Tricorn Interim Results For period ended 30 th September 2009 Nick Paul, Chairman Mike Welburn, Chief Executive Phil Lee, Finance Director 10 December 2009

Agenda Background Results Overview Financial Review Business Performance Summary and Outlook 2

Background 3

Tricorn Group plc – AIM listed in 2001 – Specialists in Global Tube Solutions – Energy, Transportation, Aerospace and Utilities Segments Experienced Board – Strong track record of delivering profit and revenue growth Nick Paul CBE - Non Executive Chairman - Appointed 2001 – Previously Deputy Chief Executive of IMI Mike Welburn - Chief Executive - Joined 2003 – Previously Director of Global OEM Strategy for IMI’s Fluid Power Division Phil Lee - Group Finance Director - Joined January 2009 – Previously Finance Director of Distributed Generation Systems (Rolls-Royce Energy Business ) Company and People 4

Business Segments Energy – Fabricated tubular assemblies for diesel engines and radiator sets used in power generation, mining and 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 systems used in the water and gas markets 5

Business Segments 6

Results Overview 7

H1 2009/10 £’000 H1 2008/9 £’000 H2 2008/9 £’000 Sales revenue6,96512,10310,142 EBITDA*3691, Net Debt1,0492,4712,064 Cash and equiv Gearing**22.2%53.3%44.1% *Before restructuring costs, amortisation and fair value adjustments **Total net debt to equity 8

Results Overview Short term strategy as outlined at time of preliminary announcement focussed on 3 key areas – Rapid capacity alignment – Reduction in overheads – Cash optimisation Significant progress in all areas 9

Results Overview – Rapid capacity alignment Short time working has retained skills in the businesses Productivity gains despite volume reductions generating improved margins over 2 nd half of previous year Better positioned to respond as markets improve – Reduction in overheads Administration costs down £1,029k (36.4%) including a 29.6% reduction in indirect headcount Improved operational gearing – Strengthened balance sheet Net debt reduced by £1,015k to £1,049k Cash and cash equivalents up 26.3% to £901k 10

Financial Review 11

Headlines £’ /102008/09Change Sales6,96512,103(42.5)% Admin & distribution costs(2,077)(3,380)38.5% EBITDA*3691,125(67.2)% Profit before tax*105821(87.2)% Adjusted EPS0.26p1.83p(85.8)% Net debt1,0492, % Total headcount % * Before amortisation and fair value adjustments. 12

Balance Sheet £’ /102008/09Change Total Fixed Assets2,6562,904 Inventory3,2354, % Trade & other receivables3,1205,090 Trade & other payables(2,500)(4,117) Net working capital3,8555, % Corporation tax(343)(498) Deferred tax(301)(346) Financial liabilities at fair value(96)(12) Net Debt(1,049)(2,471)57.5% Net Assets4,7224,6381.8% Gearing (total debt/equity)22.2%53.3% 13

, PBIT Depreciation & Amortisation £’ m Components of cashflow Half year to September Cashflow Inventory reduction Other working capital movements Taxation (72) Net interest paid (21) Capital expenditure

Banking Facilities £’ /102008/09 Cash & cash equivalents Invoice discounting(1,019)(1,555)Renewed in November 2009 Term Loan(824)(1,150)To be repaid in 2012 Finance leases(107)(206) Closing net debt(1,049)(2,471) Banking covenants Interest cover (EBITA/Interest) 4.6 timesHurdle 2.5 times Cashflow cover2.0 timesHurdle 1.1 times 15

Business Review 16

Energy Segment Impacted late in the economic downturn Order levels now increasing Productivity improvements despite low volumes Market share gains £’000H1 2009H1 2008Change Sales2,1474,517(52.5%) PBT*(37)344(£381k) *excludes amortisation, corporate recharges, swap valuation and restructuring costs 17

Transportation Segment Productivity gains despite low demand levels September sales highest since November 2008 Factory lay out being developed to accommodate new business wins £’000H H1 2008Change Sales1,9713,823(48.4%) PBT*(24)117(£141k) *excludes amortisation, corporate recharges, swap valuation and restructuring costs 18

Aerospace Segment Some market softening Significant improvement in profitability despite lower sales Still significant scope for operational improvements £’000H1 2009H1 2008Change Sales2,6252,891(9.2%) PBT*103(59)£162k *excludes amortisation, corporate recharges, swap valuation and restructuring costs 19

Utilities Segment Relationships with existing blue chip customers remain strong Housing market still weak and activity suppressed with move to AMP 5 Low overhead base ensures business remains profitable £’000H1 2009H1 2008Change Sales222872(74.5%) PBT*34212(83.9%) *excludes amortisation, corporate recharges, swap valuation and restructuring costs 20

Outlook 21

Outlook Revenues in Q2 in line with Q1 as markets stabilised Some evidence that destocking is now close to completion A modest growth in revenues for second half anticipated Overall performance in line with expectations 22

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