“Investing in customer relationships through product innovation and expansion of international manufacturing capability” Final Results Presentation for year ended 31 March 2014

Introduction Supply bespoke tubular systems to major global blue chip OEMs –Around 90% of product ultimately destined for overseas –Operate in niche markets with low batch sizes and high variety –High proportion of recurring revenue Focus on creating value –Develop collaborative relationships –Operational excellence –Low cost sourcing –Delivering competitive advantage 2

Meeting our customers’ needs wherever they operate MTC, UKMaxpower Wuxi, China RMDG Aerospace, UKMaxpower, UK JV Minguang-Tricorn Tubular Products, Nanjing, China FTP Franklin, USA

Summary Revenue up 14.6% to £24.46m Sale of Redman Fittings business for £0.6m Further progress in China including formation of joint venture New business revenues continue to grow in US Investment in product development Restructure of Energy and Aerospace divisions Net debt reduced from half year position 4 Challenging year but laying the foundations for long term growth

5 Financial review 2013/14 £’000 Restated 2012/13 £’000 Change £’000 Revenue 24,46021,3473,113 Operating (loss)/profit (152)1,668(1,820) (Loss)/Profit before tax (343)1,614(1,957) Adjusted (LPS)/EPS-basic (0.75)p4.02p(4.77)p Dividend 0.13p0.3p(0.17)p Cash and equiv 1, Net (debt) (3,386)(1,908)(1,478) * All references to operating profit, operating profit margin, profit before tax and EPS are before acquisition related costs, China start-up costs, restructuring costs, intangible asset amortisation, share based payment charges and foreign exchange derivative valuation.

6 734 (3,386) (714) March 2013 Net Debt Headline Operating loss Financial review-change in net funds (1,908) March 2014 Net Debt (702) Dep’n (297) (439) Restructuring £000’s (152) (349) Other Mvmts Continued investment for future growth US product development Capital expenditure Investments in China Sale of business Gearing 23.9% Gearing 49.5% (159) US business transfer costs 600

Group net debt Group net debt is £3.386m down from £3.641m at the half year Investments of £1.872m have been made in the year to expand global footprint and develop Group capabilities This has all been funded through the use of short term borrowing facilities The Group does not have any long term debt in place 7

Business review-Introduction EnergyTransportationAerospace 8 Malvern Tubular Components Key markets: Power generation, mining, marine, oil & gas RMDG Aerospace Key markets: Aerospace Maxpower Automotive, Maxpower Wuxi, Franklin Tubular Products, Minguang Tricorn JV Key markets: On and off highway including construction, trucks and agriculture

Business Performance-Energy Focussed fully on tubular assemblies following Redman sale Weak customer end markets (mining) Business restructured, costs lowered with manufacturing now consolidated on a single site-better positioned Markets appear to have stabilised but fragile £’ Revenue6,9338,568 Operating Profit

Business Performance-Transportation Significant expansion with operations now established in USA and China as well as UK Revenue benefitting from full year impact of Franklin Tubular Products UK New business offsetting slightly weaker market SQEP silver certification from major customer Significant new business opportunities being pursued 10 £’ Revenue14,2897,011 Operating Profit USA New business revenues continue to grow –Technically demanding projects – Expansion into new markets New business not yet offsetting resourcing decisions made prior to acquisition Discussions with existing and new customers progressing well

Business Performance-Transportation ( cont’d ) China -Wholly owned facility New business being secured Customer base broadening Excellent quality and delivery performance –Strong UK support –Enthusiasm of local management team - Joint Venture Fully operational in September Employs circa 40 people Expands capabilities in larger diameter pipes in the region 11

Business Performance-Aerospace Contract loss (previously announced) impacting the period Restructuring completed as planned Underlying losses reduced in second half Excellent quality and delivery performance maintained New business continues to be secured 12 £’ Revenue3,2385,768 Operating Profit/(loss) (135)309

The year has proved challenging Lower second half revenues than anticipated at the start of the year Manufacturing facilities now well established in the USA and China Expansion of international capabilities aligns the Group as a key strategic supplier to our customers positioning us well to capitalise on the significant growth opportunities in these regions Further progress expected as markets recover Outlook 13

Appendix 14

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. He has also been Chairman of the Regional Development Agency, Advantage West Midlands, Chairman of Midlands Expressway Limited, Chairman of the West Midlands CBI and non-executive Director of John Laing Homes plc and Sig Plc. He is currently Chairman of Severn Valley Railway (Holdings) 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 Joined Tricorn and appointed to the Board in June He had previously spent 27 years working 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 non-executive Director of Netcall plc. 15

Tricorn shareholders Major shareholders:- % R Allsop33.5% Hargreave Hale18.9% J M Finn4.1% Rock Nominees4.1% Quilter Nominees3.1% 16