INDUSTRIAL

AEROSPACE & DEFENSE

Investor Update

Scott Buckhout

January 13, 2021

Safe Harbor

This presentation contains certain statements that are "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "may," "should," "expect," "plan," "intend," "believe," "predict," "potential," "continue," and other expressions, which are predictions of or indicate future events and trends and which do not relate to historical matters, identify forward-looking statements, although

not all forward-looking statements are accompanied by such words. We believe that it is important to communicate our future expectations to our stockholders, and we, therefore, make forward-looking statements in reliance upon the safe harbor provisions of the Act. However, there may be events in the future that we are not able to accurately predict or control and our actual results may differ materially from the expectations we describe in our forward-looking statements. Forward-looking statements, including statements about the expected and potential direct or indirect impacts of the COVID-19 pandemic on our business and execution of our strategic plan, involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the duration and severity of the COVID-19 pandemic and its impact on the global economy; any adverse changes in governmental policies; variability of raw

material and component pricing; changes in our suppliers' performance; fluctuations in foreign currency exchange rates; changes in tariffs or other

taxes related to doing business internationally; our ability to hire and retain key personnel; our ability to operate our manufacturing facilities at efficient levels including our ability to prevent cost overruns and reduce costs; our ability to generate increased cash by reducing our working capital; our prevention of the accumulation of excess inventory; restructuring or simplification strategies; fluctuations in interest rates; as well as the uncertainty associated with the current worldwide economic conditions and the continuing impact on economic and financial conditions in the United States and around the world, including as a result of COVID-19, Brexit, natural disasters, terrorist attacks, and other similar matters. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ FURTHER ABOUT THESE AND OTHER RISK FACTORS SET FORTH IN THE "RISK FACTORS" OF OUR ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2019, WHICH IS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC") AND IS AVAILABLE ON THE SEC'S WEBSITE AT WWW.SEC.GOV, AND SUBSEQUENT REPORTS ON FORMS 10-Q, WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR WEBSITE AT WWW.CIRCOR.COM.We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

See page 20 for information on the use of non-GAAP financial measures.

1

Leading Provider of Mission Critical Flow Control Products Globally

CIRCOR COMPANY PROFILE

$869M

~3,500

Revenue by End Markets

Products for mission

2019

critical and severe

2019 REVENUE

EMPLOYEES

service applications

  • Leader in niche segments with benefits of scale
  • Global and diverse end markets with longstanding customer base
  • Proven operator with clear roadmap for value creation

$112M

~13%

Defense

Aerospace &

2019 ADJUSTED

2019 ADJUSTED

27%

Downstream

EBITDA ($)

EBITDA (%)

O&G

Industrial

%

46%

Select Brands

Aftermarket

27%

Revenue by Geography

2019

ROW 16%

Pumps

Valves

Actuation

North

America

46%

EMEA

38%

Three-Screw

Centrifugal

Bottom Unheading

Electromechanical

Device

Actuation

* 2019 Proforma Financials Reflecting Continuing Operations

2

CIRCOR Today

A Leading Supplier Of Mission Critical Flow Control Applications

  • Differentiated technologies with customer specific solutions
    • Superior technology and custom solutions that serve mission critical markets and sustain a competitive advantage
  • Exceptional aftermarket service and support
    • Critical to win and retain customers in mission critical markets
    • Installed base provides high-margin recurring revenue
  • Presence in major markets for scale and growth
    • Provides scale required for higher returns while serving niche market segments
    • Leverages investments in engineering, manufacturing, supply chain, etc

3

CIRCOR End Market Diversification

CIRCOR 2019 Revenue by End Market

Recent Highlights

Aftermarket

27%

Aerospace & Defense

27%

Industrial

46%

Aerospace & Defense (5%)

Industrial (22%)

Commercial Aerospace (8%)

Defense (14%)

Other End Markets (5%)

Downstream O&G (10%)

Machinery Manufacturing

Commercial Marine

Chemical Processing

Midstream O&G

Power

Building & Construction

Wastewater

Other End Markets

• Completed exit from Upstream Oil & Gas with divestiture of Distributed Valves

• Large global installed base driving higher

margin Aftermarket orders, mitigating broader

economic decline

• Key program wins and existing platform growth

in Defense driving strong performance

OEM

• Strength in Defense offsetting pressure in

73%

Commercial Aerospace due to COVID-19

• Diversified Industrial portfolio with no end

market more than 6% of revenue

Note: Revenue excludes divested businesses.

4

Numbers may not add due to rounding.

CIRCOR 2020 Summary

Strong Year Despite Unprecedented Macro Challenges

Resilient business portfolio continues to deliver

  • End market and product diversification mitigating impact of weaker economic environment
  • Regional diversity in Industrial end markets serving as a natural hedge
  • Robustness in Defense offsetting pressure from Commercial Aerospace
  • Mission critical product portfolio ensuring price increases despite market downturn

Strong Operational Execution

  • Continued focus on productivity and cost resulting in favorable decrementals
  • $45 million of structural and temporary cost actions for 2020
  • Aerospace and Defense strong margin expansion driven by productivity and price
  • CIRCOR Operating System delivering improved operating performance across most metrics

Positioning CIRCOR to take advantage of market recovery

  • 49 new product launches in 2020
  • Close collaboration with suppliers and customers to ensure available capacity as demand recovers
  • Continued focus on deleveraging and liquidity

5

Strategic Priorities

People

Growth

Margin Expansion

Digital

Transformation

M&A

  • Attract the best people
  • Develop critical talent
  • Build an inclusive, growth-oriented culture
  • New products and programs
  • Regional expansion
  • Aftermarket
  • Strategic pricing
  • Low-costfootprint - India, China and Morocco
  • G&A optimization
  • CIRCOR Operating System
  • Enhance our products
  • Improve the customer experience
  • Business intelligence and automation
  • Bolt-onsin Industrial and A&D
  • Logical adjacencies

6

People

Talent Attraction

Talent Development

Culture

Hire best talent

Develop and retain critical talent

Build inclusive, growth-oriented

culture

Strong employee value proposition

Targeted development actions

• Shared Purpose, Mission and Values

Competitive Total Rewards

Leadership development programs

Diversity & Inclusion

Strong employer brand

Rigorous succession planning

Site based engagement plans

7

Growth

New Products and Programs Regional Expansion

• A&D executing on a solid pipeline of

Strong focus on regional

new programs

expansion in Industrial - China,

India and USA

• Industrial driving digitalization of

products and suite of automation

Opportunity to grow commercial

solutions

marine in Asia

Industrial downstream

leveraging India low-cost

structure to penetrate new

markets

8

Aftermarket

  • Dedicated organizations to drive aftermarket growth inside A&D and Industrial
  • Proactively managing large installed base in Industrial to provide enhanced after-sales support
  • Forming service partnerships at local level in more remote regions

Margin Expansion

Pricing

  • Aftermarket Focus
  • Value-based
  • Surgical
  • Prices reflect product positioning and value

Optimize & Transition

Manufacturing

  • Outsource non-core
  • Transition to low cost
  • Optimize G&A
  • Lower costs, improved controls
  • Promotes centers of excellence
  • Local for local

9

Drive COS

  • Continuous improvement
  • Engage workforce
  • Clear goals, accountability, and recognition
  • Safety, quality, and delivery
  • Reduced lead times
  • Better working capital

Digital Transformation

Product Enhancement

IIoT

Smart Products

  • Digital tagging for select products
  • Smart connected devices
  • Condition Monitoring

Ease of Doing Business

Operational Capabilities

Simplify Buying Process

Business Intelligence and

Automation

Configure, Price, Quote customer

Roll-out business intelligence

interface

platform across CIRCOR

Enhance and expand CRM

Virtual prototyping tools for

engineering

  • Improve insights from installed base

• Enhanced cyber security

10

Financial Outlook

Organic Growth

Margin Expansion

• +100 to 150 bps higher than end market

• Near term (18-24 months) AOI% outlook

growth driven by strategic initiatives

Industrial: low teens

A&D: mid 20s

  • Continued execution on price initiatives

• CIRCOR Operating System delivering improved operating performance

Free Cash Flow

Debt & Leverage

• FCF conversion of 90-95% of adjusted

Operating cash flow used to pay down

net income

debt

• Intense focus on working capital

Targeting long-term leverage ratio of 2 to

2.5x net debt to EBITDA

11

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Disclaimer

Circor International Inc. published this content on 13 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2021 15:11:04 UTC