Barnes Group Inc. Investor Overview - November 2016

1. Barnes Group
Investor Overview
November 2016

2. THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS
• Forward-looking statements are made based upon management's good faith
expectations and beliefs concerning future developments and their potential
effect upon the Company.
• These forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially from those expressed in the
forward-looking statements, including the risks and uncertainties set forth
under our full disclosure located at the end of this presentation and included in
our SEC filings.
• The Company assumes no obligation to update our forward-looking
statements.
References to adjusted financial results are non-GAAP measures. You will find
GAAP reconciliation tables at the end of this presentation.
Safe Harbor Statement
-2-

3. A LONG HISTORY ... SIGNIFICANT RECENT TRANSFORMATION
Wallace Barnes
founds company
in Bristol, CT
making springs for
hoop skirts and
clocks
Associated Spring
Formed
Associated Spring
stock is offered
OTC
Associated
Spring is
listed on
NYSE
Sales pass
$100M
Name changes
to Barnes
Group Inc.
Barnes
Aerospace
formed
Sales pass
$500M
Barnes
Aerospace
expands in
Singapore
Acquires NGP Acquires
Seeger-Orbis
Sales
pass $1B
Acquires
Hänggi
BGI celebrates
its 150th
Anniversary
Acquires
Synventive
Acquires
Männer
Distribution
Divestiture
Acquires
Thermoplay
and Priamus
Acquires
FOBOHA
An International Industrial and
Aerospace Manufacturer and
Services Provider,
Serving a Wide Range of End
Markets and Customers
Two Global Business Segments:
Industrial & Aerospace
HQ in Bristol, CT with Global
Operations in 80+ Locations;
~5,000 Employees
82 Consecutive Years of
Paying a Dividend
Barnes Group Overview
-3-

4. Americas
56%
2015 Revenue Breakdown
Aero %AEROSPACEINDUSTRIAL
$412M$782M
35%65%
TOTAL REVENUE
$1,194M
AEROSPACE INDUSTRIAL
END MARKETS GEOGRAPHY
OEM
72%
SPARES
11%
MRO
17%
41%
NITROGEN GAS
PRODUCTS
15%
ENGINEERED
COMPONENTS
44%
MOLDING
SOLUTIONS
AEROSPACE OEM
25%
AEROSPACE
AFTERMARKET
10%
AUTO
PRODUCTION
19%
AUTO
MOLDING
SOLUTIONS
14%
GENERAL
INDUSTRIAL
14%
TOOL & DIE
10%
MEDICAL &
PERSONAL CARE
8%
EUROPE
27%
ASIA
17%
AMERICAS
56%
GLOBAL, DIVERSIFIED END MARKETS -4-

5. Strategic Themes
• Build On Intellectual Property (IP) as
Core Differentiator
• Seek Portfolio Enhancements to
Drive Shareholder Value
• Choose End-Markets with Long Term
Sustainable, Profitable Growth
• Target Cyclical Moderation –
Multiple Platforms / Market Channels
• Expand Global Footprint / Access
• Enhance Barnes Enterprise System
• Invigorate Employee Development,
Empowerment and Engagement
DRIVE SUSTAINABLE PROFITABLE GROWTH
-5-

6. Note: 2001 to 2005 Average Operating Margin adjusted for the impact of accounting changes to be comparable to 2015. 2015 Adjusted Operating Margin from Continuing Operations. See GAAP
reconciliation table at the end of this presentation.
Driving Operating Margin Expansion
• Differentiated Products and Processes
• Organic Investment for Growth
• Strategic Acquisitions
• Leverage Commercial Aerospace
• Extend Global Reach
• BES Next Generation
• Talent Development
5%
15.8%
HIGH
TEENS
AVG. 2001 - 2005 2015 EXPECTATION
HOLDING
COMPANY
APPROACH
ALIGNED
PORTFOLIO
EXECUTING OUR STRATEGY TO DELIVER IMPROVED MARGIN PERFORMANCE
FOCUS AREAS
-6-

7. BES and Productivity
BES enables us to
continuously improve productivity
to achieve
superior customer value
OUR PRODUCTIVITY EFFORTS INVOLVE FIVE MAIN AREAS OF FOCUS:
PROGRESS IS MEASURED BY IMPROVEMENT IN OPERATING MARGIN
• Sales Effectiveness (Volume and Pricing)
• Leverage Technology (Innovation and New Product Dev.)
• Global Sourcing (Supply Chain and Logistics)
• Operational Excellence (Mfg. Performance and Costs)
• Functional Excellence (SG&A Optimization)
BES IS ONE OF OUR GREATEST COMPETITVE ADVANTAGES
-7-

8. 2016 Segment Market Outlook
(Updated 10/28/2016)
INDUSTRIAL
SEGMENT
AEROSPACE
SEGMENT
OTHER
Actual
% of 2015
Sales
2016 Sales
Growth
Outlook* End Market Highlights / Comments
Molding Solutions 27%
29%
9%
Engineered Components
Nitrogen Gas Products
Original Equipment
Manufacturing (OEM)
Maintenance Repair
and Overhaul (MRO)
Spare Parts
(RSP Programs)
25%
High
Teens
6%
4%
M&A
F/X
Hot Runner Demand Stable, China Market Improving,
Auto Model Changes Favorable
Global Auto Production Increasing - but Growth is
Slowing; General Industrial Weakness Persists
Tool & Die Markets Recovering After Slow
2H’15 and H1’16
Transition Year in 2016, Very Strong BGI Backlog,
Robust Boeing & Airbus Backlog, Airlines Profitable
Aircraft Utilization Strong, Low Fuel Prices,
Moderating Traffic Growth
Favorable CFM56 Demographic Trends,
Tough 2015 Comparable
Thermoplay, Priamus, and FOBOHA
Acquisition Sales +5%
F/X Sales Headwind of ~1%
2016 TOTAL SALES EXPECTATION UP 3.5% TO 4.5%; ~FLAT ORGANICALLY
* HSD - High single digits, MSD - Mid single digits, LSD - Low single digits;
Our 2016 full-year outlook is only as of our October 28, 2016 earnings call, and it is not being updated or affirmed at this time.
LSD
Industrial Segment 65%
Mid to
HSD
Aerospace Segment 35%
LSD
LSD
LSD
Mid to
HSD
Mid to
HSD
-8-

9. Capital Allocation
2012
$38
$34
$57 $57
$34
$42
$46
$40
$45 to
$50
~$43
2013 2014 2015 2016F
CapEx
CapEx and Depreciation
Uses of Cash 2010 to 2015
($ in Millions)
Depreciation
($ in Millions)
Drive Organic Growth
• 2016 CapEx of $45M to $50M
• About Half Targeted to Growth Programs
Strategic Portfolio Transformation
• Target Highly Engineered Products & Services
• Expand Global Reach / Channel Penetration
Generate Shareholder Returns
• Continue to Pay a Competitive Dividend
• Opportunistic Share Repurchase
ACQUISITIONS
44%
CRP
7%
CAPEX
17%
WORKING
CAPITAL
9%
SHARE REPO
14%
$659
$108
$264
$130
$210
DIVIDENDS
9%
$131
DISCIPLINED CAPITAL ALLOCATION
-9-

10. $105
$300
$160
$110
$38
$9
$75
Portfolio Transformation
2010 Sales Mix (1) M&A Transactions 2015 Sales Mix
32% 36%
32%
INDUSTRIALAEROSPACE
DISTRIBUTION
Divestitures
Europe
N. America
Year Sales
Acquisitions Year Sales
2011
2013
2012
2013
2015
2015
2016
($ in millions, ~ annual sales at time of transaction)
Sales(1)
Op. Inc. $ (1)
Op. Margin (1)
Share Price (2)
Market Cap(2)
$1,133M
$86.5
7.6%
$20.67
$1.1B
Sales
Adj. Op. Inc. $
Adj. Op. Margin
Share Price (2)
Market Cap(2)
$1,194M
$188.9
15.8%
$35.39
$1.9B
+5%
+118%
+820 bps
+71%
+73%
65%35%
AEROSPACE INDUSTRIAL
(1) 2010 Sales, Operating Income and Operating Margin are “as reported” in the Company’s 2010 10-K. 2010 Sales Mix re-calculated to
reflect three segments – Aerospace, Industrial & Distribution vs the original two reported segments of Precision Components & Logistics
and Manufacturing Services.
(2) Share Price and Market Cap as of December 31, 2010 and 2015, respectively.
PORTFOLIO TRANSFORMATION WELL UNDERWAY
-10-

11. Industrial – Market Environment
• Leading Global Manufacturer of Highly-Engineered Products and Systems
• Focused on Custom Components and Solutions Employing Differentiated Industrial Technologies
• Value Added Engineering: Research, Design, Manufacturing, Testing, and Evaluation
GENERAL INDUSTRIAL TRANSPORTATION
• Emerging Market Expansion – Growing with our Customers
• Healthcare Requirements of an Aging Population
• Markit® Manufacturing PMIs for September 2016 … US 51.5,
China 50.1, Eurozone 52.6, Emerging Markets 50.1, Global 51.0
• Advanced Technologies to Meet Fuel Efficiency Requirements
• Highly-Engineered, Precision Components; Penetration Rates Exceed
Market Growth
• Global Light Vehicle Production Forecasted to Increase …
~+3% in 2016, ~+2% in 2017, ~+2% in 2018 (IHS Automotive-Sep’16)
BARNES GROUP PARTICIPATION BARNES GROUP PARTICIPATION
Manufacturing Expansion
Benefiting Tool & Die Market
Healthcare for an Aging
Population
China Expansion
Global Expansion
Light Vehicles – Plastics
Light Vehicles – Metals
Gas Direct Injection (GDi)
8 to 10 Speed Transmissions
INDUSTRIAL TECHNOLOGIES THAT SUPPORT KEY MACRO TRENDS
-11-

12. Molding Solutions (MS) Growth Strategy
BARNES MOLDING SOLUTIONS
HOT RUNNERS MOLDS CONTROL SYSTEMS
• Manufacture Premium Hot Runners & Molds for Customers Requiring Superior Quality
• Drive Innovative Technologies for High Quality Plastic Parts
• Provide Unmatched Applications and Design Engineering Support
• Bring Reliability of System Supply, Robust Products, and Repeatable Processes for Customer Efficiency
• Be the Best in Industry Service and Repair Support
• Deliver the Lowest Total Cost of Ownership
• Expand Globally
-12-

13. Engineered Components (EC) Growth Strategy
• Growth through a Synergetic Marketing Value Proposition and
Cross-Brand Collaboration
o Global Sales Team & Global Engineering Support
o Marketing Plan for Cross-BU Synergetic Value Proposition
o Other Synergies (e.g. Supply Chain, Quality, R&D, etc.)
• Expand Innovation Portfolio
-13-

14. Nitrogen Gas Products (NGP) Growth Strategy
• Drive Innovation to Create Superior Customer Value
• Strengthen Leadership in the Global Tool & Die Market
• Grow Machine & Vehicle / Other Market Adjacencies
• Invest in Technology and Capabilities to Enable Growth
“More controlled
force in less space”
-14-

15. Aerospace – Market Environment
Sources: Boeing & Airbus Actuals, Teal Group Estimates as of Sept 2016
AEROSPACE Provides Superior Technology-Based Manufacturing Solutions
and Comprehensive Component Overhaul and Repair Services to the World’s
Major Jet Engine Manufacturers, Commercial Airlines and Military Customers
Commercial Aircraft Deliveries (Units)
Aftermarket
Wide-Body Narrow-Body
Original Equipment Mfg. Aftermarket
• Airbus & Boeing Experienced Strong Order Intake in ’13 & ’14,
Good order intake in ’15 (Book to Bill 1.3x)
• Airbus & Boeing Backlog at Robust Levels; Equivalent to ~8
Years of Estimated Production
• Strong Commercial Aircraft Deliveries Forecasted Over Next
Several Years; Narrow-Body & A350 Ramping, 777 in Transition
• Low Oil Prices May Accelerate Spend on Deferred Maintenance
• Older Aircraft May See Greater Utilization
• Global Airline Traffic Growth Remains Solid
• Global Airline Profitability Strong and Growing
• CFM56 Fleet Size and Shop Visits Expected to Grow; Fleet Size to
Peak in 2018, Shop Visits to Peak in 2023 Benefiting RSPs and CRPs
WELL-POSITIONED IN AEROSPACE END-MARKETS
Boeing 777 (GE90) ~$900K
Boeing 787 (Genx-1B / Trent 1000) ~$200K
Airbus A350 (XWB) ~$500K
Airbus A320neo (with LEAP) ~$400K
(moving to a range of $200K
to $250K for subsequent years)
(1) OEM Sales per Aircraft is a directional metric as it can be highly variable over time due to a range of
factors including changes in types of material and material costs, redesign of parts, quantity of parts
per engine, percentage of work directed to suppliers, engine spares, and cost schedules agreed to
under contract with the engine OEMs
OEM Sales Per Aircraft (1)
0
200
400
600
800
1,000
1,200
1,400
1,600
2015A 2016E 2017E 2018E 2019E 2020E
-15-

16. Aerospace Businesses
(with 2015 Segment Sales Contribution)
Note: FAA is the U.S. Federal Aviation Administration, EASA is the European Aviation Safety Agency, and CAAC is the Civil Aviation Administration of China
ORIGINAL EQUIPMENT MANUFACTURING
72%
BARNES AEROSPACE AFTERMARKET
28%
• Provides Highly Engineered Machined and Fabricated Components Using Super-alloys
• Concurrent Engineering & NPI Capabilities Deliver Value
Maintenance,
Repair, and Overhaul
Spare Parts
• OEM-Source Approved for Rolls Royce,
SNECMA, GE and Pratt & Whitney Engines
• FAA/EASA/CAAC Certified Engine
Component Repair Stations
• Component Repair Programs (CRPs)
• Revenue Sharing Programs (RSPs)
• Selected Aftermarket Spare Parts for
CFM56 and CF6 Engines
-16-

17. Barnes Aftermarket RSPs and CRPs
Sources: Shop Visit Forecast, ICF Jun’16; Fleet Size Forecast ICF, Oct’16
Revenue Sharing Programs (RSPs)
• Exclusive Rights to Supply Certain Aftermarket Spare Parts to
General Electric (GE)
• Covers Life of CFM56 & CF6 Engine Programs
• 13 Agreements, Entered Between 2003 - 2007
• Investment of $294M, Amortized as a Reduction of Sales
• Quarterly Net Sales Can Vary Due to Inventory Management,
Mix of Engines, Scope of Engine Repair, and Surplus Material
for these High Margin Programs
Component Repair Programs (CRPs)
• Provides Licensing Rights from GE for Repair Services of Certain
Critical Components which Improve Overall Engine Efficiency
• Covers Life of CFM56, CF6 and CF34 Engine Programs
• Allows Access to Serve Global Market as OEM Certified Repair Service
• 3 Agreements, Entered Between 2013 - 2015
• Investment of $112M, Amortized as a Reduction of Sales
• Expands Margin Profile of Aftermarket MRO Business
PROGRAMS ALLOW BARNES AEROSPACE TO PARTICIPATE IN OEM CERTIFIED AFTERMARKET
2.2 2.3
2.4 2.4
2.5
20.5
21.6 22.2 22.5 22.4
5
10
15
20
25
1.0
1.5
2.0
2.5
3.0
2015 2016 2017 2018 2019
FleetSize(000s)
EstimatedShopVisits(000s)
CFM56 Family of Engines
Shop Visits Fleet Size
0.7 0.8 0.7
0.7
0.6
3.4 3.3 3.2 3.0 2.9
0
1
2
3
4
0.5
0.7
0.9
2015 2016 2017 2018 2019
FleetSize(000s)
EstimatedShopVisits(000s)
CF6 Family of Engines
Shop Visits Fleet Size
-17-

18. (1) Our 2016 full-year outlook is only as of our October 28, 2016 earnings call, and it is not being updated or affirmed at this time.
(2) References to adjusted operating margin, adjusted EPS and adjusted free cash flow for 2012, 2013, 2014, 2015 and 2016 are non-GAAP measures. For a reconciliation to the appropriate GAAP measure, see the Appendix
of this presentation.
Financial Performance Trends (1,2)
104% 110% 99% 128% >100%
Cash Conversion:
$929
$1,092
$1,262
$1,194 +3.5%
to
+4.5%
Total
~Flat
Organic
2012 2013 2014 2015 2016F
Net Sales
(Continuing Operations, $ in Millions)
$1.52
$1.83
$2.34 $2.38
$2.48
to
$2.53
2012 2013 2014 2015 2016F
Adjusted EPS (2)
(Continuing Operations)
12.2% 12.9%
15.4% 15.8% ~16.0%
2012 2013 2014 2015 2016F
Adj. Operating Margins (2)
(Continuing Operations)
$99
$83
$117
$134
2012 2013 2014 2015 2016F
>$135
($ in Millions)
Adj. Free Cash Flow (2)
+4% to +6%
-18-

19. Why Invest In Barnes Group?
WELL POSITIONED BUSINESSES
STRONG FINANCIAL PERFORMANCE
STRATEGY EXECUTION DELIVERING RESULTS
• Global Industrial Products and Services; Expanding Auto Production
• Commercial Aerospace; OEM Production Increasing, Aftermarket Recovering
• Demonstrated Margin Expansion; Further Expansion Planned
• Benefiting from Barnes Enterprise System
• Strong Cash Generator; Solid Balance Sheet
• Expanding Differentiated Systems, Products and Processes
• Disciplined Acquisitions and Strategic Investments
• Focused on Sustainable, Long-Term Profitable Growth
-19-

20. Appendix

21. Industrial Segment Brands
MOLDING SOLUTIONS
Specializes in the Development
and Manufacture of High-
Precision Molds and Hot
Runner Systems
END MARKETS:
• Medical / Pharmaceutical
• Personal Care / Health Care
• Packaging
• Electronic Components
GROWTH DRIVERS:
• Capacity Expansion
• Expand Globally
Manufacturer of Hot Runner
Systems and Components with
a Focus on Providing High
Quality Products and Value
Added Services
END MARKETS:
• Automotive Exterior and
Interior Components
• Telecom and Electronic
Components
GROWTH DRIVERS:
• Expand Automotive Offerings
• Increase Premium Consumer
and Electronics Penetration
Specializes in the Design,
Development, and
Manufacturing of Customized
Hot Runner Systems
END MARKETS:
• Packaging
• Automotive
• Electronics
• Medical
GROWTH DRIVERS:
• Expand Globally
Technology Leader in the
Development of Advanced
Process Control Systems
for the Plastic Injection
Molding Industry
END MARKETS:
• Medical
• Automotive
• Consumer Goods
• Electronics
• Packaging
GROWTH DRIVERS:
• Extend Engineering
Capabilities Across
Molding Solutions
Technology Leader in
Stack Turning Molds,
Cube Molds, Multi-
Component Molds, and
In-Mold Assembly
END MARKETS:
• Packaging
• Medical
• Consumer Goods
• Automotive
GROWTH DRIVERS:
• Expand Globally
-21-

22. Industrial Segment Brands (continued)
ENGINEERED COMPONENTS NITROGEN GAS PRODUCTS
Pioneer, Leader & Innovator in
Engineered Spring & Precision
Metal Component
Manufacturing
END MARKETS:
• Light Vehicle
• General Industrial
• Household / Whitegoods
• Other Transportation
GROWTH DRIVERS:
• Advanced Transmission
Offerings
• Differentiated Product
Growth
Progressive Stamping,
Micro-Stamping, Fine
Blanking and Forming
from Prototype Building to
Complete Assemblies
END MARKETS:
• Light Vehicle
• General Industrial
GROWTH DRIVERS:
• Deliver Automotive GDi
(Gas Direct Injection)
• Develop Adjacent
Markets, such as
Medical
Develops and Produces a
Comprehensive Range of
Retaining Rings, Fasteners,
Snap Rings and Shims
END MARKETS:
• Light Vehicle
• General Industrial
GROWTH DRIVERS:
• Expand Globally
• Enhance Product
Offerings
Manufacturer of Nitrogen Gas
Springs and Hydraulic Systems for
Automotive Stamping Dies and
Demanding Vehicle and Industrial
Applications
END MARKETS:
• Industrial Equipment for
Transportation, HVAC,
Electronics, Whitegoods and
Sheet Metal Stamping
GROWTH DRIVERS:
• Expand Tool & Die Offerings
• Extend Machine & Vehicle
Offerings / Other Adjacent
Markets
-22-

23. Shaft Nuts & Gears
Engine
Cases
Retainer
Rings
Rotating Air Ducts
HP and LP Shrouds,
Hangers and Segments,
Machined & Fabricated
Turbine Exhaust
Cases, Cones,
Cylinders and
Fairings
Combustor Components
Rotating Air/Oil Seals,
Vane Rings, Lever Arms
Stub
Shafts
Struts
ManifoldsBearing
Housings
Tube and
Duct Assemblies
Vane Actuation
Rings, Lever Arms
Barnes Aerospace Components
Fan Blade Metal Lead Edges
& Tip Caps
-23-

24. Out of Production:
JT-9D (DC10,B747,B767,A310)
JT-8D (DC9,MD80,B727,B737)
PW2000 (B757)
CF6-6 (DC10)
CF6-50 (A300, B747)
Trent 500 (A340)
Trent 800 (B777)
Development:
Leap B,C (B737Max,C919)
GE9X (B777X)
PW1000 GTF (Cseries, E Jets, MRJ)
Passport (Global 7000/8000)
Trent 7000 (A330Neo)
Silvercrest (Dassault, Cessna)
DEV. EARLY
PROD.
PRODUCT
MATURITY
SPARES
PRODUCTION
VOLUME
TIME
COST
OUT OF
PRODUCTION
SPARES
NEW EMERGING &
EARLY LIFE CYCLE
PROGRAMS
Mature:
CFM56 (B737, A320)
CF6-80C/E (A330, B767)
CF34-3/8 (CRJ, E175)
CF34-10E (E195)
AE3000 (Embraer, Cessna)
V2500 (A320)
PW4000(B767)
Trent700 (A330)
Trent900 (A380)
GP7200 (A380)
GE90-115B (B777)
Early Production:
Leap A (A320NEO)
GENX-1B (B787)
PW1000 GTF (A320NEO)
GENX-2B (B747-8)
Trent 1000 (B787)
Trent XWB (A350)
Commercial Aircraft Engine Product Life Cycle
PARTICIPATION THROUGHOUT THE PRODUCT LIFE CYCLE
-24-

25. Appendix: Non-GAAP Financial Measure Reconciliation
($ in Thousands, Unaudited)
2015 2014 2013 2012 (1)
CONSOLIDATED RESULTS
Operating Income (GAAP) 168,396$ 179,974$ 123,201$ 107,131$
Synventive short-term purchase accounting adjustments - - - 4,987
Männer short-term purchase accounting adjustments 1,481 8,504 5,456 -
Thermoplay short-term purchase accounting adjustments 1,167 - - -
Acquisition transaction costs 970 - 1,823 912
Restructuring/reduction in force charges 4,222 6,020 - -
Contract termination dispute charge 2,788 - - -
Pension lump-sum settlement charge 9,856 - - -
CEO transition costs - - 10,492 -
Operating Income as adjusted (Non-GAAP) (2)
188,880$ 194,498$ 140,972$ 113,030$
Operating Margin (GAAP) 14.1% 14.3% 11.3% 11.5%
Operating Margin as adjusted (Non-GAAP) (2)
15.8% 15.4% 12.9% 12.2%
Diluted Income from Continuing Operations per Share (GAAP) 2.19$ 2.16$ 1.31$ 1.44$
Synventive short-term purchase accounting adjustments - - - 0.07
Männer short-term purchase accounting adjustments 0.02 0.11 0.07 -
Thermoplay short-term purchase accounting adjustments 0.01 - - -
Acquisition transaction costs 0.02 - 0.03 0.01
Restructuring/reduction in force charges 0.05 0.07 - -
Contract termination dispute charge 0.03 - - -
Pension lump-sum settlement charge 0.11 - - -
Tax benefit recognized for refund of withholding taxes (0.05) - - -
CEO transition costs - - 0.12 -
April 2013 tax court decision - - 0.30 -
Diluted Income from Continuing Operations per Share as adjusted
(Non-GAAP) (2)
2.38$ 2.34$ 1.83$ 1.52$
Twelve months ended December 31,
2015
2014
2013
2012
(1) Results for 2012 have been adjusted on a retrospective basis to reflect the impact of the BDNA discontinued operations.
(2) The Company has excluded the following from its historical "as adjusted" financial measurements:
The tax effect of these items was calculated based on the respective tax jurisdiction of each item. Management believes that these
adjustments provide the Company and its investors with an indication of our baseline performance excluding items that are not
considered to be reflective of our ongoing results. Management does not intend results excluding the adjustments to represent
results as defined by GAAP, and the reader should not consider it as an alternative measurement calculated in accordance with
GAAP, or as an indicator of the Company's performance. Accordingly, the measurements have limitations depending on their use.
1) Short-term purchase accounting adjustments related to its Männer and Thermoplay acquisitions, 2) transaction costs
related to its Thermoplay and Priamus acquisitions, 3) restructuring and workforce reduction charges, 4) certain charges
recorded in the Aerospace segment in the third quarter of 2015 related to a contract termination dispute following a customer
sourcing decision, 5) pension lump-sum settlement charge recorded in 2015 and 6) a tax benefit recognized in the third quarter
of 2015 related to a refund of withholding taxes that were previously paid and included in tax expense in prior years.
1) Short-term purchase accounting adjustments related to its Männer acquisition and 2) restructuring charges related to the
closure of production operations at its Associated Spring facility located in Saline, Michigan.
1) Short-term purchase accounting adjustments related to its Männer acquisition, 2) transaction costs related to its Männer
acquisition, 3) CEO transition costs associated with the modification of outstanding equity awards and 4) the tax charge
associated with the April 2013 tax court decision.
1) Short-term purchase accounting adjustments related to its Synventive acquisition and 2) transaction costs related to its
Synventive acquisition.
-25-

26. Appendix:
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
($ in Thousands, Unaudited)
2015 2014 2013 2012
Free cash flow:
Net cash provided by operating activities 209,895$ 186,898$ 10,090$ 136,377$
Capital expenditures (45,982) (57,365) (57,304) (37,787)
Free cash flow(1)
163,913$ 129,533$ (47,214)$ 98,590$
Free cash flow to net income cash conversion ratio (as adjusted):
Free cash flow (from above) 163,913$ 129,533$ (47,214)$ 98,590$
Income tax payments related to the gain on the sale of BDNA - - 130,004 -
Income tax reduction related to the gain on the sale of BDNA - (12,608) - -
Free cash flow (as adjusted)(2)
163,913 116,925 82,790 98,590
Net income 121,380 118,370 270,527 95,249
Gain on the sale of BDNA, net of tax - - (195,317) -
Pension lump-sum settlement charge, net of tax 6,182 - - -
Net income (as adjusted)(2)
127,562$ 118,370$ 75,210$ 95,249$
Free cash flow to net income cash conversion ratio (as adjusted)(2)
128% 99% 110% 104%
Twelve months ended December 31,
Notes:
2015
Pension lump-sum settlement charge, net of tax, from net income.
2014
2013
The utilization of the year-end 2013 income tax receivable (related to the gain on the sale of BDNA) to offset the 2014 payments
from free cash flow.
The income tax payments related to the gain on the sale of BDNA made during 2013 from free cash flow and the gain on the sale
of BDNA from net income.
(1) The Company defines free cash flow as net cash provided by operating activities less capital expenditures. The Company
believes that the free cash flow metric is useful to investors and management as a measure of cash generated by business
operations that can be used to invest in future growth, pay dividends, repurchase stock and reduce debt. This metric can also be
used to evaluate the Company's ability to generate cash flow from business operations and the impact that this cash flow has on
the Company's liquidity.
(2) For the purpose of calculating the cash conversion ratio, the Company has excluded the following:
-26-

27. Appendix: Non-GAAP Forecast Financial Measure Reconciliation
Notes:
(1) The Company has excluded the following from its "as adjusted" financial measurements for 2016: 1) transaction costs related to its FOBOHA
acquisition, 2) short-term purchase accounting adjustments related to its FOBOHA acquisition and 3) charges related to a contract termination
dispute. The tax effect of these items was calculated based on the respective tax jurisdiction of each item. Management believes that these
adjustments provide the Company and its investors with an indication of our baseline performance excluding items that are not considered to be
reflective of our ongoing results. Management does not intend results excluding the adjustments to represent results as defined by GAAP, and the
reader should not consider it as an alternative measurement calculated in accordance with GAAP, or as an indicator of the Company's performance.
Accordingly, the measurements have limitations depending on their use.
Diluted Net Income per Share (GAAP) 2.39$ to 2.44$
Acquisition Transaction Costs 0.02
FOBOHA Short-Term Purchase Accounting Adjustments 0.04
Contract Termination Dispute Charges 0.03
Diluted Net Income per Share as adjusted (Non-GAAP)
(2)
2.48$ to 2.53$
Full-Year 2016 Outlook
(1)
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28. Forward-Looking Statements
This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking
statements often address our expected future operating and financial performance and financial condition, and often contain words such as
"anticipate," "believe," "expect," "plan," "estimate," "project," and similar terms. Among others, our sales outlook, backlog, aircraft
utilization, demographics, exchange rate assumptions, sales per aircraft and guidance are all forward-looking statements. These forward-
looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that may
cause actual results to differ materially from those expressed in the forward-looking statements. These include, among others: difficulty
maintaining relationships with employees, including unionized employees, customers, distributors, suppliers, business partners or
governmental entities; failure to successfully negotiate collective bargaining agreements or potential strikes, work stoppages or other
similar events; changes in market demand for our products and services; rapid technological and market change; the ability to protect
intellectual property rights; introduction or development of new products or transfer of work; higher risks in international operations and
markets; the impact of intense competition; acts of terrorism, cybersecurity attacks or intrusions that could adversely impact our
businesses; uncertainties relating to conditions in financial markets; currency fluctuations and foreign currency exposure; future financial
performance of the industries or customers that we serve; our dependence upon revenues and earnings from a small number of significant
customers; a major loss of customers; inability to realize expected sales or profits from existing backlog or consistent with projected sales
per aircraft due to a range of factors, including changes in customer sourcing decisions, materials, material costs, part design, quantity of
parts per engine, percentage of work directed to us, engine spares, cost schedules, production schedules and volumes of specific programs;
the impact of government budget and funding decisions; changes in raw material or product prices and availability; integration of acquired
businesses; restructuring costs or savings; the continuing impact of prior acquisitions and divestitures, and any other future strategic
actions, including acquisitions, divestitures, restructurings, or strategic business realignments, including the integration of the FOBOHA
business, and our ability to achieve the financial and operational targets set in connection with any such actions; the outcome of pending
and future legal, governmental, or regulatory proceedings and contingencies and uninsured claims, including the arbitration proceedings
involving Triumph Actuation Systems - Yakima, LLC; future repurchases of common stock; future levels of indebtedness; and numerous
other matters of a global, regional or national scale, including those of a political, economic, business, competitive, environmental,
regulatory and public health nature; and other risks and uncertainties described in documents filed with or furnished to the Securities and
Exchange Commission ("SEC") by the Company, including, among others, those in the Management's Discussion and Analysis of Financial
Condition and Results of Operations and Risk Factors sections of the Company's filings. The Company assumes no obligation to update its
forward-looking statements.
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