EX-99.1 2 investordaypresentations.htm EX-99.1
TriMas Investor & Analyst Day Presentation Ma y 1 4 , 2 0 1 4 NASDAQ • TRS

Welcome Sherry Lauderback, VP of Investor Relations & Communications

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, 2013, 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 earnings releases available on the Company’s website. Additional information is available at www.trimascorp.com under the “Investors” section. 3

Agenda 8:00 a.m. Registration and Continental Breakfast 8:30 a.m. Welcome: Sherry Lauderback, VP, Investor Relations & Communications, TriMas 8:35 a.m. Opening Remarks/TriMas Vision: Dave Wathen, President & CEO, TriMas 8:55 a.m. Packaging: Lynn Brooks, President, and David Pritchett, Executive Vice President 9:15 a.m. Energy: Kurt Allen, President 9:30 a.m. Aerospace: David Adler, President 9:45 a.m. Q & A and Break 10:15 a.m. Cequent: Dave Wathen, President & CEO, TriMas Carl Bizon, Cequent APEA President ‐ OEM & OES Discussion Tom Benson, Cequent Performance Products President ‐ Aftermarket Discussion John Aleva, Cequent Consumer Products President ‐ Retail Discussion 10:45 a.m. Cequent Breakouts and Q & A Performance Demonstration Product Development ‐ the Future! Investing in Mexico 11:45 a.m. Break and Lunch (working lunch) 12:00 p.m. Brief Presentations and Q & A Jerry Van Auken, Norris Cylinder President Len Turner, Arrow President Bob Zalupski, VP Finance, Corporate Development and Treasurer Tom Aepelbacher, VP Global Services Organization 12:30 p.m. TriMas Summary: Mark Zeffiro, EVP and CFO, TriMas 12:45 p.m. Q & A 1:00 p.m. Closing Remarks and Wrap Up: Dave Wathen, President & CEO, TriMas 4

David Wathen President & Chief Executive Officer Joined TriMas in 2009 Mark Zeffiro Executive Vice President and Chief Financial Officer Joined TriMas in 2008 Colin Hindman Vice President, Human Resources Joined TriMas in 2002 Corporate Leadership in Attendance Tom Aepelbacher Vice President, Global Services Organization Joined TriMas in 2003 Sherry Lauderback Vice President, Investor Relations & Communications Joined TriMas in 2007 Joshua Sherbin Vice President, General Counsel, Chief Compliance Officer, Secretary Joined TriMas in 2005 Paul Swart Vice President, Controller & Chief Accounting Officer Joined TriMas in 2003 5 Robert Zalupski Vice President, Finance, Corporate Development, Treasurer Joined TriMas in 2002

Tom Benson President, Cequent Performance Products Years of Service: Industry - 30 TriMas - 23 Lynn Brooks President, Rieke Packaging Systems Years of Service: Industry - 36 TriMas - 36 Business Unit Leadership David Pritchett Executive Vice President, Rieke Packaging Systems Years of Service: Industry - 18 TriMas - 18 Carl Bizon President, Cequent APEA Years of Service: Industry - 6 TriMas - 6 David Adler President, Aerospace & Defense Years of Service: Industry - 30 TriMas - 4 John Aleva President, Cequent Consumer Products Years of Service: Industry - 27 TriMas - 11 Jerry Van Auken President, Norris Cylinder Years of Service: Industry - 15 TriMas - 7 Len Turner President, Arrow Years of Service: Industry - 37 TriMas - 27 Kurt Allen President, Lamons Years of Service: Industry - 30 TriMas - 17 6

TriMas Overview Video 7

Opening Remarks Dave Wathen, TriMas President and CEO

9 TriMas Key Messages • Highly‐engineered products serving defensible, focused markets • Significant opportunities for organic growth and bolt‐on acquisitions • Increased focus on margin expansion • Business units managed by experienced leaders and industry experts • Multiple levers to drive EPS growth and enhance stakeholder value • TriMas Operating Model is working well and delivering results

10 Balanced Portfolio with Common Attributes aaa CEQUENT ENG INEERED COMPONENTS AEROSPACE & DEFENSE ENERGY PACKAG ING Revenue: $313.2 Op. profit margin(1): 24.2% Americas Revenue: $437.3 Op. profit margin(1): 7.9% ($ in millions; from continuing operations) Revenue: $205.6 Op. profit margin: 4.2% Revenue: $101.8 Op. profit margin: 23.3% Revenue: $185.4 Op. profit margin: 10.5% APEA Revenue: $151.6 Op. profit margin: 9.2% (1) Operating profit margin excludes “Special Items.” Special Items for each period are provided in the Appendix. 2013 REVENUE: $1 ,394 .9 Operating profit margin(1): 9.9% COMMON ATTR IBUTES ACROSS BUS INESSES • Proprietary, highly‐engineered products • Focused markets with leading market positions • Strong brand names • Well‐established customer relationships • Common operating processes • Opportunities for growth and productivity • Strong cash flow generation and ROIC • Management expertise Commonality across businesses drives leverage.

Packaging 23% Energy 15% Aerospace & Defense 7% Engineered Components 13% Cequent Americas 31% Cequent APEA 11% By Segment U.S. (domestic) 70% U.S. (export) 9% Europe 7% Australia 7% Asia 3% ROW 4% By Geography Highly Diversified Business and Customer Profile 11 2013 Revenue Breakdown Broad Blue‐Chip Customer Base Across End Markets (1) Represents approximately $123.7 million of U.S. export sales in 2013. (1) Geographic diversification and blue‐chip customers.

Strategic Aspirations – As of 2009… 12 Launched strategic aspirations and operating model in 2009. G E N E R A T E high single-digit top-line growth I N V E S T in growing end markets through new products, global expansion and acquisitions D R I V E 3% to 5% total gross cost productivity gains annually – utilize savings to fund growth G R O W earnings faster than revenue growth D E C R E A S E leverage ratio S T R I V E to be a great place to work

13 …Drives Results S a l e s ( $ i n m i l l i o n s ) D i l u t e d E a r n i n g s P e r S h a r e ( 1 ) (1) Sales and Diluted EPS(1) (1) Defined as diluted earnings per share from continuing operations attributable to TriMas Corporation, excluding “Special Items.” Sales CAGR= ~16% EPS(1) CAGR = ~49% $ $ $777 $902 $1,084 $1,273 $0.42 $1.13 $1.58 $1.84 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $0 $250 $500 $750 $1,000 $1,250 $1,500 2009 2010 2011 2012 2013 Sales EPS 1,395 2.06 Consistent sales growth with EPS growing at a significantly higher rate.

14 ($ in millions) Total Debt and Leverage Ratio (including A/R Facility) $630 $515 $495 $470 $422 $306 1x 2x 3x 4x 5x $200 $300 $400 $500 $600 $700 YE 08 YE 09 YE 10 YE 11 YE 12 YE 13 L e v e r a g e R a t i o T o t a l D e b t Series1 Series2Total Debt Leverage Ratio …Drives Results Improvements in operating earnings and Free Cash Flow driving shareholder value; TriMas stock price has improved from $1.38 in 2009 to where it is today. More than $300M in debt reduction Leverage ratio declined more than 2 full turns to under 2x Cumulative Free Cash Flow(1) generation of more than $275M (1) Free Cash Flow is defined as Cash Flows from Operating Activities less Capital Expenditures. Issued $254M in new equity Invested $258M in cash towards purchase of acquisitions

External Benchmarking TriMas versus Premier Diversified Industrial Companies(1) 2009 ‐ 2013 Revenue Growth > Peers  EPS Growth > Peers  Leverage Ratio vs. Peers ROIC vs. Peers  Margin vs. Peers X FCF Conversion vs. Peers X Tax Rate vs. Peers Dividend vs. Peers Possible in future While we achieved significant progress – still more work to do. (1) Based on TriMas management’s analysis using a variety of measures and peer groups. Areas of increased focus 15

Strategic Aspirations – As of 2014 16 Consistent strategic aspirations – modified slightly to capture current focus. G E N E R A T E high single-digit top-line growth I N V E S T in growing end markets through new products, global expansion and acquisitions E N H A N C E margins through productivity initiatives, leveraging costs and business mix G R O W earnings faster than revenue growth O P T I M I Z E capital structure S T R I V E to be a great place to work

Longer‐Term Market Trends 17(1) Source: Wolfensohn Center for Development Uniquely positioned to take advantage of “bright spots.” • Growing global middle class at 4.7% CAGR projected(1) with 80% of growth projected in Asia and South America • Fuel efficient aircraft; aircraft backlog through 2019, with ongoing conversion to composites • Environmentally‐friendly packaging/dispensing solutions and new innovations focused on dispensing concentrated materials • Petrochemical conversions; new drilling, pumping, measurement and compression methods • Smaller, fuel efficient vehicles require new towing and cargo management equipment

Recent Strategic Plan Key Takeaways 18 Plan meets strategic aspirations for growth, productivity, ROIC, earnings and margin improvement Businesses have identified achievable growth plans via product and geographic expansion, as well as acquisitions Each business has identified achievable margin improvement plans through cost‐out and productivity, business mix and other initiatives Continued multi‐year capacity ramp‐up in packaging and aerospace businesses Energy priority switches from footprint expansion to margin improvements Cequent leverages global position combined with margin improvement Engineered Components balances growth and productivity Outgrow our peers in revenue and earnings.

Future Aspirations 19 • Ongoing organic and acquisition growth • Disciplined focus on higher growth markets • Business mix, ongoing productivity and cost leverage • Deploy cash for growth and productivity • Hurdle rate goal We are working toward these metrics of success.

Packaging Lynn Brooks, President David Pritchett, Executive Vice President

Recent History 21 • Enhanced specialty dispensing and closure systems product offering through product development and bolt‐on acquisitions • Increased sales efforts in emerging markets • Continued productivity efforts and lean initiatives • Continued to leverage flexible manufacturing footprint – adding regional manufacturing Net Sales 23.2% (1) Operating profit margin excludes “Special Items.” “Special Items” for each period are provided in the Appendix. (dollars in millions) $145 $171 $185 $275 $313 2009 2010 2011 2012 2013 24.2% Net Sales & Operating Profit Margins(1) 23.2% 28.5% 25.9% 20.9% Consistent growth and profitability despite economy; focus on specialty systems in growing end markets paying off.

Product Overview Diverse products designed to enhance customers’ ability to store, transport, process and dispense 22 We develop and manufacture high‐performance, value‐added products.

• Industrial product growth approximates GDP • Dispensing/delivery system product growth trends 2‐4 times industrial growth rate • Significantly larger market size for dispensing products • Dispensing market is fragmented with more “individualized” requirements (not a standard) • Margins should be similar over time Chemicals Paints Petroleum Pharma Food Personal Care Other Chemicals Paints Petroleum Pharma Food Personal Care Other 23 Per management estimates 5 Year Evolution Significant opportunities for growth through product extension and geographic expansion. 2009 Revenue 2013 Revenue

Differentiation • Customized solution – focus on customer needs and application versus “one size fits all” • Intellectual property • Significant technical support and engineering • Speed and delivery advantages – start to finish • Broader geographic presence 24 Our technical support and engineering capabilities solve customer application problems.

• Maintain market share in industrial‐based business • Focus on growth opportunities in dispensing and delivery systems and niche closure systems • Expand geographically (customer led) • Provide regional manufacturing to service major customer requirements • Pursue and leverage bolt‐on acquisitions focused on companies located in North America, Europe and Asia (technology is in Europe) • Create/maintain IP protection or other barriers to entry • Maintain operating profit margin percentage of approximately 25% 25 Key Strategies Significant growth opportunities in specialty systems and geographic expansion.

Positive Market Trends • New dispensing technologies (hands‐free dispensing, inverted containers dispensing systems, fewer components, all plastic) • Food, pharma and personal care markets grow at rates higher than GDP – align with growth markets • Environmentally‐friendly packaging options desired • Global customers pursuing emerging markets – need global capability • Many companies want shorter supply routes (move some Asia production back to U.S., which is favorable to Rieke with our domestic production capacity) We are positioned to take advantage of the many positive market trends. 26Sources: Euromonitor and PIRA 2012 34% 34% 27% 5% Consumer packaging market by region $395bn (2012) Europe Middle East, Asia & Africa (MEAA) North America South and Central America

We are focused on consumer packaging with specific geographic and market segment attractiveness – we are aligning with growth markets and sectors. Sources: Euromonitor and PIRA 2012 4.0% 3.0% 1.0% ‐1.0% Overall annual average growth rate 2.9% (2010‐16) Personal Care MEAA LATAM Europe NA 7.0% 3.0% 2.0% 0.0% Health Care MEAA LATAM Europe NA 6.5% 7.0% 5.0% 5.0% Household MEAA LTAM Europe NA Positive Market Trends (cont.) • Long‐term growth strongly underlines a shift in balance to emerging markets • Growth rates in BRICS and MIST countries are 2x to 4.5x greater than developed nations • Global personal care market to grow to $630 billion by 2017 • Skin and hair care continue to be high growth sectors • Drives airless and foamer demand • Global homecare market to grow to $146 billion by 2017 • Asia Pacific leading the way; Europe and North America stagnant • Health care is high growth worldwide The personal care markets in MEAA are a vital opportunity. 27

Follow Global Customers Working with global customers to provide unique product solutions. 28

Global Expansion 29 Rieke is a global business and will continue to expand geographic coverage. Production/Sales Locations Additional Sales/Warehouse Locations New Since 2012

Increased Focus on New Product Development 30 New Product Development Centers and regional technical support will drive product expansion and future growth. FUTURE FOOTPRINT FOR TECHNOLOGY TEAM FUTURE FOOTPRINT FOR TECHNOLOGY TEAM FUTURE FOOTPRINT FOR TECHNOLOGY TEAM Global NPD Centers Regional Technical Support Plus, technical services team in each facility Global NPD Centers • Expand regional technical/engineering • Embed design capability in all regions • Reduce development cycle time • Use lower cost regions to undertake back room design activities Regional Technical Support • Expand in‐region support for sales team • Drive productivity improvement through deployment of engineering talent Next Generation Products • 125ml home use water pump • Packer bottles to augment Innovative Molding caps • Low component count foaming pumps • All plastic lotion pumps

• Completed in August 2011 • Internal threaded plastic closures for the food and neutraceutical markets • Reasons for acquisition: – Regional player ‐ customers wanted manufacturing capabilities east of the Rockies – Latin American and Asian opportunities – Synergies include: food market, geographic production opportunities, Rieke materials knowledge, COSTCO • Results to date: – 20% sales growth rate since acquisition – Operating profit margin improved more than 350 basis points from year of acquisition; more to come 31 Update on Past Acquisitions Expanded our product portfolio to better meet our customers’ needs.

• 70% completed in 2012; remainder purchased in March 2014 • Dispensing and delivery systems • Primarily North American revenue • Reasons for acquisition: – Expanded product lines – Excellent sales and business development – Large customer base – Speed to market – Synergies include: Rieke manufacturing capability, international growth opportunities, additional product development personnel • Results to date: – Approximately 20%+ sales growth rate since acquisition – Operating profit margin improved more than 350 basis points from year of acquisition; more to come 32 Providing customers innovative solutions, speed to market and breadth of products. Update on Past Acquisitions

Future Pipeline of Acquisitions Focus of future acquisitions: • High margin companies • Product lines with barriers to entry • Focus on personal care, food, pharma and specialty industrial markets • Immediate synergies (operationally, sales coverage, product lines, geography) • Potential for a “third leg” to the markets or product lines 33 Plans to supplement strong organic growth with acquisitions.

Future Objectives 34 Goals to accomplish over the next few years: • Further sales and production penetration into Asia • Follow our customer base into Latin America and establish a significant presence in sales and operations • Complete one or two meaningful bolt‐on acquisitions • Convert third‐party producers of Arminak products to in‐house production • Rationalize facilities where realistic and financially compelling • Begin to introduce closure products to our dispensing customers Proven track record sets the stage for the future.

Summary 35 • Maintain leading market share in industrial products for North America and Europe • Protect our technology—majority of revenue is IP‐protected • Grow revenue of specialty dispensing and closure systems • Continue geographic expansion • Leverage strategic bolt‐on acquisitions

Energy Kurt Allen, President

Recent History 37 • 5 year sales CAGR of nearly 13% • Increased locations from 14 to 31 to support customers globally • Added standard and specialty bolts to product portfolio, as well as sheet jointing and isolation kits • Increased sales of highly‐engineered products • Continued to integrate and capitalize on synergies related to bolt‐on acquisitions • Decrease in refinery/plant shutdowns has negatively impacted demand and margins in the short‐term (dollars in millions) Rapid growth through product and geographic expansion. $112 $129 $167 $190 $206 2009 2010 2011 2012 2013 4.2% Net Sales 11.4% 11.8% 9.4%10.4% Net Sales & Operating Profit Margins(1) (1) Operating profit margin excludes “Special Items.” “Special Items” for each period are provided in the Appendix.

Product Overview 38 2013 Product Mix Based on Sales Dollars 2013 Delivery Time Mix Based on Sales Dollars Standard Special Routine Rush Approximations per management estimates Ability to charge for speed; special products have significantly higher margins than the standard products. 2013 Product Mix Based on Sales Dollars BoltsGaskets

39 Major Customers and Markets 2013 Major Markets Upstream/ Midstream OEM/ PowerGen/ Other Petrochemical Refining Oil & Gas Engineering & Construction Per management estimates Long‐term relationships and global contracts with key customers create opportunities around the world. Key Customers

Branch Expansion Better Serves Global Customers 40 Lamons Market Global Market Opportunity North America Central/ South America Middle/ Far East Europe North America Middle/Far East Europe Central/South America Africa Per 2013 management revenue estimates Refining branch strategy to capitalize on global market opportunity.

Current Global Footprint 41 Hub Branch Continue optimization of global footprint.

Optimizing Global Footprint • Increase revenue at newer branches – leverage costs • Increase specialty/engineered product sales • Focus the specialty bolt facilities on the global oil and gas sector • Integrate vertically and modify manufacturing footprint to improve costs • Fine‐tune branch network • Normalized refinery and petrochemical plant shutdowns will improve revenue and margins (product mix) • Ongoing productivity initiatives 42 Many opportunities for margin enhancement.

Grow the Top‐line • Lamons has a unique “go to market” model • Manufacturing and distribution • Gaskets and bolts • Standards and specials • Focus on oil and gas market with specialty fasteners and ring type joint gaskets • Increase revenue through recent acquisitions of sheet jointing and isolation kits to include product additions • Leverage customers’ global approval lists • Drive growth at newer branches including Brazil 43 Increased sales will leverage existing cost structure.

Increase Specialty/Engineered Product Sales • Specialty products have higher margins • Opportunity to differentiate through customer education of unidentified needs • Newer products: • WRI‐LP Gaskets • Inhibitor Gaskets • IsoTek Gaskets™ • Intelligent Bolts • CorruKamm™ Gaskets • Specialty Bolts 44 Ramping up several higher margin products; customer education is ongoing.

Vertical Integration and Low Cost Manufacturing • Basrur (India) – acquired in 2013 • Manufacturer of high quality, low cost non‐asbestos sheet jointing • Recently moved to a newer, more efficient facility • Ability to sell Lamons‐branded products to existing customers • Opportunity to seek global privately branded business • Isotek Gaskets • Ability to sell Lamons isolation kits • Develop new products, such as fire safe gaskets • Matrix Sheet Material • Developed a Lamons PTFE sheet • Approved by Dow, DuPont and Bayer • Ability to switch out competitor products • Global manufacturing footprint • Multi‐location and opportunity for optimization 45 Many opportunities for margin enhancement.

Productivity Initiatives 46 Opportunities across business to drive productivity and cost‐out; continuous improvement to enhance margins. Labor Productivity • Job shop production balanced with high volume production in low cost manufacturing plants • Lean initiatives ongoing in all manufacturing sites (U.S., India, U.K., China and Brazil) • Kaizen activities • Value stream mapping • Standardization • Root cause analysis • One‐piece flow modeling • Tripod risk management for labor cost: U.S., China and India • Technology upgrade to integrate scanners and automation • Certified lean leaders globally Material Productivity • Leverage TriMas’ Global Services Organization in China, India, Brazil and Vietnam • Continual quote and sampling process for new supplier development • Shifting SKUs between India and China to take advantage of economic shifts

Summary 47 • Experts at specialty gaskets and bolts requiring fast delivery to customers who are willing to pay for speed • Local manufacturing and quick delivery model works with more prospects globally • Expanding into oil and gas market with specialty fasteners • Focus on footprint optimization and margin improvement

Aerospace David Adler, President

Recent History • 2013 backlog at 5‐year high, 2014 even higher • Invested capital to grow business, increase capacity and improve service to customers • Completed two bolt‐on acquisitions in 2013 • Margins recently impacted by costs related to acquisitions, new facility and manufacturing ramp‐up • Launched additional lean and productivity initiatives 49 Recent investments in growth and productivity will drive increased return on capital. 2009 2010 2011 2012 2013 $102 Aerospace Net Sales $74$74 $79 $79 NI Net Sales 29.5% 24.5% 23.7% 26.5% 23.3% ($ in millions) Net Sales & Operating Profit Margins(1) (1) Operating profit margin excludes “Special Items.” “Special Items” for each period are provided in the Appendix.

50 Aerospace Market Aircraft Production Value Breakdown Aerostructures ~$46B Aircraft systems, avionics & defense electronics ~$27B Aeroengines ~$32B Interiors ~$6B OEM Final Assembly ~$39B Source: ICF International 2013 Market ~$150B We operate in an $85B market – significant opportunity in a large growing market.

51 TriMas Aerospace Unique Offering • Highly‐engineered and complex products • Long development cycles; high switching costs • Experienced team focused on product development and continuous improvement • Reputation for quality and best‐in‐class lead times • Blind bolts are preferred approach for automated aircraft assembly and one‐sided installations Product differentiation, intellectual property, long development cycles and a long specification process create barriers to entry.

52 TriMas Aerospace Competes On Service 2010 • Monogram Composi‐Lok 26 weeks • Monogram OSI Blind Bolt 28 weeks • Monogram Collars 34 weeks • Monogram Temp Fasteners 24 weeks • Martinic product average 26 weeks • Mac Fasteners product average 51 weeks 8 weeks 8 weeks 8 weeks 8 weeks 14 weeks 24 weeks Examples per management estimates Lead Time Reductions 2014 Focus on reducing lead times to compete on service.

53 Increased Content on Composite Aircraft Legacy Aircraft • 767 $30K • A330 $25K • A320 $20K • 737 $20K • G5 $10K Composite Aircraft Designs • 787 $230K • A350 $165K • A320NEO $35K • 737MAX $40K • G650 $45K • A380 $215K • Bell 525 $15K • KC 390 $15K Examples per management estimates Approximate Content per Airframe TriMas’ aerospace business expects to have significantly more content on several newer, composite aircraft programs compared to legacy programs.

54 Preferred Supplier Partnerships with Customers Sales by Aircraft Type Based on 2013 management estimates Key Customers Large Commercial Business Military Regional Quality, shorter lead times and ability to run stocking programs for customers.

55 Product Expansion Opportunities Category Estimated Market Size Approximate Market Share Market Trend Blind Bolts (Threaded & Pull Type) $200 million 32% Temporary Clamps $12 million 40% Aerospace Screws $450 million 4% Collars $180 million <2% Honeycomb Pins $5 million 75% Position in the Market Place Sales by Product Fastener Market Temporary Clamps Honeycomb Pins Aerospace Screws Collars Based on 2013 management estimates Blind Bolts Note: This chart does not include the Martinic product line. Continue to expand product sizes, features and geography.

Martinic Engineering Acquisition 56 • Located 15 miles from Monogram • Acquired January 2013 – approximate annual revenue of $13 million at time of acquisition • Manufacturer of highly‐engineered, precision machined, complex parts for commercial and military aerospace applications • Well‐positioned to grow as OEMs such as UTC, Parker and Ontic outsource machining products to reduce costs • Performing as planned • Established new management team • Implemented lean manufacturing and TriMas Operating System • Investing capital in new machinery to scale business • Improved quality and on‐time delivery • Continuing to build relationships with customers Focus for 2014 is to reduce lead times and increase customer satisfaction.

• Located in Ottawa, Kansas • Acquired October 2013 – approximate annual revenue of $18 million at time of acquisition • Manufacturer of aerospace fasteners, globally utilized by OEMs, aftermarket repair companies, and commercial and military aircraft producers 57 Focus on lead time reduction will drive increased revenue. Mac Fasteners Acquisition • Performing as planned • Added to existing management team • Building capacity to scale business • Implemented lean manufacturing and TriMas Operating System • Investing capital in new machinery to increase efficiency and capability • Continuing to reduce lead times and increase on‐time delivery

Summary 58 Our mission is to develop and manufacture complex, highly profitable aerospace components with world‐class service. • Increased content on composite aircraft • Best‐in‐class service • Preferred supplier relationships • Innovation of new products and processes • Opportunities for geographic expansion • Availability of acquisitions Where innovation takes flight Inherently profitable business with long‐term opportunities to improve return on capital.

Q & A Packaging, Energy and Aerospace

Break

Cequent Introduction Dave Wathen, TriMas President & CEO

Cequent Americas Net Sales Cequent Overview • Broadest product portfolio in the market • Global reach to support global customers – with local presence • Market leading brands • History of long‐term customer relationships • Expertise in serving the majority of channels • Opportunities for margin expansion 62 Cequent Americas and APEA are well‐positioned for growth and margin expansion. 2009 2010 2011 2012 2013 $309 $94$76 $400 $64 $339 $384 $129 $437 $151 ( $ i n m i l l i o n s ) Net Sales Cequent APEA Net Sales

Cequent Global Footprint Global reach to support global customers – with local presence. 63 Channels OEM/OES Aftermarket/Installers Retail

OEM & OES Discussion Carl Bizon, Cequent APEA President

OEM versus OES – What's the Difference? • Component parts used on the assembly line to build the car • Generally the car manufacturer’s design and engineering • Typically high volume and low margin • Proximity to the assembly plant is usually essential • Parts used to accessorize the car after manufacture; generally at the pre‐delivery stage • Generally the supplier’s design and engineering • Typically lower volume and higher margin • Proximity to the regional offices and national parts warehouses is extremely beneficial – vehicle point of production is irrelevant 65 Cequent has the capability to serve both customer sets. Original Equipment Manufacturers Original Equipment Suppliers

Serving Majority of Customers through 66 • Global relationships with 60+ automotive brands • Established track record with major brands • Products from Thailand facility reach more than 180 regional markets

Global Product Set 67 Broad product offering; growth delivered from adjacent products.

Major Market Characteristics North American Market • Annual vehicle sales circa 16 million units • Towing vehicles are predominately large pickups and SUVs; trailer hitches integrated into vehicle chassis • Minimal tubular usage South American Market • Annual vehicle sales circa 7 million units • Towing becoming more popular • Vehicle car park similar to South East Asia • Tubular products popular on pickup trucks 68 Sizeable business in North America; excellent opportunity in South America.

Major Market Characteristics European Market • Annual vehicle sales circa 11 million units • Towing more common on passenger vehicles • Cargo management very popular, due to smaller vehicle sizes • Tubular products popular African Market • Annual vehicle sales circa 2 million units • Towing very common, also driven by mining sector • Tubular products very popular 69 Following our major customers into key regional markets.

Major Market Characteristics Chinese Market • Annual vehicle sales circa 19 million units • Vehicle accessories demand in its infancy • Demand expected to increase over the next decade South East Asian Market • Annual vehicle sales circa 4 million units • Towing popular in Australia and New Zealand • Tubular products popular 70 Key market position in Australia and New Zealand; prepared for emerging opportunities in China.

Driving Growth from our Value Proposition • We are unique in our ability to provide global customers with a single development and supply option – engineering and development they trust • Our “in market” development and engineering provide locally acceptable towing solutions • Local supply is highly valued • Our reputation for engineering and supply excellence with long term global customers provides natural leverage into new geographies 71 Our service offering is unparalleled.

Global Variants of a Common Design Global Design Common Structural Member End Market Interface 72 One core design; globally adaptable with local manufacture and supply. North America, Australia and New Zealand Europe South Africa

Engineering and Design 73 Unique and technologically advanced full service engineering and design.

Vehicle Technology • Access to the latest motor vehicle technologies and the integration pathway for intelligent accessories – participating in the evolution • Relationships with the OEs ensure we are at the cutting edge of thinking and the evolution of product integration • Trailer sway detection • Bulb out detection • Blind spot radar and vision • This ensures we continue to retain relevance in our other key channel – the aftermarket • Vehicle integration – not adaption 74 Focus on vehicle integration – not adaption.

Key Messages • We add value – not the low margin/low return business many companies face in dealing with this customer base • Only one that can provide customers with global product set • Follow and support our global OE customers around the world ‐ almost every global brand in the market • Significant opportunities to grow with OEs • Access to emerging technologies 75 Cequent has a unique value proposition.

Aftermarket/Installer Discussion Tom Benson, Cequent Performance Products President

CEQUENT Brands By Region Global Aftermarket 77

• Financial Capability • Broad Portfolio • Marketing Support • Training • Predictable Product Availability • New Product & Applications • Pricing Logic • Brand Reputation Pelligrino Global Distribution 78

• Same or Next Day Service • Broad Portfolio • Training & Education • Marketing Support • New Product & Applications • Speed to Market • Brand Power TRUCK PLAZA Cia LTDA AQUASPORTS SAC Aramis TRUCK DEXTRUS MELRICK AUTO CENTRES Global Installers/Dealers 79

PRODUCT • Supplying products to match vehicle technology advances MARKET DEVELOPMENT • Utilizing best practices and global experience to create products that cater to applicable markets • Designing, creating and bundling worldwide product availability from a single source BUSINESS PROCESS • Collaborative worldwide engineering to create hitch and accessory product availability as soon as vehicles are released Global Innovation 80

We Have A World To Tow Global Reach With Local Feel Our Message 81

Retail Discussion John Aleva, Cequent Consumer Products President

Key Retail Customers by Channel 83 Automotive Retail Mass Merchant Home Center Hardware Farm & Agricultural Cequent has the largest North American retail market share. Internet • Servicing both pure‐play and brick and mortar retailers

Our Retail Value Proposition • Significant breadth of products to serve large retailers • Brand leverage across channels • Innovative new products with IP protection • Speed to market • Merchandising expertise • Omni‐channel retailing 84 Cequent is uniquely positioned to serve retail customers and consumers. Leverage the above expertise in less developed retail markets for growth.

Broad Product Offering • Towing Hitches • Towing Accessories – ball mounts, hitch balls, trailer locks and other accessories • Trailer Accessories – jacks, couplers and winches • Trailer Brake Controllers, Lighting & Wiring • Loading Ramps • Cargo Securing – bungees, tie downs, tow straps, cargo nets and anchor points • Cargo Management – carrying and vehicle organization products • Vehicle Protection – floor mats/cargo liners, splash guards and car care/appearance accessories • Cleaning Products, Brooms and Brushes 85 Broad product offering positions us as a single source with large retailers.

Retail Brand Leverage Case in Point 86 Cequent has market leading brands consumers know and want. • Cause Marketing generating good will and brand awareness

Innovative New Products, Packaging and Speed to Market 87 Cequent’s speed to market with new products and packaging is a competitive advantage.

Merchandising Expertise 88 Cequent partners with leading retailers to merchandise products to drive sales.

Omni‐Channel Retailing and Selling 89 • Shoppers now expect the same experience on their devices across multiple shopping channels (such as Website and Facebook) • Leveraging our brands with the tools, content and structure for omni‐channel synchronized shopping including selling direct Cequent differentiates itself from its competitors by providing omni‐channel engagement with consumers.

Marketing Initiatives Video Cequent is moving from a specialty products business to a more traditional consumer products business. 90

Marketing Initiatives Video 91 Cequent is moving from a specialty products business to a more traditional consumer products business.

Operational Excellence • State‐of‐the‐art North American order fulfillment center: • Voice pick, Transportation Management System and parcel fulfillment center with box‐on‐demand • 98% fill rates and on‐time deliveries expected • Lean practices for continuous productivity improvement • Global supply chain management: • Leverage TriMas’ Global Sourcing • In‐bound and out‐bound logistics • Low cost country sourcing around the globe • Supplier management • Quality and testing • Managing direct import programs • U.S., South America, Mexico and Canada 92 Operational excellence is expected!

Key Initiatives • Launch new products (20% revenue replacement every year) and leverage globally • Drive omni‐channel marketing and brand initiatives • Continue to leverage retail expertise across all Cequent geographies and business units • Leverage global retailers to gain access and placement in other countries • AutoZone de Mexico, Walmart Central America and AutoZone de Brazil, NAPA • Continue to drive productivity through lean and low cost country sourcing 93 Leveraging new products, geographic expansion and lean initiatives to drive future growth in sales and profitability.

Cequent Breakouts

Cequent Breakouts Group 1 ‐ Performance Demonstration Tom Romero, Director of Sales & Technical Training Performance is central to our products’ value in the market. This brief opportunity to experience Cequent products in a live towing environment will help demonstrate why Cequent and its brands hold share leadership position and confidence in the consumers’ minds. Group 2 ‐ Product Development ‐ the Future! Marcia Albright, VP and General Manager, Towing Products Rick McCoy, Chief Engineer, Towing Products Behind every great product we develop are countless hours of research, design, improvement and testing. This brief tour of our engineering lab will provide insight into the importance of product innovation and testing in maintaining market share and creating growth for the future. Group 3 ‐ Investing in Mexico Mike Finos, Chief Operations Officer Cequent has made significant investments in repositioning our manufacturing assets. This brief video tour of our new state‐of‐the‐art manufacturing facilities in Reynosa and Juarez, Mexico, will provide an inside perspective on our ability to maximize profitability while expanding capacity in a world‐class manufacturing environment. 95

Cequent Q & A

Lunch Break

Norris Cylinder Jerry Van Auken, President

Recent History 99 • 5 year sales CAGR of more than 20% • Operating profit margins improved more than 800 basis points over the period • Expanded product portfolio and export sales through product development and acquisitions • Acquired Taylor Wharton assets in June 2010 and Worthington cylinder assets in November 2013 • Won anti‐dumping suit in May 2012 • Dumping and countervailing duties • Success with major industrial gas accounts (Praxair, Airgas, Air Liquide, etc.) Track record of growth and profit improvement; provides good cash flow and returns on capital. 2009 2010 2011 2012 2013 Net Sales Net Sales

Key Initiatives • Continue to deploy acquired Worthington assets in Huntsville and Longview • Addresses equipment needed for specific customer special designs or approvals acquired from Worthington • Increases capacity and flexibility of acetylene and small high pressure resale cylinders • Evaluate timing and need for Taylor Wharton forge in Longview • Increases capacity on DOT 3AA cylinders for domestic use • Provides for better utilization of existing forge for ISO products sold worldwide • Leverage recent supply agreements with key customers • Targets sales from recent product development of seamless acetylene and ISO high pressure cylinders into South America, South Africa and Europe • Improve profitability through numerous lean initiatives 100 Leveraging acquisitions, product development and lean initiatives to drive future growth in sales and profitability.

Arrow Len Turner, President

Recent History 102 • History of revenue growth fueled by new products and applications • 2012 and 2013 sales and margins impacted by end market slow down in drilling activity • Rapid expansion of well‐site content – expanded from core products of engines and parts to include compressors, gas products, electronics, meter runs, etc. • Operating profit margins in normalized market in mid‐teens Track record of growth through product expansion; continued focus on managing cyclicality in end market. 2009 2010 2011 2012 2013 Net Sales Net Sales

Key Initiatives • Build upon broad range of quality products (one‐stop shop) to grow top‐line • Focus on additional highly‐engineered products • Continued expansion of electronics, higher horsepower engines and pumpjack parts • Pursue new international markets • Continue low cost sourcing efforts • Drive productivity and lean initiatives – focus on assembly, weld shop and warehouse processes to improve efficiency 103 Leveraging new products, geographic expansion and lean initiatives to drive future growth in sales and profitability.

Bob Zalupski VP of Finance, Corporate Development and Treasurer

Acquisitions 105 2010 • Completed 2 transactions in the U.S. • Invested $31M 2011 • Completed 3 transactions • Located in 3 different countries • Invested $31M 2012 • Completed 7 transactions • Located in 3 different countries • Invested $90M 2013 • Completed 10 transactions • Located in 6 different countries • Invested $106M 2014 • Acquired remaining 30% of Arminak for $51M plus earn‐out • Robust pipeline of bolt‐ on acquisitions • Focus on packaging and aerospace businesses • Potential increase in size • Disciplined approach • Faster integration TriMas has a track record of successfully acquiring and integrating bolt‐on businesses. Huntsville – Taylor Wharton assets India Worthington cylinder assets Towing and technology related assets

Tom Aepelbacher VP of Global Services Organization

Evolution of Global Services 107 2010 •Global Sourcing Organization formation •Low cost country sourcing •Aggregate spend •Back office sourcing (LCC) •Working capital reductions 2011 •Emerging markets (BRICS) •New low cost countries (Sri Lanka, Vietnam) •Functional summits launched •National contracts •Capital equipment leverage •Commodity buying (steel, resin, fasteners) 2012 •TriMas Operating System (lean‐based) •Value stream mapping •Acquisition support teams deployed •Logistics cost focused •Problem solving tools refined •ERP consolidation began 2013 •Lean enterprise •Six Sigma •People engagement through continuous improvement •Hong Kong trading company •Trade compliance •Sales, inventory and operating plans (SIOP) •Business‐to‐business sharing •Re‐launch Global Sourcing Organization as Global Services Organization 2014 •India Technical Center •Supplier Executive Council •Acquisition integration cross‐functional teams •Product Launch Readiness program •Quality/Engineering Council for quality improvement •“Design for Cost” initiative •36 Green and Black Belt certifications targeted Continue to drive 3% to 5% productivity gains annually.

Q & A

TriMas Summary Mark Zeffiro, EVP and CFO, TriMas

Sales • Solid end market growth opportunities augmented by more than 125 growth projects across all of the businesses • Supplement organic growth with bolt‐on acquisitions • Pursue faster growing markets in Packaging • Scale to support increasing aircraft build rates and expanding content in Aerospace • Grow branch revenue in Energy via product expansion and customer wins • Increase Cequent sales with retail (including online), OEM/OES and aftermarket customers 110 Driving sales growth through new products, geographic expansion, market share gains and bolt‐on acquisitions. $777 $903 $1,084 $1,273 $1,395 2009 2010 2011 2012 2013 ( $ i n m i l l i o n s ) Net Sales

Growth in Emerging Markets 111 Investing in faster growing markets. 3% 4% 4% 6% 7% 2009 2010 2011 2012 2013 Percent of Net Sales in Emerging Markets(1) • Balance emerging market growth with risk • Follow global Packaging customers into Asia and South America • Optimize Energy’s newer branches in South America and Asia • Leverage Cequent’s unique global footprint and broad product portfolio • Aerospace’s components end up on aircraft assembled around the world (1) Defined as sales in countries other than the U.S., Canada, Europe, Australia or New Zealand

Operating Profit Margins • Margin expansion through productivity, business mix and operating leverage • Elevate acquisitions to core business margins via productivity, consolidations and synergies • Optimize Lamons’ footprint • Expand Cequent margins as a result of recent footprint moves and ongoing productivity • Continue to drive productivity at Arrow and Norris Cylinder 112 Plans for margin improvement across the enterprise. 9.1% 12.1% 12.2% 10.9% 9.9% 2009 2010 2011 2012 2013 Operating Profit Margin(1) Percentage (1) Operating profit margin excludes “Special Items.” Special Items for each period are provided in the Appendix.

Working Capital as a Percentage of Sales • Working capital increased as we support customers in new geographies, launch new products and acquire businesses • Sales Inventory Operating Plan (SIOP) program rolling across company • Opportunities for increased inventory turns in several businesses • Cequent and Energy will decrease working capital as we optimize footprint 113 Continued footprint optimization plans to deliver working capital goals. 14% 13% 13% 15% 17% 2009 2010 2011 2012 2013 Working Capital as a Percentage of Net Sales

Return on Invested Capital • Income growth supported by LT revenue prospects • Manage acquisitions’ short‐term versus long‐ term effects • Margin expansion, EPS growth and being more tax effective will drive higher returns • More efficient balance sheet (capital expenditures and working capital) (1) ROIC is defined as after‐tax operating profit (as publicly reported), plus or minus special items that may occur from time‐to‐time, divided by the last five‐quarter average of invested capital. Invested capital is comprised of long‐term debt plus shareholders' equity plus non‐ controlling interest, less cash held. 114 Integrating ROIC metric into management incentive systems. 11% 18% 20% 17% 13% 2009 2010 2011 2012 2013 Return on Invested Capital

Total Shareholder Return 115 We believe these management philosophies and objectives will continue shareholder value creation. Peer group includes Actuant Corporation, Carlisle Companies Inc., Crane Co., Dover Corporation, IDEX Corporation, Illinois Tool Works, Inc., SPX Corporation, Teleflex, Inc. and Kaydon Corp (included in peer group 2007‐2012, due to being acquired during 2013).

Q & A

Closing Remarks Dave Wathen, TriMas President & CEO

TriMas Value Proposition 118 Clear goals, high‐performance teams and streamlined processes drive enhanced results. STAB I L I T Y • Consumer • Industrial • Agricultural • Aerospace • Energy • Geographic diversity • Customer diversity BALANCED PORTFOLIO MARG IN EXPANS ION FUNDS GROWTH • Rationalization • Optimization of global supply chain • Lean initiatives • Better cost positions • Non-operational efficiencies • Redesigns PRODUCTIVITY GROWTH > END MARKETS • Multiple projects in all businesses • Geographic • Product • Customer penetration • Acquisitions • Growing middle classGROWTH SHAREHOLDER RETURN • Earnings growth > sales growth • Strong cash flow dynamics • Increased return on capital • Margin enhancement INCREA S E D ENTERP RIS E VALUE

Appendix

Segment Information 120 2013 2012 2011 2010 2009 Packaging Net sales 313,220$ 275,160$ 185,240$ 171,170$ 145,060$ Operating profit 83,770$ 57,550$ 48,060$ 48,710$ 33,050$ Special Items to consider in evaluating operating profit: - Severance and business restructuring costs (7,910)$ -$ -$ -$ 590$ Excluding Special Items, operating profit would have been: 75,860$ 57,550$ 48,060$ 48,710$ 33,640$ Operating margin excluding special items 24.2% 20.9% 25.9% 28.5% 23.2% Energy Net sales 205,580$ 190,210$ 166,780$ 129,100$ 111,520$ Operating profit 8,620$ 17,810$ 19,740$ 14,700$ 11,140$ Special Items to consider in evaluating operating profit: - Severance and business restructuring costs -$ -$ -$ -$ 470$ Excluding Special Items, operating profit would have been: 8,620$ 17,810$ 19,740$ 14,700$ 11,610$ Operating margin excluding special items 4.2% 9.4% 11.8% 11.4% 10.4% Aerospace & Defense Net sales 101,790$ 78,580$ 78,590$ 73,930$ 74,420$ Operating profit 23,760$ 20,820$ 18,640$ 18,090$ 21,770$ Special Items to consider in evaluating operating profit: - Severance and business restructuring costs -$ -$ -$ -$ 180$ Excluding Special Items, operating profit would have been: 23,760$ 20,820$ 18,640$ 18,090$ 21,950$ Operating margin excluding special items 23.3% 26.5% 23.7% 24.5% 29.5% Engineered Components Net sales 185,370$ 200,000$ 175,350$ 113,000$ 73,100$ Operating profit 19,450$ 27,990$ 27,620$ 12,660$ 4,190$ Special Items to consider in evaluating operating profit: - Severance and business restructuring costs -$ -$ -$ -$ 190$ Excluding Special Items, operating profit would have been: 19,450$ 27,990$ 27,620$ 12,660$ 4,380$ Operating margin excluding special items 10.5% 14.0% 15.8% 11.2% 6.0% Cequent Asia Pacific Net sales 151,620$ 128,560$ 94,290$ 75,990$ 63,930$ Operating profit 13,920$ 12,300$ 13,900$ 12,050$ 7,990$ Special Items to consider in evaluating operating profit: - Severance and business restructuring costs -$ 3,150$ -$ -$ 270$ Excluding Special Items, operating profit would have been: 13,920$ 15,450$ 13,900$ 12,050$ 8,260$ Operating margin excluding special items 9.2% 12.0% 14.7% 15.9% 12.9% TriMas Corporation Company and Business Segment Financial Information Continuing Operations Twelve months ended December 31, (unaudited, dollars in thousands)

Segment Information (cont.) 121 Cequent North America Net sales 437,280$ 400,400$ 383,710$ 339,270$ 309,020$ Operating profit (loss) 8,850$ 27,420$ 32,730$ 27,840$ (3,160)$ Special Items to consider in evaluating operating profit (loss): - Severance and business restructuring costs 25,570$ 7,530$ 520$ -$ 13,820$ Excluding Special Items, operating profit would have been: 34,420$ 34,950$ 33,250$ 27,840$ 10,660$ Operating margin excluding special items 7.9% 8.7% 8.7% 8.2% 3.4% Total Reportable Segments Net sales 1,394,860$ 1,272,910$ 1,083,960$ 902,460$ 777,050$ Operating profit 158,370$ 163,890$ 160,690$ 134,050$ 74,980$ Special Items to consider in evaluating operating profit: - Severance and business restructuring costs 17,660$ 10,680$ 520$ -$ 15,520$ Excluding Special Items, operating profit would have been: 176,030$ 174,570$ 161,210$ 134,050$ 90,500$ Operating margin excluding special items 12.6% 13.7% 14.9% 14.9% 11.6% Corporate Expenses Operating loss (37,840)$ (36,020)$ (29,370)$ (24,710)$ (25,480)$ Special Items to consider in evaluating operating loss: - Severance and business restructuring costs -$ -$ -$ -$ 5,830$ Excluding Special Items, operating loss would have been: (37,840)$ (36,020)$ (29,370)$ (24,710)$ (19,650)$ Total Company Net sales 1,394,860$ 1,272,910$ 1,083,960$ 902,460$ 777,050$ Operating profit 120,530$ 127,870$ 131,320$ 109,340$ 49,500$ Total Special Items to consider in evaluating operating profit: 17,660$ 10,680$ 520$ -$ 21,350$ Excluding Special Items, operating profit would have been: 138,190$ 138,550$ 131,840$ 109,340$ 70,850$ Operating margin excluding special items 9.9% 10.9% 12.2% 12.1% 9.1% (unaudited, dollars in thousands)