Investor Overview February 2020 Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “project”, “may”, “will”, “should”, “could”, or similar words suggesting future outcomes or outlooks. These forward-looking statements include, but are not limited to, statements of expectations of or assumptions about strategic actions, objectives, expectations, intentions, aerospace market conditions, aircraft production rates, financial and operational performance, revenue and earnings growth and profitability and earnings results. These statements are based on the current projections, expectations and beliefs of Triumph’s management. These forward looking statements involve known and unknown risks, uncertainties and other factors which could cause actual results to differ materially from any expected future results, performance or achievements, including, but not limited to, competitive and cyclical factors relating to the aerospace industry, dependence on some of Triumph’s business from key customers, requirements of capital, uncertainties relating to the integration of acquired businesses, general economic conditions affecting Triumph’s business segments, product liabilities in excess of insurance, technological developments, limited availability of raw materials or skilled personnel, changes in governmental regulation and oversight and international hostilities and terrorism. Further information regarding the important factors that could cause actual results, performance or achievements to differ from those expressed in any forward looking statements can be found in Triumph’s reports filed with the SEC, including in the risk factors described in Triumph’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019.

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 2 Company Overview

Global leader in manufacturing aircraft NYSE:TGI systems and components, repair and Headquarters: Berwyn, PA overhaul, and aerospace structures. Incorporated: 1993 Three operating segments: • Integrated Systems Fiscal year ending: March 31 • Product Support • Aerospace Structures

Market cap as of FY’19 revenues: 5/10/19: $3.4B $1.120B FY’19 adjusted Our wide variety of capabilities and products helps our Shares EPS: $2.49 customers triumph over the most complex challenges in outstanding: 49.8M Backlog as of response to evolving industry requirements. 3/31/19: $3.8B

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 3 Business Unit Summary

FY19 Revenue Integrated Product Aerospace Systems Support Structures

~$284M ~$2.1B* * Includes Interiors ~$1.0B Business ~$320M in FY19 Sales Consolidated Highlights Sales by Market (FY19) Adjusted Operating Income (FY19) $3.4B Non-Aviation, 2% $166M Regional, 2%

Business, 23% Product Support, 18%

Aerospace Structures, 14% Commercial, 53% Military, 20%

Integrated Systems and Product Support will be reported on combined basis as Systems & Support beginning March 2020 Integrated Systems, 67%

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 4 Investment Considerations

Portfolio transformation of Triumph is largely Broad range of design and manufacturing complete, and positive financial results will follow capabilities for next generation commercial in this fiscal year. aircraft products and mission critical military applications

Well positioned on large volume mature Sole source supplier on numerous aircraft platforms, new build derivatives and high growth platforms military development programs

Poised for growth in high margin Integrated Improved balance sheet strength and liquidity Systems and Product Support segments provide financial flexibility to fund future growth

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 5 Resilient, strong end market fundamentals

Air Travel is Resilient and Growing Oil Crisis Gulf Crisis Asian Crisis 9/11 SARS Financial Crisis 18.0 16.0 Forecast 14.0 x2 12.0 10.0 8.0 x2 6.0

4.0 x2 (PPKs in trillions)in (PPKs

World Annual TrafficAnnual World 2.0 0.0 1980 1985 1990 1995 2000 2005 2010 2015 2020E 2025E 2030E 2035E RPKs Trend Line Boeing and Airbus Have Amassed Record Backlogs… …Creating Significant Visibility and Continued Growth

15,000

1,500 10,000 1,000

5,000 500

0 Deliveries Airbus and Boeing 0 Boeing and Airbus Backlogs Airbus and Boeing 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E2020E

Airbus Boeing Boeing Airbus Multiple secular drivers create a favorable backdrop for continued growth

Source: ICAO, HIS Economics, Sabre, Boeing Current Market Outlook (2016–2035) and Wall Street Research TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 6 Diverse content on Key Programs Overview of key programs Revenue breakdown (FY19) Program Key products By segment • Landing gear extend / retreat system Boeing 787 • Longerons, stringers, shear ties, frame assemblies • Landing gear, actuators and cowl opening systems • Tail section, wing center section Boeing 767 / Tanker Product • Keel beams, acoustic panels, various nacelle components Support • Aft body fuselage panels • Hydraulic valves and actuators 8% Boeing 737 • Mechanical system components • Engine gearboxes • Wings G500 / 600 / 650 • Wing stringers and spars Integrated • Horizontal stabilizer Systems • Hydraulic valves and actuators, power transfer units 31% A320 • Sharklet wing reinforcement kits Aerospace • Engine gearboxes Structures • Pylon conversion actuators 61% • Nose wheel steering V-22 Osprey • Empennage • Ramp and ramp door • Side panels, sponsons and landing gear doors • Landing gear valves A330, A340 • Wing components A350 • Thermal Insulation Systems and Rudder Components

Boeing 777 • Inboard/Outboard Flaps, Ailerons and Spoilers Note: Segment breakdown excludes elimination of intersegment sales F-35 • Engine mounts, bulkheads, longerons and wing ribs Well positioned on large volume, ramping, new derivatives and high growth military platforms TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 7 Integrated Systems

Superior design, development and support of proprietary components and systems as well as production of complex assemblies using external designs

Integrated Systems and Product Support will be reported on combined basis as Systems & Support beginning March 2020

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 8 Integrated Systems

Overview Products & Services Business Overview Major Customers Sales by Market Regional, 3% Non-Aviation, 3% Integrated solutions, $1.0B Revenue (FY19) • Boeing Business, 6% including design, 17 Locations • GE development, and • Airbus support of components, • Rolls Royce systems and sub-systems Military, 36% Commercial, 52%

Excludes Intercompany Sales and Contract Liability Amortization Capabilities Actuation Gear Electronics Mechanical Fluid Power & Controls Systems & Controls Solutions & Actuation

Integrated Systems and Product Support will be reported on combined basis as Systems & Support beginning March 2020

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 9 Product Support

Superior lifecycle solutions for commercial, regional and military aircraft for OEMs and operators

Integrated Systems and Product Support will be reported on combined basis as Systems & Support beginning March 2020

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 10 Product Support

Overview Sales by Market Products & Services Business Overview Major Customers Regional, 5% Business, 1% Provides total life cycle $284M Revenue (FY’19) • L3 Military, 16% solutions for commercial, 6 Locations • Boeing regional and military • GE aircraft. Offerings include • Delta full post-delivery value chain services that simplify the MRO supply Commercial, 78% chain Excludes Intercompany Sales and Contract Liability Amortization Capabilities Structural Interior Accessory Component Repair Refurbishment Component Repair

Integrated Systems and Product Support will be reported on combined basis as Systems & Support beginning March 2020 TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 11 Aerospace Structures

Extensive capabilities to engineer complex composite aerostructures

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 12 Aerospace Structures

Overview Products & Services Business Overview Major Customers Sales by Market Regional, 2% Other, 1% TAS provides fully integrated, $2.1B Revenue (FY’19) • Boeing

turn-key composite and 15 Locations* • Gulfstream Business, 35% metallic major assemblies, and • Airbus interior system solutions • Northrup Grumman employing the latest product development and Commercial, 50% manufacturing tools, processes Military, 12% and software to its diverse portfolio of commercial and

military customers. Excludes Intercompany Sales and Contract Liability Amortization Capabilities Fuselage Aircraft Nacelle Insulation Fuselage Empennage Ducting Composites Panels Wings Products Blankets

* After December 2019 divestiture of Nashville business TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 13 Quality of Backlog

Highlights Backlog & Margin Trend $5 16.8% 18% • Divested low-margin Build-to-Print businesses $4 14% • Transitioning development and underperforming programs 11.2% • Sunsetting programs continue to decline $3 10%

• Military growth has enhanced stability TTMGM% Backlog ($ ($ billions) Backlog $2 6% • Rate reductions impacting average margin programs • Margins increased 560 bps over 12 month period $1 2%

Margins presented equal gross margin after depreciation on a trailing 12-month basis Margins enhanced by improving quality of overall backlog

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 14 Top Programs in Backlog

Integrated Systems Aerospace Structures

Boeing 737 Boeing 767, Tanker Airbus A320, A321 Gulfstream G650 Boeing 787 Boeing 787 Boeing V-22 Boeing 747 Boeing AH-64 Boeing 737 Boeing CH-47 Boeing 777 Sikorsky UH60 Airbus A350 Boeing F-18 NG Global Hawk Lockheed Martin C-130 Boeing V-22 Sikorsky CH-53 Gulfstream G550 Represents 56% of Represents 83% of Integrated Systems backlog Aerospace Structures backlog

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 15 The Path to a Stronger Triumph…

PRODUCT • Accessory Component FY2019 Path to FY2019 Repair Mar As Rptd Value Actions PF Mar * SUPPORT • Interior Refurbishment $0.3B PF FY19 Sales • Structural Component ~18% FY19 EBITDAP Margin Repair • REVENUE TIS/TPS ~ 5% Shrink to grow in core businesses TIS/TPS ~ 6% FY21 ~21% EBITDAP Margin Fuel System Services GROWTH TAS ~ 6% TAS ~ (3%) • Electro-Mechanical Shift toward higher IP and aftermarket INTEGRATED Actuation CONTRACT product offerings $ SYSTEMS MANUFACTURING % ~61% ~ 55% 2.8B • Fluid Power $1.0B PF FY19 Sales • Mechanical Actuation TGI ANNUAL ~15% FY19 EBITDAP Margin • Fuel Systems Adj. EBITDAP Leaner model; increased profits REVENUE* FY21 ~19% EBITDAP Margin • Gear Systems MARGIN ~4% ~ 7%

AEROSPACE • Composite Components STRUCTURES • Interiors BACKLOG ~(16%) Increased; profitable backlog ~ 4% • Military Structures GROWTH $1.5B PF FY19 Sales ~5% FY19 EBITDAP Margin • Commercial Structures FY21 ~10% EBITDAP Margin

* Proforma represents divestitures completed as of 4/1/18 FY19. See appendix for details.

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 16 …Focused on our Core

PRODUCT • Accessory Component FY2019 FY2019 Core Repair PF Mar * PF Mar * SUPPORT • Interior Refurbishment $0.3B PF FY19 Sales • Structural Component Repair ~18% FY19 EBITDAP Margin • Fuel System Services TIS/TPS ~ 6% FY21 ~21% EBITDAP Margin REVENUE CORE ~ 6% GROWTH TAS ~ (3%) INTEGRATED • Electro-Mechanical Actuation CONTRACT $ SYSTEMS MANUFACTURING % ~55% Aerospace Structures ~43% 1.6B • Fluid Power $1.0B PF FY19 Sales • Strategic Alternatives Mechanical Actuation TGI ANNUAL ~15% FY19 EBITDAP Margin • Fuel Systems Review Adj. EBITDAP REVENUE* FY21 ~19% EBITDAP Margin • Gear Systems MARGIN ~7% ~10%

INTERIOR • Insulation Blankets BACKLOG ~4% ~5% SYSTEMS • Ducting GROWTH • Floor Panels $0.3B PF FY19 Sales • Composite Interior ~15% EBITDAP FY19 Margin Components FY21 ~15% EBITDAP Margin

* Proforma represents divestitures completed as of 4/1/18 FY19. Proforma core represents Integrated Systems, Product Support and Interiors businesses.. See appendix for details.

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 17 Triumph MRO Coverage

Total MRO Spend by Region: 2019 - 2029 MRO Sites

TIS TPS PN

PN= Partnerships

Source: 2019 Oliver Wyman Global Fleet MRO Market Forecast

Well-positioned to support robust global MRO demand

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 18 TGI MRO Focused on Components Segment

Source: 2019 Oliver Wyman Global Fleet MRO Market Forecast • Gearboxes • Heat exchangers • FADEC units • Fuel & Hydraulic pumps, power packs, & RATs • Air & Vapor cycle machines • Generators • Nose wheel steering • Thrust reversers • Fuel metering units • Power transfer units • Inlets, nacelles • Winglets • Actuation & uplocks • Hydraulic fuses, accumulators, • Interior components • Flight control surfaces and control valves • Insulation Triumph’s proprietary component portfolio well matched with market demand

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 19 Aftermarket Cross-Selling Strategy

Customers  Actions:

Platform OEMs Distributors Military Engine / System Airlines & − Assess leakage OEMs Operators − Upgrade talent

− Export Best Practices between businesses Triumph Integrated Systems Triumph Product Support − Engage TPS sales team Third-Party Test, Repair & − Enhance customer support & OEM Spare End Item Sales Overhaul Services responsiveness

OEM Spare Piece Part Sales Repair Management Services − Go to Market as one TGI MRO team (1-833-FLY-WTGI)

Innovative Support Solutions − Create one face to the customer

OEM Test, Repair & − Continued execution of strategic Overhaul Services partnership efforts to drive global reach

Collaborating across business units to grow aftermarket

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 20 Consolidated Quarterly Results

($ in millions) FY’20 Q3 FY’19 Q3  Organic sales increase of 8% Net Sales $705 $808 − Increase across all business units

 FY’20 Q3 Adjusted operating income excludes: Operating Profit/(Loss) 2 (17) − $1M union OPEB-related incentives − $(4M) legal settlement gain Operating Margin 0% (2)% − $60M loss on sale of assets and businesses − $5M restructuring costs

Adjusted Operating Income* $64 $38  FY’19 Q3 Adjusted operating income excludes: − $52M forward loss charges Adjusted Operating Margin 9% 5% − $2M restructuring costs

*See Appendix for Non-GAAP reconciliation

Diversified product offering and improved execution enhanced operating results

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 21 Free Cash Flow Walk

FY’20 Q3 Consolidated ($ in millions)

Net Loss $ (14) Cash Drivers Non-cash items:  Restructuring used $5M in Q3 Depreciation & Amortization 30 Interest Expense & Other 33  Q3 FY’20 Net working capital growth of $11M includes: Amortization of Acquired Contracts (17) − $20M advance liquidations Loss on divestiture 60 Pension & OBEB (Income)/ Expense (14) − $10M use on G280 Share-based Expense 3 Income Tax Benefit (4) Cash uses: Working Capital Change (11) Interest Payments (12) Capital Expenditures (10) See Appendix for reconciliation of cash used in operations to free cash use OPEB Payments (2) Tax Payments, net (2) Free Cash Flow $ 40

Triumph shifted from cash use to cash generation

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 22 Net Debt & Liquidity

($ in millions) FY’20 Q3

Cash $ (54)  Cash and Availability ~ $635M  Senior Secured Leverage Ratio ~1.9x vs. 3.50x $639M Revolving Credit Facility --  $75M Receivable Securitization Facility 75 First Lien Leverage Ratio ~0.4x vs. 2.50x Capital Leases 26  Interest Coverage Ratio ~3.4x vs. 2.75x 2014 Senior Notes Due 2022 300 2019 Senior Notes Due 2024 525 2017 Senior Notes Due 2025 500 Net Debt $ 1,372

Strong liquidity, extended maturities timing and covenant compliant

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 23 FY’20 Guidance

TGI Guidance Prior Guidance Revenue $2.8B – $2.9B $2.8B – $2.9B

GAAP EPS $1.28 – $1.48 $1.34 – $2.35

Adjusted EPS $2.35 - $2.55 $2.35 – $2.95 FCF $0M – $50M $0M – $50M

Capex $40M -$50M $50M – $60M Effective Tax Rate* ~10% ~21%

*Represents the normalized tax rate of 21%, adjusted for anticipated reduction through partial release of the valuation allowance Business focused on core growth, improved margins and FCF generation

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 24 FY’20 Cash Flow Guidance

TGI Guidance Prior Guidance

Cash from operations $40M – $100M $50M – $110M Capex $40M – $50M $50M – $60M FCF $0M – $50M $0M – $50M

Advance Liquidations ($60M) ($80M)

See Appendix for reconciliation of cash used in operations to free cash use

Achievement of positive cash flow reflects progress in turnaround

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 25 Concluding Remarks

• Delivered strong Q3 results

• Maintain positive Free Cash Flow guidance in FY’20

• Transformation positions Triumph for profitable growth

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 26 Our Vision Our Mission Our Values

We aspire to be the premier design, As One Team, we partner with our Integrity manufacturing and support company customers to triumph over the hardest Continuous Improvement whose comprehensive capabilities, aerospace, defense and industrial integrated processes and innovative challenges, enabling us to deliver value Teamwork employees advance the safety and to our shareholders. Innovation prosperity of the world. Act with Velocity

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 27 Appendix

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 28 Supplemental Data

Pension/OPEB Analysis ($ in millions) FY’20 FY’19

Pension Expense (Income) ^ ≈ ($43) ≈ ($51)

Cash Pension Contribution ≈ $2 ≈ $5

OPEB Expense (Income) ^ ≈ ($10) ≈ ($10)

Cash OPEB Contribution ≈ $15 ≈ $12

^ Excludes impact from one-time adjustments such as curtailments, settlements or special termination benefits.

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 29 Non-GAAP Disclosure

Non-GAAP Financial Measure Disclosures (continued)

Adjusted income from continuing operations, before income taxes, adjusted income from continuing operations and adjusted income from continuing operations per diluted share, before non-recurring costs have been provided for consistency and comparability. These measures should not be considered in isolation or as alternatives to income from continuing operations before income taxes, income from continuing operations and income from continuing operations per diluted share presented in accordance with GAAP. The following tables reconcile income from continuing operations before income taxes, income from continuing operations, and income from continuing operations per diluted share, before non-recurring costs.

Three Months Ended December 31, 2019 Pre-Tax After-Tax Diluted EPS Loss from continuing operations - GAAP $ (17,528 ) $ (13,846 ) $ (0.27 ) Adjustments: Loss on sale of assets and businesses, net 60,019 47,415 0.93 Legal judgment gain, net of expenses (3,857 ) (3,047 ) (0.06 ) Union incentives 1,400 1,106 0.02 Restructuring costs 4,744 3,748 0.07

Adjusted income from continuing operations - non-GAAP $ 44,778 $ 35,376 $ 0.69

Nine Months Ended December 31, 2019 FY20 EPS Pre-Tax After-Tax Diluted EPS Guidance Range Income from continuing operations - GAAP $ 59,420 $ 46,943 $ 0.93 $1.28 - $1.48 Adjustments: Loss on sale of assets and businesses, net 55,190 43,600 0.86 1.07 Curtailment gain & special termination gain, net (14,373 ) (11,355 ) (0.22 ) (0.28 ) Legal settlement gain, net of expenses (9,257 ) (7,313 ) (0.14 ) (0.18 ) Union incentives 7,071 5,586 0.11 0.14 Restructuring costs 13,490 10,657 0.21 0.26 Refinancing cost 3,030 2,394 0.05 0.06

Adjusted income from continuing operations - non-GAAP* $ 114,571 $ 90,512 $ 1.79 $2.35 - $2.55 * Differences due to rounding

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 30 Non-GAAP Disclosure

Non-GAAP Financial Measure Disclosures (continued)

Adjusted Operating Income is defined as GAAP Operating Income, less expenses/gains associated with the Company's transformation, such as restructuring expenses, gains/losses on divestitures, defin ed benefit plan gains/losses from curtailments, settlements, etc; impairments of goodwill and other assets. Management believes that this is useful in evaluating operating performance, but this measure should not be used in isolation. The following table r econciles our Operating income to Adjusted Operating income as noted above.

Three Months Ended Nine Months Ended December 31, December 31, December 31, December 31, 2019 2018 2019 2018 Operating income (loss) - GAAP $ 1,661 $ (16,933 ) $ 98,209 $ (85,482 ) Adjustments: Adoption of ASU 2017-07 — — — 87,241 Loss on sale of assets and businesses, net 60,019 — 55,190 17,837 Global 7500 forward loss charge — 40,498 — 60,424 E2 Jet program forward loss charge — 9,162 — 9,162 G280 program forward loss charge — 2,516 — 2,516 Reduction of prior Gulfstream forward loss — — — (7,624 ) Restructuring costs 4,744 2,327 13,490 18,206 Legal judgment gain, net of expenses (3,857 ) — (9,257 ) — Union incentives 1,400 — 7,071 —

Adjusted operating income - non-GAAP $ 63,967 $ 37,570 $ 164,703 $ 102,280

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 31 Non-GAAP Disclosure

FINANCIAL DATA (UNAUDITED)

TRIUMPH GROUP, INC. AND SUBSIDIARIES (dollars in thousands)

Non-GAAP Financial Measure Disclosures (continued)

Cash provided by operations, is provided for consistency and comparability. We also use free cash flow as a key factor in planning for and consideration of strategic acquisitions and the repayment of debt. This measure should not be considered in isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating results presented in accordance with GAAP. The following table reconciles cash provided by operations to free cash flow.

Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Cash flow (provided by) used in operations $ 49,881 $ 4,063 $ 39,288 $ (193,116 ) Less: Capital expenditures (10,255 ) (10,570 ) (27,250 ) (34,824 ) Free cash flow (use) $ 39,626 $ (6,507 ) $ 12,038 $ (227,940 )

The Company provides cash flow guidance on non -GAAP basis adjusting capital expenditures from cash from operations to arrive at free cash flow. The following table reconciles cash from operations on a GAAP basis to free cash flow guidance.

FY20 Cash Flow Guidance Range Cash flow from operations $40,000 - $100,000 Less: Capital expenditures $40,000 - $50,000 Free cash flow $0 - $50,000

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 32 Non-GAAP Disclosure

The following includes a discussion of our consolidated and business segment results of operations. The Company’s diverse structure and customer base do not allow for precise comparisons of the impact of price and volume changes to our results. However, we have disclosed the significant variances between the respective periods.

Non-GAAP Financial Measures We prepare and publicly release quarterly unaudited financial statements prepared in accordance with U.S. GAAP. In accordance with Securities and Exchange Commission (the "SEC") guidance on Compliance and Disclosure Interpretations, we also disclose and discuss certain non-GAAP financial measures in our public filings and earning releases. Currently, the non-GAAP financial measures that we disclose are Adjusted EBITDA, which is our income from continuing operations before interest, income taxes, amortization of acquired contract liabilities, legal settlements, depreciation and amortization; and Adjusted EBITDAP, which is Adjusted EBITDA, before pension. We disclose Adjusted EBITDA on a consolidated and Adjusted EBITDAP on a consolidated and a reportable segment basis in our earnings releases, investor conference calls and filings with the SEC. The non-GAAP financial measures that we use may not be comparable to similarly titled measures reported by other companies. Also, in the future, we may disclose different non-GAAP financial measures in order to help our investors more meaningfully evaluate and compare our future results of operations with our previously reported results of operations.

We view Adjusted EBITDA and Adjusted EBITDAP as operating performance measures and, as such, we believe that the U.S. GAAP financial measure most directly comparable to it is net income. In calculating Adjusted EBITDA and Adjusted EBITDAP, we exclude from net income (loss) the financial items that we believe should be separately identified to provide additional analysis of the financial components of the day-to-day operation of our business. We have outlined below the type and scope of these exclusions and the material limitations on the use of these non-GAAP financial measures as a result of these exclusions. Adjusted EBITDA and Adjusted EBITDAP are not measurements of financial performance under U.S. GAAP and should not be considered as a measure of liquidity, as an alternative to net income (loss), income from continuing operations, or as an indicator of any other measure of performance derived in accordance with U.S. GAAP. Investors and potential investors in our securities should not rely on Adjusted EBITDA or Adjusted EBITDAP as a substitute for any U.S. GAAP financial measure, including net income (loss) or income from continuing operations. In addition, we urge investors and potential investors in our securities to carefully review the reconciliation of Adjusted EBITDA and Adjusted EBITDAP to net income (loss) set forth below, in our earnings releases and in other filings with the SEC and to carefully review the U.S. GAAP financial information included as part of our Quarterly Reports on Form 10-Q and our Annual Reports on Form 10-K that are filed with the SEC, as well as our quarterly earnings releases, and compare the U.S. GAAP financial information with our Adjusted EBITDA and Adjusted EBITDAP. Adjusted EBITDA and Adjusted EBITDAP are used by management to internally measure our operating and management performance and by investors as a supplemental financial measure to evaluate the performance of our business that, when viewed with our U.S. GAAP results and the accompanying reconciliation, we believe provides additional information that is useful to gain an understanding of the factors and trends affecting our business. We have spent more than 20 years expanding our product and service capabilities, partially through acquisitions of complementary businesses. Due to the expansion of our operations, which included acquisitions, our income from continuing operations has included significant charges for depreciation and amortization. Adjusted EBITDA and Adjusted EBITDAP exclude these charges and provides meaningful information about the operating performance of our business, apart from charges for depreciation and amortization. We believe the disclosure of Adjusted EBITDA and Adjusted EBITDAP helps investors meaningfully evaluate and compare our performance from quarter to quarter and from year to year. We also believe Adjusted EBITDA and Adjusted EBITDAP are measures of our ongoing operating performance because the isolation of non-cash charges, such as depreciation and amortization, and non-operating items, such as interest, income taxes, pension and other postretirement benefits, provides additional information about our cost structure and, over time, helps track our operating progress. In addition, investors, securities analysts and others have regularly relied on Adjusted EBITDA and Adjusted EBITDAP to provide financial measures by which to compare our operating performance against that of other companies in our industry.

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 33 Non-GAAP Disclosure

Set forth below are descriptions of the financial items that have been excluded from our net income to calculate Adjusted EBITDA and Adjusted EBITDAP and the material limitations associated with using these non-GAAP financial measures as compared to net income (loss) or income from continuing operations: • Divestitures may be useful for investors to consider because they reflect gains or losses from sale of operating units. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations. • Legal settlements may be useful for investors to consider because it reflects gains or losses from disputes with third parties. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations. • Non-service defined benefit income from our pension and other postretirement benefit plans (inclusive of the adoption of ASU 2017-07) may be useful for investors to consider because they represent the cost of post retirement benefits to plan participants, net of the assumption of returns on the plan's assets and are not indicative of the cash paid for such benefits. We do not believe these earnings (expenses) necessarily reflect the current and ongoing cash earnings related to our operations. • Amortization of acquired contract liabilities may be useful for investors to consider because it represents the non-cash earnings on the fair value of off-market contracts acquired through acquisitions. We do not believe these earnings necessarily reflect the current and ongoing cash earnings related to our operations. • Amortization expense (including intangible asset impairments) may be useful for investors to consider because it represents the estimated attrition of our acquired customer base and the diminishing value of product rights and licenses. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure. • Depreciation may be useful for investors to consider because it generally represents the wear and tear on our property and equipment used in our operations. We do not believe these charges necessarily reflect the current and ongoing cash charges related to our operating cost structure. • The amount of interest expense and other we incur may be useful for investors to consider and may result in current cash inflows or outflows. However, we do not consider the amount of interest expense and other to be a representative component of the day-to-day operating performance of our business. • Income tax expense may be useful for investors to consider because it generally represents the taxes which may be payable for the period and the change in deferred income taxes during the period and may reduce the amount of funds otherwise available for use in our business. However, we do not consider the amount of income tax expense to be a representative component of the day-to-day operating performance of our business.

Management compensates for the above-described limitations of using non-GAAP measures only to supplement our U.S. GAAP results and to provide additional information that is useful to gain an understanding of the factors and trends affecting our business.

The unaudited pro forma condensed financial data for the fiscal year ended March 31, 2019 assumes that the completed transition of the Global 7500 Program, as well as the combined effect of the fiscal 2019 divestitures all took place on April 1, 2018. Triumph’s unaudited consolidated statements of operations for the fiscal year ended March 31, 2019 have been adjusted to remove the financial results of the Global 7500 Program, as well as the combined financial results of the fiscal 2019 divestitures.

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 34 Non-GAAP Disclosure

Fiscal year ended Fiscal year ended Fiscal year ended March 31, 2019 Completed March 31, 2019 Non-core March 31, 2019 ($ in millions) (Unaudited) Divestitures Pro Forma Operations Core Operations Integrated Systems $ 1,043 $ - $ 1,043 $ - $ 1,043 Aerospace Structures 2,062 529 1,533 1,214 319 Product Support 284 31 253 - 253 Eliminations (24) - (24) - (24) Net Sales 3,365 560 2,805 1,214 1,591

Integrated Systems $ 158 $ - $ 158 $ - $ 158 Aerospace Structures (152) (92) (60) (96) 35 Product Support 43 2 42 - 42 Corporate (323) (235) (88) - (88) Operating Income (275) (325) 51 (96) 146

Integrated Systems $ 29 $ - $ 29 $ - $ 29 Aerospace Structures 111 18 94 82 11 Product Support 6 1 5 - 5 Corporate 3 - 3 - 3 Depreciation & Amortization 150 19 131 82 48

Integrated Systems $ (34) $ - $ (34) $ - $ (34) Aerospace Structures (33) - (33) (33) - Amortization of acquired contract liabilities (67) - (67) (33) (34)

Other EBITDAP Adjustments Loss on divestitures (1) $ 235 $ 235 $ - $ - $ - Adoption of ASU 2017-07 (2) 87 18 70 70 -

Integrated Systems $ 153 $ - $ 153 $ - $ 153 Aerospace Structures 13 (57) 70 23 47 Product Support 50 3 46 - 46 Corporate (85) - (85) - (85) Adjusted EBITDAP 130 (53) 184 23 161

Cash flow used in (provided by) operations $ (174) $ (234) $ 60 $ (64) $ 124 Capital expenditures (47) (3) (44) (24) (20) Free cash flow (use) $ (221) $ (237) $ 16 $ (87) $ 104

Notes> All amounts are unaudited (1) Adjustment included in Corporate results (2) Adjustment included in Aerospace Structures results

TRIUMPH GROUP / INVESTOR OVERVIEW / FEBRUARY 2020 35