SELECTED CONSOLIDATING FINANCIAL STATEMENTS OF PARENT, GUARANTORS AND NON-GUARANTORS

The Company's 2017 Notes and the 2018 Notes are fully and unconditionally guaranteed on a joint and several basis by Guarantor Subsidiaries. The total assets, stockholder's equity, revenue, earnings and cash flows from operating activities of the Guarantor Subsidiaries exceeded a majority of the consolidated total of such items as of and for the periods reported. The only consolidated subsidiaries of the Company that are not guarantors of the 2017 Notes and the 2018 Notes (the "Non-Guarantor Subsidiaries") are: (i) the receivables securitization special purpose entity, and (ii) the foreign operating subsidiaries. The following tables present condensed consolidating financial statements including Triumph Group, Inc. (the "Parent"), the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries. Such financial statements include balance sheets as of March 31, 2012 and 2011, statements of income and comprehensive income for the fiscal years ended March 31, 2012, 2011 and 2010, and statements of cash flows for the fiscal years ended March 31, 2012, 2011 and 2010.

SUMMARY CONSOLIDATING BALANCE SHEETS:



	March 31, 2012
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Current assets:
Cash and cash equivalents	$	7,969		$	2,237	$	19,456		$	—		$	29,662
Trade and other receivables, net	225			209,146		231,237			—			440,608
Inventories	—			789,913		28,043			—			817,956
Rotable assets	—			24,468		10,086			—			34,554
Deferred income taxes	—			72,259		—			—			72,259
Prepaid expenses and other	5,956			13,156		4,232			—			23,344
Total current assets	14,150			1,111,179		293,054			—			1,418,383
Property and equipment, net	10,444			674,036		48,900			—			733,380
Goodwill and other intangible assets, net	1,006			2,326,112		48,932			—			2,376,050
Other, net	25,060			1,488		396			—			26,944
Intercompany investments and advances	555,684			318,713		1,957			(876,354		)	—
Total assets	$	606,344		$	4,431,528	$	393,239		$	(876,354	)	$	4,554,757
Current liabilities:
Current portion of long-term debt	$	128,996		$	13,241	$	—		$	—		$	142,237
Accounts payable	2,548			257,136		6,440			—			266,124
Accrued expenses	46,123			256,413		9,084			—			311,620
Total current liabilities	177,667			526,790		15,524			—			719,981
Long-term debt, less current portion	847,049			49,576		120,000			—			1,016,625
Intercompany debt	(2,227,499		)	2,032,973		194,526			—			—
Accrued pension and other postretirement benefits, noncurrent	7,119			693,006		—			—			700,125
Deferred income taxes and other	8,639			317,362		(1,344		)	—			324,657
Total stockholders' equity	1,793,369			811,821		64,533			(876,354		)	1,793,369
Total liabilities and stockholders' equity	$	606,344		$	4,431,528	$	393,239		$	(876,354	)	$	4,554,757

SUMMARY CONSOLIDATING BALANCE SHEETS:



	March 31, 2011
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Current assets:
Cash and cash equivalents	$	17,270		$	1,753	$	20,305		$	—		$	39,328
Trade and other receivables, net	—			155,126		219,365			—			374,491
Inventories	—			750,311		31,403			—			781,714
Rotable assets	—			22,032		4,575			—			26,607
Deferred income taxes	—			68,536		—			—			68,536
Prepaid and other	7,514			9,967		660			—			18,141
Assets held for sale	—			4,574		—			—			4,574
Total current assets	24,784			1,012,299		276,308			—			1,313,391
Property and equipment, net	38,028			680,929		15,922			—			734,879
Goodwill and other intangible assets, net	1,677			2,336,735		51,788			—			2,390,200
Other, net	36,767			1,752		245			—			38,764
Intercompany investments and advances	673,212			65,510		4,199			(742,921		)	—
Total assets	$	774,468		$	4,097,225	$	348,462		$	(742,921	)	$	4,477,234
Current liabilities:
Current portion of long-term debt	$	180,669		$	17,177	$	102,406		$	—		$	300,252
Accounts payable	4,259			247,002		11,455			—			262,716
Accrued expenses	44,887			257,518		10,949			—			313,354
Liabilities related to assets held for sale	—			431		—			—			431
Total current liabilities	229,815			522,128		124,810			—			876,753
Long-term debt, less current portion	955,009			56,743		—			—			1,011,752
Intercompany debt	(2,060,150		)	1,916,421		143,729			—			—
Accrued pension and other postretirement benefits, noncurrent	5,906			687,502		—			—			693,408
Deferred income taxes and other	11,671			252,849		(1,416		)	—			263,104
Total stockholders' equity	1,632,217			661,582		81,339			(742,921		)	1,632,217
Total liabilities and stockholders' equity	$	774,468		$	4,097,225	$	348,462		$	(742,921	)	$	4,477,234

CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME:



	Fiscal year ended March 31, 2012
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	3,310,929		$	104,229		$	(7,229	)	$	3,407,929
Operating costs and expenses:
Cost of sales	—			2,492,513			79,711			(7,229		)	2,564,995
Selling, general and administrative	33,936			190,145			18,472			—			242,553
Acquisition-related	6,342			—			—			—			6,342
Curtailment gain	(40,400		)	—			—			—			(40,400		)
Depreciation and amortization	1,933			112,477			5,314			—			119,724
	1,811			2,795,135			103,497			(7,229		)	2,893,214
Operating (loss) income	(1,811		)	515,794			732			—			514,715
Intercompany interest and charges	(188,865		)	185,282			3,583			—			—
Interest expense and other	75,959			4,322			(3,143		)	—			77,138
Income from continuing operations, before income taxes	111,095			326,190			292			—			437,577
Income tax expense	22,467			133,371			117			—			155,955
Income from continuing operations	88,628			192,819			175			—			281,622
Loss on discontinued operations, net	—			(765		)	—			—			(765		)
Net income	88,628			192,054			175			—			280,857
Other comprehensive income (loss)	232			(127,157		)	(2,852		)	—			(129,777		)
Total comprehensive income	$	88,860		$	64,897		$	(2,677	)	$	—		$	151,080

CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME:



	Fiscal year ended March 31, 2011
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	2,813,506		$	97,630		$	(5,788	)	$	2,905,348
Operating costs and expenses:
Cost of sales	—			2,169,678			67,974			(5,788		)	2,231,864
Selling, general and administrative	34,989			189,486			14,414			—			238,889
Acquisition-related	20,902			—			—			—			20,902
Depreciation and amortization	1,922			94,235			3,500			—			99,657
	57,813			2,453,399			85,888			(5,788		)	2,591,312
Operating (loss) income	(57,813		)	360,107			11,742			—			314,036
Intercompany interest and charges	(163,530		)	160,290			3,240			—			—
Interest expense and other	74,343			8,292			(3,076		)	—			79,559
Income from continuing operations, before income taxes	31,374			191,525			11,578			—			234,477
Income tax expense	11,758			69,121			1,187			—			82,066
Income from continuing operations	19,616			122,404			10,391			—			152,411
Loss on discontinued operations, net	—			(2,512		)	—			—			(2,512		)
Net income	19,616			119,892			10,391			—			149,899
Other comprehensive income	1,188			114,780			3,798			—			119,766
Total comprehensive income	$	20,804		$	234,672		$	14,189		$	—		$	269,665

CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME:



	Fiscal year ended March 31, 2010
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated Total
Net sales	$	—		$	1,227,738		$	79,029	$	(11,987	)	$	1,294,780
Operating costs and expenses:
Cost of sales	—			881,828			57,370		(11,987		)	927,211
Selling, general and administrative	25,551			122,521			9,798		—			157,870
Depreciation and amortization	734			50,668			3,016		—			54,418
	26,285			1,055,017			70,184		(11,987		)	1,139,499
Operating (loss) income	(26,285		)	172,721			8,845		—			155,281
Intercompany interest and charges	(87,564		)	87,092			472		—			—
Interest expense and other	23,415			3,529			1,921		—			28,865
Gain on extinguishment of debt	(39		)	—			—		—			(39		)
Income from continuing operations, before income taxes	37,903			82,100			6,452		—			126,455
Income tax expense	9,365			30,188			1,614		—			41,167
Income from continuing operations	28,538			51,912			4,838		—			85,288
Loss on discontinued operations, net	—			(17,526		)	—		—			(17,526		)
Net income	28,538			34,386			4,838		—			67,762
Other comprehensive income (loss)	740			(17		)	2,215		—			2,938
Total comprehensive income	$	29,278		$	34,369		$	7,053	$	—		$	70,700

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:



	Fiscal year ended March 31, 2012
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated Total
Net income	$	88,628		$	192,054		$	175		$	—	$	280,857
Adjustments to reconcile net income to net cash provided by (used in) operating activities	(22,063		)	(16,455		)	(14,558		)	—		(53,076		)
Net cash provided by (used in) operating activities	66,565			175,599			(14,383		)	—		227,781
Capital expenditures	(2,891		)	(85,441		)	(5,637		)	—		(93,969		)
Reimbursements of capital expenditures	—			3,437			—			—		3,437
Proceeds from sale of assets and businesses	4,952			3,690			116			—		8,758
Cash used for businesses and intangible assets acquired	—			11,951			—			—		11,951
Net cash provided by (used in) investing activities	2,061			(66,363		)	(5,521		)	—		(69,823		)
Net increase in revolving credit facility	235,000			—			—			—		235,000
Proceeds on issuance of debt	—			5,853			86,400			—		92,253
Retirements and repayments of debt	(398,908		)	(16,857		)	(68,773		)	—		(484,538		)
Payments of deferred financing costs	(3,999		)	—			—			—		(3,999		)
Dividends paid	(6,899		)	—			—			—		(6,899		)
Repayment of governmental grant	—			(2,180		)	—			—		(2,180		)
Repurchase of restricted shares for minimum tax obligation	(609		)	—			—			—		(609		)
Proceeds from exercise of stock options, including excess tax benefit	4,721			—			—			—		4,721
Intercompany financing and advances	92,767			(95,568		)	2,801			—		—
Net cash (used in) provided by financing activities	(77,927		)	(108,752		)	20,428			—		(166,251		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(1,373		)	—		(1,373		)
Net change in cash and cash equivalents	(9,301		)	484			(849		)	—		(9,666		)
Cash and cash equivalents at beginning of year	17,270			1,753			20,305			—		39,328
Cash and cash equivalents at end of year	$	7,969		$	2,237		$	19,456		$	—	$	29,662

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:



	Fiscal year ended March 31, 2011
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated Total
Net income	$	19,616		$	119,892		$	10,391		$	—	$	149,899
Adjustments to reconcile net income to net cash provided by (used in) operating activities	34,398			(14,850		)	(27,143		)	—		(7,595		)
Net cash provided by (used in) operating activities	54,014			105,042			(16,752		)	—		142,304
Capital expenditures	(16,445		)	(72,237		)	(1,343		)	—		(90,025		)
Proceeds from sale of assets and businesses	—			4,156			57			—		4,213
Cash used for businesses and intangible assets acquired	—			(333,228		)	—			—		(333,228		)
Net cash used in investing activities	(16,445		)	(401,309		)	(1,286		)	—		(419,040		)
Net increase in revolving credit facility	85,000			—			—			—		85,000
Proceeds on issuance of debt	695,695			10			150,400			—		846,105
Retirements and repayments of debt	(593,104		)	(25,761		)	(126,987		)	—		(745,852		)
Payments of deferred financing costs	(22,790		)	—			—			—		(22,790		)
Dividends paid	(3,574		)	—			—			—		(3,574		)
Repayment of governmental grant	—			(1,695		)	—			—		(1,695		)
Repurchase of restricted shares for minimum tax obligation	(1,861		)	—			—			—		(1,861		)
Proceeds from exercise of stock options, including excess tax benefit	3,034			—			—			—		3,034
Intercompany financing and advances	(331,136		)	323,754			7,382			—		—
Net cash (used in) provided by financing activities	(168,736		)	296,308			30,795			—		158,367
Effect of exchange rate changes on cash and cash equivalents	—			—			479			—		479
Net change in cash and cash equivalents	(131,167		)	41			13,236			—		(117,890		)
Cash and cash equivalents at beginning of year	148,437			1,712			7,069			—		157,218
Cash and cash equivalents at end of year	$	17,270		$	1,753		$	20,305		$	—	$	39,328

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS:



	Fiscal year ended March 31, 2010
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated Total
Net income	$	28,538		$	34,386		$	4,838		$	—	$	67,762
Adjustments to reconcile net income to net cash provided by operating activities	23,247			73,207			5,432			—		101,886
Net cash provided by operating activities	51,785			107,593			10,270			—		169,648
Capital expenditures	(1,815		)	(22,900		)	(6,950		)	—		(31,665		)
Proceeds from sale of assets and businesses	—			614			1			—		615
Cash used for businesses and intangible assets acquired	—			(27,674		)	(3,819		)	—		(31,493		)
Net cash used in investing activities	(1,815		)	(49,960		)	(10,768		)	—		(62,543		)
Net decrease in revolving credit facility	(127,730		)	—			—			—		(127,730		)
Proceeds on issuance of debt	172,477			14,453			—			—		186,930
Retirements and repayments of debt	(4,446		)	(9,262		)	(103		)	—		(13,811		)
Payments of deferred financing costs	(8,344		)	—			—			—		(8,344		)
Dividends paid	(2,666		)	—			—			—		(2,666		)
Withholding of restricted shares for minimum tax obligation	(470		)	—			—			—		(470		)
Proceeds from exercise of stock options, including excess tax benefit	1,367			—			—			—		1,367
Intercompany financing and advances	64,458			(66,569		)	2,111			—		—
Net cash (used in) provided by financing activities	94,646			(61,378		)	2,008			—		35,276
Effect of exchange rate changes on cash and cash equivalents	—			—			359			—		359
Net change in cash and cash equivalents	144,616			(3,745		)	1,869			—		142,740
Cash and cash equivalents at beginning of year	3,821			5,457			5,200			—		14,478
Cash and cash equivalents at end of year	$	148,437		$	1,712		$	7,069		$	—	$	157,218