year end –Maiden dividend recommended Results Overview

6 Introduction to Tricorn

Divisions EnergyTransportationAerospaceUtilities Divisional Brand Sales Revenue 2010/11 £8.79m£7.16m£4.93m£0.88m Product Summary Tubular components and assemblies for diesel power engines, generator sets and radiator manufacture Manipulated tube and pipe assemblies in ferrous, non-ferrous and nylon Rigid pipes and assemblies for aero engines Worldwide patented technology for joining multi layer and polyethylene pipe systems MarketsPower generation, mining oil & gas Off Highway and niche automotive manufacturers Worldwide aviation market Water and gas utilities Clients Include CAT (includes Perkins, FG Wilson, CAT) Cummins (includes Cummins Engines, Cummins Powergen) Bearward Engineering CAT (Perkins, Turner Powertrain) JCB Land Rover Edwards Vacuum Rolls Royce Aircelle APPH GPS Radius Systems Westwood Pipelines CompetitionIndustrial and Tractor, Global Engineering, Dinex, Morton Welding Industrial and Tractor, Norma Group, Hi- Flex, Hydrapower, Iracroft ITA, PFW Aerospace, Sigma Engineering, Accles and Pollock No direct competition. Introduction - Group Overview 7

Introduction - Market Drivers Product Substitutes  Specialised products; limited substitutes readily available  Conservative markets  Ability to source components at low cost acts as a deterrent Product Substitutes  Specialised products; limited substitutes readily available  Conservative markets  Ability to source components at low cost acts as a deterrent Industry Competitors  Limited number of competitors  Many sub scale to Tricorn  Focus is on niche markets with low batch sizes and high variety Industry Competitors  Limited number of competitors  Many sub scale to Tricorn  Focus is on niche markets with low batch sizes and high variety Customers to Tricorn Large customers provide access to global markets  Customers profitable-low credit risk  Switching costs high  High proportion of recurring income  Specialist nature of supply provides some resilience Customers to Tricorn Large customers provide access to global markets  Customers profitable-low credit risk  Switching costs high  High proportion of recurring income  Specialist nature of supply provides some resilience Suppliers to Tricorn  LCC sourcing  Commodity materials  Alternative sources  Switching costs low Suppliers to Tricorn  LCC sourcing  Commodity materials  Alternative sources  Switching costs low Potential Entrants  Close customer relationships make it difficult for a start up to gain traction  Barriers to entry due to product approval process and complexity of supply Potential Entrants  Close customer relationships make it difficult for a start up to gain traction  Barriers to entry due to product approval process and complexity of supply 8

Introduction - Tricorn Strategy To acquire and grow engineering-based businesses which:- –supply blue chip OEM customers –are focused on attractive end markets –have potential to deliver EBITDA margins of +10% The key elements of this approach are to:- –find underperforming businesses –drive for operational excellence –improve margins through the implementation of lean manufacturing and low cost country component sourcing –service niche markets which offer healthy margin opportunities –increase market share 9

10 Financial Review

11 £’ % Change Revenue21,76415,031 45% Admin & distribution(5,721)(4,413) (30)% Operating profit*1, % Profit before tax*1, % Adjusted EPS*2.57p0.79p 325% Capital expenditure Capital commitments % Cash & equivalents1,6121,296 24% Net debt(61)(841) 93% Total headcount % Financial Review-Headlines * - Before intangible asset amortisation, shared based payment charges, interest rate swap and foreign exchange derivative valuation.

12 £’ Change Turnover21,76415,031 45% Gross margin6,9194,838 Administration costs(4,796)(3,737)** (28)% Administration costs/turnover %22.0%24.9%12% Distribution costs(925)(676) Operating profit*1, % Operating profit margin %*5.5%2.8%95% Financial Review-Profitability * Before intangible asset amortisation, share based payment charges, interest rate swap and foreign exchange derivative valuation ** Includes a period of reduced working hours and associated reduced payroll costs Improved operational gearing Admin costs show a 12% improvement as a proportion of turnover Operating profit margins* almost doubled versus last year

13 Financial Strength – Enabling Investment Cash Generation:- 94% Profit After Tax* to net cash flow generation in the year Strong liquidity:- Cash & equivalents increased 24% to £1.6m > £1m headroom on invoice discounting facility Term loan on course to be fully repaid by August 2012 Net debt reduced to £61k (2010: £841k) Focus on working capital:- Control over inventory levels. Flat on significantly higher volumes New investment commitments:- In excess of £0.5m capital investment programmes already committed for delivery during 2011/12 Building on existing plant capacity * - Before intangible asset amortisation, shared based payment charges, interest rate swap and foreign exchange derivative valuation.

(69) Adjusted PBT Depreciation & interest charge Components of 2011 cashflow 1,066 Cashflow 20 Inventory reduction Other working capital movements Taxation (132) Net interest paid (187) Capital expenditure EBITDA £1,524k £000’s (378) Proceeds from share issues 2

15 Business Review

16 Blue chip OEM customer base provides Tricorn with global reach Revenue growth driven by market recovery and market share gains Gross margins maintained despite some raw material price pressure and lower aerospace margins Three out of four divisions met or exceeded 10% EBITDA target Group Sales Director appointed to accelerate execution of organic growth plans Business Review

Energy Division Sales up 81% on previous year Strong recovery and market share gains Capital investment being accelerated to meet on-going high demand levels EBITDA margin significantly improved £’ Sales8,7924,849 EBITDA EBITDA %

Transportation Division Sales up 53% on the previous year Engineering team has introduced over 50 customer driven new products in the year Next generation of fixtures have created further differentiation Operational improvements have delivered an EBITDA margin of over 10% 18 £’ Sales7,1554,671 EBITDA EBITDA %

Aerospace Division Sales levels flat year on year Margins impacted by supply chain constraints and higher material costs Operational improvements and price increases to customers being sought New divisional management team making good progress 19 £’ / /10 Sales4,9355,014 EBITDA(226)186 EBITDA %n/a3.7

Utilities Division Revenue up 77% year on year Focus on soil contamination issues may drive further demand EBITDA margin remains strong 20 £’ / /10 Sales EBITDA12770 EBITDA %

21 Key markets remain buoyant Additional opportunities for further market share gains Higher level of investment being made in plant and equipment planned to continue through current year Will consider potential acquisitions where Tricorn expertise can generate the necessary added value Outlook

Appendices 22

Board of Directors Nick Paul CBE - Non Executive Chairman Appointed to the Board as non-executive Chairman in October Member of the Remuneration and Audit Committees, and Chairman of the Nomination Committee. He has a wealth of international business experience and had previously been deputy Chief Executive of IMI Plc.. Chairman of the Regional Development Agency, Advantage West Midlands and Chairman of Midlands Expressway Limited. He has also been Chairman of the West Midlands CBI and non-executive Director of John Laing Homes plc and Sig Plc Mike Welburn - Chief Executive Joined Tricorn in April 2003, appointed to the Board in March 2004 and as Chief Executive in November He had previously been with IMI plc for 18 years where he had held a number of senior roles within the Fluid Power Division. This included responsibility for European Operations and Global OEM Strategy. Phil Lee - Group Finance Director Joined Tricorn in January 2009 and appointed to the Board in February He had previously been at Rolls-Royce for 9 years working in a number of roles including Finance Director of Distributed Generation Systems (part of the Rolls-Royce Energy Business). Prior to Rolls-Royce he had been with National Grid Plc. David Leakey - Group Sales Director For the past 27 years he has worked at Norgren Ltd, the Motion and Fluid Controls division of IMI Plc. He has most recently held the role of Global Sales Director in the Energy Sector, with responsibility for the global business development of the company’s products into the oil and gas markets. David has also held the position of Sales Director in Norgren’s Life Sciences and Automotive Sectors. Roger Allsop - Non Executive Director Purchased MTC in 1984 and Chief Executive of Tricorn up to 2002 after which he became a non-executive Director. Chairman of the Audit and Remuneration Committees and a member of the Nomination Committee. He was previously managing Director of Westwood Dawes plc and is currently a non-executive Director of Netcall plc. 23

Shareholders Major shareholders:- % R Allsop34.9% Hargreave Hale21.7% PR of J Rubins4.6% Rock Nominees4.3% Quilter Nominees3.2% 24