Turbo Power : Result of AGM

TURBO POWER SYSTEMS

Press Release

25 May 2017

TPS, the innovative high-speed electrical machines and power electronic systems provider, is pleased to announce that at its Annual General and Special Meeting held earlier today, all proposed resolutions were duly passed, including, inter alia, the special resolution to approve the proposed cancellation of the admission of the Company's Common Shares to trading on AIM ("Cancellation").

As a result, the last day of dealings of the Company's Common Shares on AIM will be Friday 2 June 2017 and the Cancellation will become effective at 7.00 a.m. on Monday 5 June 2017, subject to a dealing notice, as defined in the AIM Rules for Companies, being issued.

Details of a Matched Bargain Facility to facilitate the trading of the Company's Common Shares following the Cancellation of the AIM listing will shortly be made available to Shareholders on the Company's website at www.turbopowersystems.com/investors, with detail on the main terms set out below:

• The facility will be made available through BritDAQ Ltd, who will provide a platform to buy or sell the Company's Common Shares through the BritDAQ website (www.britdaq.com).

• BritDAQ will be Authorised and Regulated by the Financial Conduct Authority from 1 June 2017.

• Gold BritDAQ membership (membership is free) is required.

• If Common Shares are held through a nominee company, then the Shareholder should request that the Common Shares be transferred (using a Share Transfer Form) into their own name when ready to trade. An on-line share certificate will be issued at no charge.

• When a Shareholder wishes to trade on BritDAQ, the Shareholder enters the buy or sell quantity and the associated price. Other BritDAQ members will then be able to match that offer or propose a counter-bid or counter-offer. Once agreed BritDAQ will deal with the administration and arrange for the associated transfer of funds between the parties, at which point a fee for the service will become due and payable by the shareholder.

• On the BritDAQ website investors can subscribe to Breakers, the BritDAQ update system, for any company on the BritDAQ platform that interests them.

• Further information can be found on www.britdaq.com or via admin@britdaq.com

The Matched Bargain Facility will be made available by BritDAQ Ltd upon the Cancellation becoming effective.

Shareholders should note that, following the Cancellation becoming effective, inter alia, there will be no formal market mechanism enabling the Shareholders to trade Common Shares on AIM and, furthermore, no other recognised market or trading facility (other than the proposed Matched Bargain Facility referred to in above) will be available to enable trading of the Common Shares and it may be more difficult for Shareholders to determine the market value of their investment in the Company at any given time.

The Company will endeavour to continue to provide certain facilities and services to Shareholders that they currently enjoy as shareholders of an AIM company. Following the Cancellation, the Company will:

• continue to communicate information about the Company (including annual accounts) to its Shareholders, as required by law, and the Company will continue to hold annual general meetings; and

• continue to maintain its website, www.turbopowersystems.com and to post updates on the website from time to time (being at least every six months), although Shareholders should be aware that there will be no obligation on the Company to include all of the information required under AIM Rule 26 or to update the website as required by the AIM Rules.

All defined terms in this announcement, unless otherwise defined, will have the same meaning as those defined in the Management Proxy and Information Circular dated 19 April 2017, available at www.turbopowersystems.com/investors/press-releases/pr-2017 .

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