Tricorn Preliminary Results For year ended 31st March 2010

1. Tricorn Preliminary ResultsFor year ended 31st March 2010

2. Agenda • Results Overview • Financial Review • Business Performance • Outlook

3. Results Overview • 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. Results Overview • 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

5. Financial Review

6. Headlines *Before intangible asset amortisation, restructuring charges and interest rate swap valuation

7. Profitability *Before intangible asset amortisation, restructuring charges and interest rate swap valuation

8. Net assets

9. Components of 2010 cashflow £000’s 285 (267) (138) 710 EBITDA £817k (135) (49) 1,223 510 307 Depreciation & Amortisation Inventory reduction Other working capital movements PBIT Capital expenditure Purchase of own shares Taxation Net interest paid Cashflow

10. Banking Facilities

11. Economic exposures • Foreign currency:- • The Group utilises forward contracts to hedge FX risk • Rates achieved in 2009/10 were $1.59 and EURO1.14 • 10% 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

12. Business Review

13. Strategy • 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

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. 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 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. 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. 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 Utilities Segment

19. Outlook • 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