Tricorn Group Plc Interim Results Presentation December 6 th 2010

Agenda Introduction Results Overview Financial Review Business Performance Outlook 2

Divisions EnergyTransportationAerospaceUtilities Divisional Brand Sales Revenue (H1 2010/11) £4.01m£3.28m£2.46m£0.34m 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 3

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  Low batch sizes and high variety act as a deterrent  Growing markets reduce downward price pressure Industry Competitors  Limited number of competitors  Low batch sizes and high variety act as a deterrent  Growing markets reduce downward price pressure Customers to Tricorn  Large customers so high resistance to price increases  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 so high resistance to price increases  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 4

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 5

6 Results Overview

7 Sales up 44.9% on H1 last year Operating profit* margin up 82.2% on prior full year Net debt down 34.5% from March 2010 to £551k Continued recovery in Energy and Transportation *Before intangible asset amortisation, share based payment charge and interest rate swap valuation H1 2010/11 £’000 H1 2009/10 £’000 H2 2009/10 £’000 Sales revenue10,0906,9658,066 Operating profit* Profit before tax* Cash and equiv1, ,296 Net debt5511,049841

8 Emerging from recession as a stronger leaner more resilient business Restructuring delivering improved operating margins Inventory levels being broadly maintained despite volume increase Many of the key skills needed have been retained enabling effective response to higher demand levels Strong balance sheet enables investment for future growth both organically and through acquisitions Confident that full year results will be ahead of market expectations Results Overview

9 Financial Review

10 £’000H1 2010/11 H1 2009/10 H1 Movement Sales10,0906,9653,125 Admin & distribution costs(2,695)(2,077)(618) Operating profit* Profit before tax* Adjusted EPS*1.06p0.26p0.80p Net debt(551)(1,049)498 Total headcount Financial Review-Headlines *Before intangible asset amortisation, shared based payment charges and interest rate swap valuation

11 £’000H1 2010/11 H1 2009/10 H2 2009/10 Turnover10,0906,9658,066 Administration costs(2,235)(1,792)**(1,945)** Administration costs/turnover %22.2%25.7%24.1% Operating profit* Operating profit margin %*5.1%2.5%3.1% Financial Review-Profitability * Before intangible asset amortisation, share based payment charges and interest rate swap valuation ** Includes a period of reduced working hours and associated reduced payroll costs Improved operational gearing Admin costs show a 13.6% improvement as a proportion of turnover Operating profit margins* show a significant improvement over last year

12 £’000H1 2010/11 H1 2009/10 Total fixed assets2,3102,656 Net working capital3,8403,855 Taxation & other creditors(541)(740) Cash & equivalents1, Invoice discounting(1,303)(1,019) Term loan(533)(824) Lease creditors(29)(107) Net debt(551)(1,049) Net assets5,0584,722 Financial Review-Financial Position Net working capital largely unchanged, despite increased volumes. Net debt now at 551k. Borrowing capacity enhanced to fund growth strategy £1m+ headroom on invoice discounting facility Term loan multiple currently 0.7 times forecast EBITA Gearing at 10.8% compared to 22.2% last year

Business Review 13

Energy Division Sales up 65.7% on H1 and 48.3% on H2 last year Strong recovery (includes some restocking) EBITDA margin significantly improved Additional investment through H2 £’000H1 2010/11 H1 2009/10 Sales4,0062,417 EBITDA39065 EBITDA %

Transportation Division Sales up 66.5% on H1 and 21.6% on H2 last year Increased engineering activity with over 50 new products introduced Next generation of fixtures developed for further step change in delivered quality New product volumes will impact through latter part of £’000H1 2010/11 H1 2009/10 Sales3,2821,971 EBITDA31360 EBITDA %

Aerospace Division Sales down 6.4% on H1 last year Margins impacted by supply chain constraints Changes made to divisional senior management team Improved performance through H2 although overall revenues expected to be similar 16 £’000H1 2010/11 H1 2009/10 Sales2,4572,625 EBITDA(128)144 EBITDA %-5.5

Utilities Division Underlying margins remain very strong Some signs of market recovery with sales up 55% and 25% on H1 and H2 last year OEM opportunities being progressed 17 £’000H1 2010/11 H1 2009/10 Sales EBITDA4843 EBITDA %

Outlook 18

Outlook Encouraged by overall progress and speed of recovery Some element of restocking in H1 Expecting underlying demand to remain firm Strengthened balance sheet positions the Group well for growth Increasing investment in plant and equipment Confident that full year results will be ahead of market expectations 19

Appendices 20

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. Noel ("Nick") Silverthorne - Group Technical Director Over 25 years of engineering experience with subsidiary companies MTC and Redman Fittings and had been Managing Director of MTC for over 20 years. He is leading the Group's development of material sourcing from low cost economies, a key element in the Board's strategy. 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. 21

Shareholders Major shareholders:- % R Allsop34.9% Hargreave Hale21.2% J Grimmond7.3% Est of J Rubins4.7% Rock Nominees4.3% Quilter Nominees3.2% 22