"Our goal is to build substantial shareholder value ..."

  Ronan O'Caoimh, Chairman

Dear Shareholder,

We have been busy during 1997. Among the key achievements are:

• First profitable year - $1.2m.
• Revenues increased from $7m to $17m.
• 12 new products from R&D.
• 8 FDA approvals.
• Licence of cancer markers from Centocor Inc.
• Acquisition and integration of Clark Laboratories, New York.
• Acquisition, integration and rationalisation of Centocor UK.
• Extension of Pregnancy Agreement with Warner-Lambert to 2001.
• Uni-Gold™ HIV Agreement with SmithKline Beecham in Africa.
• Exclusive Marketing Agreement with Carter Wallace in USA.
• Construction of a new 42,000 sq. ft. manufacturing facility in Dublin.

At the start of 1996 Trinity had 3 products. Today the Company has a portfolio of 90 products, 80 of which are FDA approved. The Company sells these products through a mixture of strategic alliances with multi-national healthcare companies and through national distributors. The Company's proven ability to forge strategic alliances has been demonstrated again this year with new agreements with SmithKline Beecham, Warner-Lambert and Carter Wallace. During 1997 the Company significantly expanded its distributor network and now has 110 distributors operating in 65 countries.

The key to Trinity's growth prospects is its unique and patented Uni-Gold™ technology and the expertise of its scientists in the development of immunoassays for both microtitre plate and one step Uni-Gold™ tests.

Trinity's Uni-Gold™ tests are simple and easy to use one-step tests. These tests open up access to both the point-of-care (Doctor's office) and over-the-counter markets. These markets will experience high growth over the coming years driven by technology advances, cost savings and increased health awareness among the public at large. Trinity is uniquely positioned to benefit from these developments with its enabling technology.

During 1997 Trinity invested $2.1m in research and development both in-house and with various universities. Our in-house scientists developed 12 new Uni-Gold™ and microtitre plate products during 1997 and it is expected that this number will be exceeded in 1998.

During 1997 Trinity entered the cancer diagnostics market with the purchase of a licence to Centocor's oncology markers. This deal gives Trinity access to the premier cancer markers available in the world. Our scientists are currently developing a range of both plate and rapid products using the Centocor markers. We believe the market for these products has enormous potential.

The Board of the Company has been strengthened through the appointment of Dr Allan Pronovost as Non-Executive Director. Dr Pronovost is a former Vice-President of Research and Development at Quidel and brings enormous scientific experience to the Company.

We would like to express our gratitude to our 190 employees, without whose dedication and commitment the achievements of the year would not have been possible.

We believe that we will achieve significant organic growth given the quality of our technology, scientists, products and distribution network. With the completion of our new Irish facility, we have the manufacturing capability to meet our expected growth. We believe that we have demonstrated a capability to source, close and integrate acquisitions. We intend to supplement our organic growth through the selective acquisition of companies or product lines. We hope to leverage our profitability and cashflows so that such acquisitions can be completed with minimum dilution. Our goal is to build substantial shareholder value for you, our owners, through significant earnings per share growth.

Yours sincerely

________________
Ronan O'Caoimh

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