EX-99.2 3 q42012earningspresentati.htm EX-99.2
Fourth Quarter and Full Year 2012 Earnings Presentation February 26, 2013 NASDAQ • TRS

Forward Looking Statements Any “forward-looking” statements contained herein, including those relating to market conditions or the Company’s financial condition and results, expense reductions, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including, but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, the Company’s leverage, liabilities imposed by the Company’s debt instruments, market demand, competitive factors, supply constraints, material and energy costs, technology factors, litigation, government and regulatory actions, the Company’s accounting policies, future trends, and other risks which are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2012, and in the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements. In this presentation, certain non-GAAP financial measures may be used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found at the end of this presentation or in the fourth quarter and full year 2012 earnings release available on the Company’s website. Additional information is available at www.trimascorp.com under the “Investors” section. 2

Agenda • Opening Remarks • Financial Highlights • Segment Highlights • Outlook and Summary • Questions and Answers • Appendix 3

Opening Remarks – 2012 Results • Record sales of approximately $1.3 billion – up 17% compared to 2011 – Investments in new products and higher growth markets showing results – Bolt-on acquisitions performed well – achieving revenue and cost synergies – Market share gains in multiple businesses via rapid responses to pressing customer needs • 2012 income(1) increased 27% and EPS(1) increased 16% on more than 9% higher weighted-average shares outstanding, compared to 2011 • Investments in future growth and productivity programs – accelerated programs and investments today to capitalize on opportunities • Improved capital structure with continued focus on cash flow, working capital and leverage • Track record of successful bolt-on acquisitions – robust future pipeline We are making decisions to capture growth and invest for the future. 4 (1) Defined as income and diluted earnings per share from continuing operations attributable to TriMas Corporation, excluding “Special Items.” “Special Items” for each period are provided in the Appendix.

Strategic Aspirations Strategic aspirations achieved in 2012 and are the foundation for 2013. 5 • Generate high single-digit top-line growth • Invest in growing end markets through new products, global expansion and acquisitions • Drive 3% to 5% total gross cost productivity gains annually – utilize savings to fund growth • Grow earnings faster than revenue growth • Continue to decrease leverage ratio • Strive to be a great place to work

Current Environment Pressures • European downturn continues, although “stable” • New geographies take time to penetrate (e.g. Brazil) • Overall industrial production flat to low growth • Growth and customers needs create upward pressure on working capital • Inflation in China • Rising plastic resin prices • Slowing of natural gas drilling 6 Keep focused on “bright spots” and fast reactions to both risks and opportunities. Positives • New product sales across businesses • Aircraft build rates driving record production and backlogs at Monogram • Global investments in petrochemical plants and refineries • Growth in agriculture and construction markets • Additional sales in Asia in multiple businesses • Global customers want global suppliers with local plants • Solid pipeline of bolt-on acquisitions • Emerging markets still attractive • Relatively stable currencies

Recent Acquisitions – 2013 • Located in Rio de Janeiro, Brazil • Manufacturer and supplier of ring-type joints for the onshore and offshore drilling markets, and additional gasket types for the refining and petrochemical markets • Further expands footprint in Brazil to serve growing energy sector • Broadens gasket capability • Part of the Energy segment 7 Good pipeline of potential acquisitions; approach remains consistent with bolt-ons, clear synergies and fast integration. • Located in Stanton, California • Manufacturer of highly-engineered, precision machined, complex parts for commercial and military aerospace applications • Broadens product offering on airplanes • Approximate annual revenue of $13 million • Part of the Aerospace and Defense segment

Financial Highlights

Fourth Quarter Summary • Sales increased 16% as compared to Q4 2011 – sales increased in five of six segments • Investments in bolt-on acquisitions, new products and geographic expansion driving positive results • Productivity efforts contributed to funding growth initiatives • Operating profit was negatively impacted by a less favorable product sales mix, acquisition-related costs and costs related to facility consolidation and relocation projects • Costs related to Q4 debt refinancing and facility consolidations will drive long-term stakeholder value and are included as Special Items • Q4 income(1) and EPS(1) increased 49% and 32%, respectively, while absorbing costs related to acquisitions and taking into account more than 13% incremental shares compared to Q4 2011 9 (1) Defined as income and diluted earnings per share from continuing operations attributable to TriMas Corporation, excluding “Special Items.” “Special Items” for each period are provided in the Appendix. (2) Free Cash Flow is defined as Cash Flows from Operating Activities less Capital Expenditures. (unaudited, $ in millions, except per share amounts) ( f ro m co ntinuing o perat io ns) Q4 2012 Q4 2011 % Chg Revenue 301.0$ 259.7$ 15.9% Operating Profit 19.3$ 26.4$ -26.8% Excl. Total Special Items (1) , Operating Profit would have been: 23.3$ 26.9$ -13.5% Excl. Total Special Items (1) , Operating Profit margin would have been: 7.7% 10.4% -270 bps Income (Loss) (13.1)$ 7.1$ -283.6% Income (loss) attributable to TriM as Corporation (1) (13.9)$ 7.1$ -295.5% Excl. Total Special Items (1) , Income attributable to TriM as Corporation would have been: 13.0$ 8.7$ 48.9% Diluted earnings (loss) per share, attributable to TriMas Corporation (0.35)$ 0.20$ -275.0% Excl. Total Special Items (1) , diluted earnings per share attributable to TriM as Corporation would have been: 0.33$ 0.25$ 32.0% Free Cash Flow (2) 48.1$ 51.2$ -5.9% Debt 422.4$ 469.9$ -10.1%

2012 Summary • Sales increased 17% as compared to 2011 with growth in five segments; Aerospace & Defense flat year over year • More than 40% of growth related to organic initiatives, including new products, geographic expansion and market share gains • Recent bolt-on acquisitions contributed to remainder of growth • Productivity efforts contributed to funding growth initiatives and offset inflation • Operating profit was impacted by less favorable product sales mix, acquisition-related costs, growth investments and costs related to facility consolidation and relocation projects • 2012 income(1) and EPS(1) increased 27% and 16%, respectively, while absorbing costs related to acquisitions and taking into account more than 9% incremental shares compared to 2011 • Cash used for increased capital expenditures, bolt-on acquisitions and debt reduction 10 (1) Defined as income and diluted earnings per share from continuing operations attributable to TriMas Corporation, excluding “Special Items.” “Special Items” for each period are provided in the Appendix. (2) Free Cash Flow is defined as Cash Flows from Operating Activities less Capital Expenditures. ($ in millions, except per share amounts) ( f ro m co ntinuing o perat io ns) FY 2012 FY 2011 % Chg Revenue 1,272.9$ 1,084.0$ 17.4% Operating Profit 127.9$ 131.3$ -2.6% Excl. Total Special Items (1) , Operating Profit would have been: 138.6$ 131.8$ 5.1% Excl. Total Special Items (1) , Operating Profit margin would have been: 10.9% 12.2% -130 bps I c me 36.3$ 50.8$ -28.6% Income attributable to TriM as Corporation (1) 33.9$ 50.8$ -33.3% Excl. Total Special Items (1) , Income attributable to TriM as Corporation would have been: 69.7$ 54.8$ 27.1% Diluted earnings per share, attributable to TriMas Corporation 0.89$ 1.46$ -39.0% Excl. Total Special Items (1) , diluted earnings per share attributable to TriM as Corporation would have been: 1.84$ 1.58$ 16.5% Free Cash Flow (2) 27.1$ 63.2$ -57.1% Debt 422.4$ 469.9$ -10.1%

11 ($ in millions) Capitalization Total Debt and Leverage Ratio (including A/R Facility) Comments: • Reduced interest expense by $8.7 million in 2012 as compared to 2011 • Q4 2012 leverage ratio of 2.30x as compared to 2.67x as of Q4 2011 • Continued focus on deleveraging • Amended credit facilities and retired 9¾% senior notes in 2012 to significantly reduce future interest costs and enhance flexibility As of December 31, 2012, TriMas had $251.1 million of cash and available liquidity under its revolving credit and accounts receivable facilities. $754 $657 $630 $515 $495 $470 $422 1x 2x 3x 4x 5x 6x $200 $300 $400 $500 $600 $700 $800 YE 06 YE 07 YE 08 YE 09 YE 10 YE 11 YE 12 Leve ra ge R ati o To tal D e b t Total Indebtedness Leverage

Segment Highlights

Packaging Q4 and FY 2012 Results: • Sales increased in both periods primarily as a result of acquisitions and specialty systems product sales gains — Increases in North America business unrelated to acquisitions offset declines in Europe • Operating profit for both periods increased primarily due to higher sales and ongoing productivity initiatives • Margins impacted by acquisition-related costs and less favorable product sales mix — Arminak and Innovative Molding businesses have lower margins than the rest of business – plans in place to improve margins over time — Decrease in higher margin European industrial closure sales ($ in millions) Key Initiatives: • Target specialty dispensing and closure products in higher growth end markets — Beverage, cosmetic, food, nutrition, personal care and pharmaceutical • Increase focus on Asian market and cultivate other geographic opportunities • Integrate bolt-on acquisitions into global sales network, while growing margins • Provide customized solutions focused on customer needs, differentiation and delivery speed • Increase low-cost country sourcing and expand flexible manufacturing footprint • Ensure new products continue to have barriers to entry 13 Operating Profit Q4-11 Q4-12 $10.9 $12.9 17.7% 2011 2012 19.7% $48.1 $57.6 Net Sales Q4-11 Q4-12 $47.4 $72.9 54.0% 2011 2012 48.5% $185.2 $275.2

Energy ($ in millions) Q4 and FY 2012 Results: • Sales increased in both periods as a result of continued market share gains of highly-engineered bolts, additional sales generated by newer branches, the July acquisition in Brazil and increased levels of turnaround activity • Operating profit and margin in both periods decreased due to costs related to acquisitions, a less favorable product sales mix and higher SG&A in support of branch expansion Key Initiatives: • Replicate U.S. branch strategy – expand business capabilities with major customers globally • Execute on growth initiatives in Brazil • Increase sales of specialty products • Maximize supply chain for cost and delivery • Improve margins through successful ramp-up of new branches 14 Operating Profit Q4-11 Q4-12 -31.7% 2011 2012 -9.8% $4.8 $3.3 $19.7 $17.8 Net Sales Q4-11 Q4-12 $41.0 $47.0 14.7% 2011 2012 14.0% $166.8 $190.2

Aerospace & Defense Key Initiatives: • Expand aerospace fastener product lines to increase content and applications per aircraft • Leverage positive end market trends including composite aircraft and robotic assembly • Capture incremental opportunities in emerging markets • Drive ongoing Lean initiatives to lower working capital and reduce costs • Consider other complementary bolt-on acquisitions; integrate Martinic Engineering • Transition defense business from base relocation management to bidding on new projects ($ in millions) Q4 and FY 2012 Results: • Double-digit sales increase in the aerospace business offset lower sales in the defense business in both periods • Increased order activity and backlogs as airplane frame manufacturers ramped- up build rates • 2012 operating profit and margin increased primarily as aerospace product sales comprised a larger percentage of total sales • Q4 operating profit increased primarily due to higher sales levels 15 Net Sales Q4-11 Q4-12 $18.4 $20.6 11.7% 2011 2012 $78.6 $78.6 n/m Operating Profit Q4-11 Q4-12 10.1% 2011 2012 11.7% $4.6 $5.1 $18.6 $20.8

Engineered Components ($ in millions) Key Initiatives: • Expand complementary product lines at well-site and grow compression products – product diversification decreases cyclicality • Grow products to support the shift toward increased use of natural gas and production in shale formations • Expand into new markets for cylinder business • Continue to expand product offering and geographies • Continue to improve working capital turnover Q4 and FY 2012 Results: • 2012 sales of engines, compressors and other well-site content increased due to increased levels of oil drilling and new products; 2012 sales of industrial cylinders increased primarily due to market share gains • 2012 operating profit increased slightly due to higher sales levels and productivity efforts, while the margin declined as it was negatively impacted by a less favorable product sales mix and lower fixed cost absorption in the engine business, and higher SG&A supporting growth projects • Q4 sales decreased due to a lower demand for cylinders and less sales of engines, compressors and other well-site content resulting from a reduced number of natural gas well completions • Q4 operating profit and margin declined due to lower sales levels, decreased absorption of fixed costs and a less favorable product sales mix 16 Net Sales 2011 2012Q4-11 Q4-12 $48.5 $45.8 -5.5% 14.1% $175.4 $200.0 Operating P ofit Q4-11 Q4-12 -37.6% 2011 2012 1.3% $8.6 $5.4 $27.6 $28.0

Cequent (Asia Pacific & Americas) ($ in millions) $46.4 Q4 and FY 2012 Results: • 2012 and Q4 sales in Americas increased primarily due to higher sales within the OE, industrial, agricultural and aftermarket channels (new products and increased share) • Americas Q4 operating profit and margin(1) increased due to higher sales levels; 2012 operating margin was flat compared to 2011 • Asia Pacific sales increased in both periods due to new business awards in Thailand, the acquisitions in New Zealand and South Africa, and an improved economy • Asia Pacific 2012 operating profit(1) increased due to higher sales volumes, while the margin declined due to additional costs related to the plant consolidation and start-up costs • Productivity projects continued to improve the manufacturing footprint in Americas and Asia Pacific Key Initiatives: • Leverage full product line and strong brands for additional market share and cross- selling • Expand sales in new growing geographies • Continue to improve utilization of low cost country manufacturing footprint in Thailand and Mexico • Integrate opportunistic, bolt-on acquisitions to capture synergies • Continue to reduce fixed costs and simplify the businesses • Improve processes for better customer service and support • Continue to reduce working capital requirements Asia Pacific Americas 17 Asia Pacific Americas (1) Excluding “Special Items” for each period which are provided in the Appendix. 26.9 $34.3 $94.3 $128.6 $77.5 $80.4 $383.7 $400.4 Net Sales Q4-11 Q4-12 $114.7 2011 2012 $478.0 $529.0 10.7% $104.4 9.9% $4.2 $3.6 $13.9 $15.4 $2.6 $3.0 $33.3 $35.0 Operating Profit (1) Q4-11 Q4-12 $6.6 -3.1% 2011 2012 6.9% $6.8 $47.2 $50.4

2012 Summary • Eleventh consecutive quarter over quarter of double-digit sales and income growth(1) • Strong organic growth through product innovation, geographic expansion, market share gains and increased end market demand • Acquisitions on schedule with revenue and cost synergies • Follow our customers in growing, global markets; Brazil, China, Mexico, South Africa and Thailand are priorities • New plants and expansions in Australia, Singapore, Thailand, Brazil, Mexico and U.S. • Underlying margins solid – acquisitions and new programs have margin ramp-up plans • Continuous productivity initiatives fund investments for long-term growth • Improved capital structure with continued focus on cash flow, working capital and leverage More and faster! 18 (1) Defined as income and diluted earnings per share from continuing operations attributable to TriMas Corporation, excluding “Special Items.” “Special Items” for each period are provided in the Appendix.

Outlook and Summary

2013 Playbook 20 We expect strong performance, despite uncertain economies. Ongoing Strategic Drivers • Globalization • “Green” & environmentally- friendly solutions • Growing middle classes 2013 Top Priorities • Revenue and earnings growth • Margin expansion • Capacity in right location at right time • Cash • People Tools & Tactics • Structured management processes (TriMas Operating Model) • Productivity (Lean and sourcing) • Incentive systems • Intellectual Property • Bolt-on acquisitions

2013 Outlook As of 2/26/13 Sales Growth 6% to 8% Earnings Per Share, diluted(1) $2.15 to $2.25 Free Cash Flow(2) $40 to $50 million (1) Defined as diluted earnings per share from continuing operations attributable to TriMas Corporation, excluding “Special Items.” (2) Defined as Cash Flow from Operating Activities less Capital Expenditures. Midpoint of 2013 EPS outlook represents a more than 19% increase as compared with 2012 and is in line with our strategic aspirations. 21

TriMas Value Proposition Growth > End Markets Clear goals, high-performance teams and streamlined processes drive enhanced results. 22 • Multiple projects in all businesses • Geographic • Product • Customer penetration • Acquisitions • Services Stability • Energy • Aerospace • Industrial • Consumer • Agricultural • Geographic diversity • Customer diversity Funds Growth & Margin Expansion • Rationalization • Optimization of global supply chain • Lean initiatives and kaizen events • Best cost position • Purchasing & manufacturing efficiencies • Non-operational efficiencies • Earnings growth > sales growth • Strong cash flow dynamics • Deleverage • Increased return on capital Balanced Portfolio Productivity Growth Opportunities Increased Enterprise Value

Questions & Answers

Appendix

2013 Additional Assumptions 2013 Estimates Interest expense $21 - $23 million Capital expenditures ~4% of sales Tax rate ~30% 25

Condensed Consolidated Balance Sheet (dollars in thousands) 26 December 31, December 31, 2012 2011 Assets Current assets: Cash and cash equivalents............................................................. 20,580$ 88,920$ Receivables, net............................................................................ 150,390 135,610 Inventories..................................................................................... 238,020 178,030 Deferred income taxes................................................................... 18,270 18,510 Prepaid expenses and other current assets...................................... 10,530 12,600 Total current assets.................................................................... 437,790 433,670 Property and equipment, net.............................................................. 185,030 159,210 Goodwill........................................................................................... 270,940 215,360 Other intangibles, net........................................................................ 206,160 155,670 Other assets.................................................................................... 31,040 27,990 Total assets............................................................................... 1,130,960$ 991,900$ Liabilities and Shareholders' Equity Current liabilities:.............................................................................. Current maturities, long-term debt................................................... 14,370$ 7,290$ Accounts payable.......................................................................... 158,410 146,930 Accrued liabilities.......................................................................... 74,420 72,120 Total current liabilities................................................................. 247,200 226,340 Long-term debt................................................................................. 408,070 462,610 Deferred income taxes...................................................................... 60,370 64,780 Other long-term liabilities................................................................... 84,960 64,380 Total liabilities............................................................................ 800,600 818,110 Redeemable noncontrolling interests............................................ 26,780 - Total shareholders' equity............................................................ 303,580 173,790 Total liabilities and shareholders' equity........................................ 1,130,960$ 991,900$

Capitalization 27 (Unaudited, dollars in thousands) As of December 31, 2012, TriMas had $251.1 million of cash and available liquidity under its revolving credit and accounts receivable facilities. December 31, December 31, 2012 2011 Cash and Cash Equivalents……………………………..………………… 20,580$ 88,920$ U.S. bank debt and receivables facilities 417,500 223,870 Revolving credit facilities……………………………….. - - Non-U.S. bank debt and other……………………….. 4,940 140 422,440 224,010 93/4% senior secured notes, due December 2017………………………………………………………………………………. - 245,890 Total Debt………………………...………………………...………………………… 422,440$ 469,900$ Key Ratios: Bank LTM EBITDA……………………………………………………………………………….……………………………………… 191,710$ 176,380$ Interest Coverage Ratio………………………………………………………………… 5.68 x 4.37 x Leverage Ratio…………………………………………………………………... 2.30 x 2.67 x Bank Covenants: Minimum Interest Coverage Ratio………………………………………………………………… 3.00 x 2.50 x Maximum Leverage Ratio………………………………………………………………………………… 3.50 x 4.00 x

Consolidated Statement of Operations (dollars in thousands, except for per share amounts) 28 Three months ended Twelve months ended 2012 2011 2012 2011 Net sales................................................................................................. 301,040$ 259,650$ 1,272,910$ 1,083,960$ Cost of sales............................................................................................ (222,220) (184,000) (929,150) (766,260) Gross profit........................................................................................... 78,820 75,650 343,760 317,700 Selling, general and administrative expenses............................................... (59,440) (49,340) (216,170) (186,520) Net gain (loss) on dispositions of property and equipment............................. (50) 90 280 140 Operating profit...................................................................................... 19,330 26,400 127,870 131,320 Other expense, net: Interest expense.................................................................................... (5,380) (10,110) (35,800) (44,480) Debt extinguishment costs..................................................................... (40,250) - (46,810) (3,970) Other expense, net................................................................................ (590) (1,960) (3,000) (3,130) Other expense, net............................................................................. (46,220) (12,070) (85,610) (51,580) Income (loss) from continuing operations before income taxes...................... (26,890) 14,330 42,260 79,740 Income tax benefit (expense).................................................................. 13,800 (7,200) (5,970) (28,930) Income (loss) from continuing operations..................................................... (13,090) 7,130 36,290 50,810 Income from discontinued operations, net of income tax expense.................. - 6,120 - 9,550 Net income (loss)...................................................................................... (13,090) 13,250 36,290 60,360 Less: Net income attributable to noncontrolling interests.............................. 850 - 2,410 - Net income (loss) attributable to TriMas Corporation..................................... (13,940)$ 13,250$ 33,880$ 60,360$ Earnings (loss) per share attributable to TriMas Corporation - basic: Continuing operations............................................................................. $ (0.36) $ 0.21 $ 0.90 $ 1.48 Discontinued operations......................................................................... - 0.18 - 0.28 Net income (loss) per share.................................................................... $ (0.36) $ 0.39 $ 0.90 $ 1.76 Weighted average common shares - basic 39,101,163 34,437,097 37,520,935 34,246,289 Earni gs (loss) per share attributable to TriMas Corporation - diluted: Continuing operations............................................................................. $ (0.35) $ 0.20 $ 0.89 $ 1.46 Discontinued operations......................................................................... - 0.18 - 0.27 Net income (loss) per share.................................................................... $ (0.35) $ 0.38 $ 0.89 $ 1.73 Weighted average common shares - diluted 39,680,565 34,961,772 37,949,021 34,779,693 December 31, December 31, (unaudited)

Consolidated Statement of Cash Flow (dollars in thousands) 29 2012 2011 Cash Flows from Operating Activities: Net income......................................................................................................................... 36,290$ 60,360$ Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: Gain on dispositions of businesses and other assets........................................................... (280) (10,380) Depreciation..................................................................................................................... 25,050 25,940 Amortization of intangible assets....................................................................................... 19,820 14,530 Amortization of debt issue costs........................................................................................ 2,490 2,910 Deferred income taxes...................................................................................................... (8,330) 12,680 Non-cash compensation expense...................................................................................... 9,280 3,510 Excess tax benefits from stock based compensation........................................................... (2,730) (3,980) Debt extinguishment costs................................................................................................ 46,810 3,970 Increase in receivables...................................................................................................... (3,800) (21,420) Increase in inventories....................................................................................................... (48,010) (16,840) (Increase) decrease in prepaid expenses and other assets................................................... 620 (890) Increase (decrease) in accounts payable and accrued liabilities............................................ (3,700) 25,870 Other, net........................................................................................................................ (290) (450) Net cash provided by operating activities, net of acquisition impact.................................... 73,220 95,810 Cash Flows from Investing Activities: Capital expenditures......................................................................................................... (46,120) (32,620) Acquisition of businesses, net of cash acquired.................................................................. (89,880) (31,390) Net proceeds from disposition of businesses and other assets............................................. 3,000 38,780 Net cash used for investing activities............................................................................... (133,000) (25,230) Cash Flows from Financing Activities: Proceeds from sale of common stock in connection with the Company's equity offering, net of issuance costs………………………………………………………………………………………….. 79,040 - Proceeds from borrowings on term loan facilities................................................................. 584,670 269,150 Repayments of borrowings on term loan facilities................................................................. (404,770) (294,370) Proceeds from borrowings on revolving credit and accounts receivable facilities...................... 724,500 659,300 Repayments of borrowings on revolving credit and accounts receivable facilities..................... (706,500) (659,300) Retirement of 9¾% senior secured notes............................................................................ (250,000) - Senior secured notes redemption premium and debt financing fees....................................... (42,150) (6,890) Distributions to noncontrolling interests.............................................................................. (1,260) - Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations…...………………………………………………………………………………………… (990) (900) Proceeds from exercise of stock options............................................................................ 6,170 1,000 Excess tax benefits from stock based compensation........................................................... 2,730 3,980 Net cash used for financing activities............................................................................... (8,560) (28,030) Cash and Cash Equivalents: Increase (decrease) for the year......................................................................................... (68,340) 42,550 At beginning of year.......................................................................................................... 88,920 46,370 At end of year............................................................................................................... 20,580$ 88,920$ Supplemental disclosure of cash flow information: Cash paid for interest..................................................................................................... 31,300$ 40,550$ Cash paid for income taxes............................................................................................ 25,820$ 15,710$ Year ended December 31,

Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures 30 Three months ended Twelve months ended December 31, December 31, (dollars in thousands, except per share amounts) 2012 2011 2012 2011 Income (loss) from continuing operations, as reported………….……………………………………………………(13,090)$ 7,130$ 36,290$ 50,810$ Less: Net income attributable to noncontrolling interests……….……………………….. 850 - 2,410 - Income (loss) from continuing operations attributable to TriMas Corporation…………. (13,940) 7,130 33,880 50,810 After-tax impact of Special Items to consider in evaluating quality of income from continuing operations: Severance and business restructuring costs....................................................... 2,630 320 7,150 320 Debt extinguishment costs................................................................................ 26,660 - 31,060 2,460 Tax restructuring.............................................................................................. (2,400) 1,250 (2,400) 1,250 Excluding Special Items, income from continuing operations attributable to TriMas Corporation would have been………………………………………………………………………………. 12,950$ 8,700$ 69,690$ 54,840$ Three months ended Twelve months ended December 31, December 31, (dollars in thousands, except per share amounts) 2012 2011 2012 2011 Diluted earnings (loss) per share from continuing operations attributable to TriMas Corporation, as reported………….…………………………………………… (0.35)$ 0.20$ 0.89$ 1.46$ After-tax impact of Special Items to consider in evaluating quality of EPS from continuing operations: Severance and business restructuring costs…………………………………………………………………………………………………… 0.07 0.01 0.19 0.01 Debt extinguishment costs................................................................................ 0.67 - 0.82 0.07 Tax restruct ring.............................................................................................. (0.06) 0.04 (0.06) 0.04 Excluding Special Items, EPS from continuing operations would have been 0.33$ 0.25$ 1.84$ 1.58$ Weighted-average shares outstanding for the three months and twelve months ended December 31, 2012 and 2011 39,680,565 34,961,772 37,949,021 34,779,693 (Unaudited)

Company and Business Segment Financial Information – Cont. Ops 31 Three months ended 2012 2011 2012 2011 Packaging Net sales......................................................................................................... 72,910$ 47,350$ 275,160$ 185,240$ Operating profit................................................................................................. 12,850$ 10,920$ 57,550$ 48,060$ Energy Net sales......................................................................................................... 46,990$ 40,970$ 190,210$ 166,780$ Operating profit................................................................................................. 3,290$ 4,820$ 17,810$ 19,740$ Aerospace & Defense Net sales......................................................................................................... 20,580$ 18,430$ 78,580$ 78,590$ Operating profit................................................................................................. 5,110$ 4,640$ 20,820$ 18,640$ Engineered Components Net sales......................................................................................................... 45,820$ 48,480$ 200,000$ 175,350$ Operating profit................................................................................................. 5,370$ 8,610$ 27,990$ 27,620$ Cequent Asia Pacific Net sales......................................................................................................... 34,330$ 26,900$ 128,560$ 94,290$ Operating profit................................................................................................. 3,300$ 4,180$ 12,300$ 13,900$ Special Items to consider in evaluating operating profit: - Severance and business restructuring costs.................................................. 270$ -$ 3,150$ -$ Excluding Special Items, operating profit would have been.............................. 3,570$ 4,180$ 15,450$ 13,900$ Cequent Americas Net sales......................................................................................................... 80,410$ 77,520$ 400,400$ 383,710$ Operating profit (loss)........................................................................................ (670)$ 2,100$ 27,420$ 32,730$ Special Items to consider in evaluating operating profit (loss): - Severance and business restructuring costs.................................................. 3,690$ 520$ 7,530$ 520$ Excluding Special Items, operating profit would have been.............................. 3,020$ 2,620$ 34,950$ 33,250$ Corporate Expenses Operating loss.................................................................................................. (9,920)$ (8,870)$ (36,020)$ (29,370)$ Total Company Net sales......................................................................................................... 301,040$ 259,650$ 1,272,910$ 1,083,960$ Operating profit................................................................................................. 19,330$ 26,400$ 127,870$ 131,320$ Total Special Items to consider in evaluating operating profit................................. 3,960$ 520$ 10,680$ 520$ Excluding Special Items, operating profit would have been.............................. 23,290$ 26,920$ 138,550$ 131,840$ December 31, December 31, Twelve months ended (Unaudited, dollars in thousands)

LTM Bank EBITDA as Defined in Credit Agreement 32 (Unaudited, dollars in thousands) 33,880$ Net income attributable to partially-owned subsidiaries................................................................. 2,410 Interest expense, net (as defined)............................................................................................... 35,800 Income tax expense.................................................................................................................. 5,970 Depreciation and amortization.................................................................................................... 44,870 Non-cash expenses compensation expense................................................................................ 9,280 Other non-cash expenses or losses........................................................................................... 3,680 Non-recurring fees and expenses in connection with acquisition integration.................................... 350 Debt extinguishment costs........................................................................................................ 46,810 Non-recurring expenses or costs for cost saving projects.............................................................. 10,230 Permitted acquisitions............................................................................................................... 2,150 EBITDA of partially-owned subsidiaries attributable to noncontrolling interest.................................. (3,720) Bank EBITDA - Year Ended December 31, 2012 (1)…………………… 191,710$ (1) As defined in the Credit Agreement dated October 11, 2012 Net income attributable to TriMas Corporation for the year ended December 31, 2012 .......................