AEROSPACE, DEFENSE & GOVERNMENT SERVICES

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1 Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-3, 603 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

2 Number of Deals BBD.B BA EMBR3 AIR TDG ZC HEI ROLL WWD BEAV COL KLXI HXL WAI R ATRO MGGT KAMN ESL HRX SNR B SAF MOG.A LMIA DCO MAL GKN BBA SPR AIR TGI AME ETN HON PH CW UTX RR. CR TXT GE AEROSPACE VALUATION AND M&A TRANSACTION DATA STOCK PERFORMANCE AND TRADING MULTIPLES ($ in millions) Aircraft OEMs CY16E CY16E CY16E Current Market % of Stock Price Rev enue EBITDA EBITDA MarginStock Price Cap 2-Wk High YoY Change EV / CY 16E EBITDA Bombardier $17,078 $7 4.2% $0.99 $2, % (48.6%) Boeing 93,968, % , % (13.1%) Embraer 6, % , % (11.0%) Airbus 74,673 7,2 9.7% ,72 88.% (0.8%) Aerospace Equipment and Structural Components 7.1x 8.3x 12.3x Median: 7.7x TransDigm Group $3,2 $1,462 4.% $2.07 $12, % 4.8% Zodiac Aerospace, % 21.26, % (43.1%) HEICO 1, % , % 0.4% RBC Bearings % , % 13.7% Woodward 2, % , % 6.6% B/E Aerospace 2, % , % (23.8%) Rockwell Collins,432 1, % , % (4.7%) KLX Aerospace 1, % ,7 70.6% N/A Hexcel 2, % , % (9.1%) Wesco Aircraft 1, % , % (8.8%) Astronics % % (48.1%) Meggitt 2, % 6.0 4, % (27.7%) Kaman 1, % , % (0.4%) Esterline Technologies 1, % , % (41.2%) Heroux-Dev tek % % 27.7% Senior 1, % , % (29.%) Barnes Group 1, % 3.8 1,9 8.2% (11.%) Safran,290 3, % , % (8.1%) Moog 2, % , % (36.%) LMI Aerospace % % (.9%) Ducommun % % (34.3%) Magellan Aerospace % % 8.8% GKN 12,183 1, % , % (22.0%) BBA Av iation 2, % ,999 6.% (41.%) Spirit AeroSystems 6,702 1, % , 81.2% (9.0%) AAR 1, % % (32.3%) Triumph Group 3, % , % (44.0%) Diversified Industrial Heavy Aerospace Exposure Ametek $4,021 $1, % $0.16 $11,8 87.0% (.%) Eaton 19,827 3, % , % (6.1%) Honeywell 40,61 8,4.8% , % 8.8% Parker-Hannifin 11,333 1,6 14.2% , % (6.0%) Curtiss-Wright 2, % , % 1.6% United Technologies 6,90, % , % (17.0%) Rolls Royce 19,340 2, %.38 19, % (27.1%) Crane 2, % ,0 84.9% (13.6%) Textron 14,116 1, % , % (18.%) General Electric 126,768 24, % ,6 98.2% 22.1% NM 13.4x 13.2x 12.9x 12.4x 11.1x 11.1x.9x.8x.1x 9.8x 9.8x 9.7x 8.8x 7.8x 7.3x 6.1x.9x.9x.4x.3x Median: 12.3x 11.0x.7x.3x 9.x 9.1x 8.9x 7.4x Median: 9.x AEROSPACE M&A ACTIVITY Enterprise Value > $0 million x 11.x 11.x.4x 9.9x 9.8x x 8.x 9.8x 11.8x Strategic 17 Financial x 12.0x.0x 6.0x 4.0x 2.0x - Median EBITDA Multiple SELECT RECENT AEROSPACE M&A ACTIVITY Announced Date Target Subsegment Acquirer Mar-16 Bromford Industries Airframe and Engine Liberty Hall Capital Partners Components Exelis Composites Business Aerostructures Albany International QuEST Global Engineering Aviation and Bain Capital Support AIM Aerospace Airframe and Engine Liberty Hall Capital Partners Components JetFuelX Software and Information ForeFlight CFI Airframe and Engine Integrated Polymer Solutions Components Able Engineering and Maintenance, Repair & Textron Component Overhaul Lone Star AOG Maintenance, Repair & Constant Aviation Overhaul Gemcor Proprietary Aerospace Ascent Aerospace Equipment PAGE 1

3 Number of Deals LMT NOC RTN GD HO BA BA. HI AIR FNC KTOS ESLT FLIR LLL TDY MRCY HRS OA ULE COB CUB CHG DEFENSE VALUATION AND M&A TRANSACTION DATA STOCK PERFORMANCE AND TRADING MULTIPLES ($ in millions) Defense Prime Contractors CY 16E CY 16E CY 16E Current Market % of Stock Price Revenue EBITDA EBITDA Margin Stock Price Cap 2-Wk High YoY Change EV / CY 16E EBITDA Lockheed Martin $0,347 $6, % $2.91 $67, % 9.3% 11.9x Northrop Grumman 23,869 3, % ,1 99.6% 19.4% 11.4x Raytheon 24,323 3,669.1% , % 12.4%.9x General Dynamics 31,78 4, % , % 0.1% Thales 16,23 1, % ,81 0.0% 41.9% Boeing 93,968, % , % (13.1%) 8.3x BAE Systems 26,176 3, % 7. 22, % (9.1%) Huntington Ingalls 6, % , % (2.0%) 7.x Airbus 74,673 7,2 9.7% ,72 88.% (0.8%) 7.3x Finmeccanica 14,317 2, % , % (2.2%).4x Defense Technologies Median: 8.6x Kratos $660 $46 6.9% $4. $ % (.%).0x Elbit Systems Holdings 3,264 1, % , % 21.6% 11.8x FLIR Systems 1, % , % 3.8% 11.4x L-3 Communications,088 1,1 11.9% , 90.4% (6.3%).6x Teledyne Technologies 2, % , % (13.9%).2x Mercury Systems % %.9%.1x Harris 7,63 1, % , % 9.3% 9.x Orbital ATK 4, % , % 6.9% 8.8x Ultra Electronics Holdings 1, % , % 2.0% 7.4x Cobham 2, % , % (31.8%) Cubic 1, % , % (23.2%).8x Chemring % % (37.3%).1x Comtech Telecommunications % % (12.2%) 2.9x AeroVironment % % 6.6% NM Median: 9.x DEFENSE M&A ACTIVITY Enterprise Value > $0 million Announced SELECT RECENT DEFENSE M&A ACTIVITY Date Target Subsegment Acquirer x API Technologies Defense Electronics J.F. Lehman x x x 30.x.x 11.9x x 8.6x 8.4x 18 8.x x x 12.0x.0x 6.0x 4.0x 2.0x Median EBITDA Multiple Bluefin Robotics Unmanned Systems General Dynamics United Uniform Tactical Products & Safariland Accessories irobot (Defense & Unmanned Systems Arlington Capital Partners Security Business) Christie Digital Systems Defense Electronics Rockwell Collins (Matrix Line) Cobham C4ISR Systems & Sensors Marlin Equity Partners Surveillance Business Ness Technologies (C4ISR & Cyber Businesses) C4ISR Systems & Sensors Formula Systems / Israel Aerospace Industries Klein Associates C4ISR Systems & Sensors Mitcham Industries Dec- Lawmen's Safety Supply Tactical Products & Accessories Safariland Strategic Financial PAGE 2

4 Number of Deals GOVERNMENT SERVICES VALUATION AND M&A TRANSACTION DATA STOCK PERFORMANCE AND TRADING MULTIPLES ($ in millions) Government CY16E CY16E CY16E Current Market % of Stock Price Revenue EBITDA EBITDA Margin Stock Price Cap 2-Wk High YoY Change EV / CY 16E EBITDA Booz Allen Hamilton $,476 $4.0% $29.81 $4,43 9.1% (0.0%) Engility 2, % % (43.6%) ManTech International 1, % , % (4.0%) SAIC 4, % ,9 84.8% (11.9%) Leidos, % , % 8.6% CACI International 4, % ,4 97.3%.3%.8x 9.8x 9.4x 9.4x CSRA 3, % , % N/A 7.9x Vectrus 1, % % (.1%) NCI, Inc % % 39.6% 6.6x KEYW % % (12.0%) Diversified Heavy Government Exposure Serco $4,093 $144 3.% $1.48 $1, % (40.0%) Babcock International 6, % , % (4.1%) CGI 8,400 1, % , % 4.4% Jacobs 11, % 44.08, % 0.2% AECOM 18,62 1,078.8% ,8 89.0% 4.3% ICF 1, % % (18.2%) NM Median: 12.3x 9.4x 8.6x Fluor 18,669 1,04.6%.21 7, % (2.7%) 6.3x KBR 4, %.12 2,0 72.8%.9% 4.3x Median: 8.4x GOVERNMENT SERVICES M&A ACTIVITY Enterprise Value > $0 million 3.3x x 11.9x x 9.9x.0x 11.1x x 9.4x.0x.0x x x 14.0x 12.0x.0x 6.0x 4.0x 2.0x - Median EBITDA Multiple SELECT RECENT GOVERNMENT SERVICES M&A ACTIVITY Announced Date Target Subsegment Acquirer Clearsoft Technology and Professional Battle Resource Management Wavefront Technologies Cybersecurity Ball Aerospace Lockheed Martin IS&GS Intelligence Leidos Business Unit PAE Systems Engineering & Platinum Equity Technical Operations Tetra Concepts Technology and Professional Preferred Systems Solutions LDiscovery Technology and Professional The Carlyle Group Dec- NSS (L-3) Intelligence CACI Nov- Certain Assets of Technical, Operations, and IAP Worldwide DRS Technologies Logistics Support Nov- SPARC Software and Information Booz Allen Strategic Financial Oct- Foreground Security Cybersecurity Raytheon PAGE 3

5 OUR FIRM Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website. Aerospace, Defense & Government Building Products & Materials Business Consumer Energy, Power & Infrastructure Healthcare & Life Sciences Industrials Specialty Distribution Technology, Media & Telecom Transportation & Logistics HARRIS WILLIAMS & CO. OFFICE LOCATIONS Boston Two International Place 24th Floor Boston, Massachusetts 021 Phone: +1 (617) Cleveland 1900 East 9th Street th Floor Cleveland, Ohio Phone: +1 (216) Minneapolis 222 South 9th Street Suite 330 Minneapolis, Minnesota 402 Phone: +1 (612) UNITED STATES Richmond (Headquarters) 01 Haxall Point 9th Floor Richmond, Virginia Phone: +1 (804) San Francisco 7 Market Street 31st Floor San Francisco, California 94 Phone: +1 (4) EUROPE Frankfurt Bockenheimer Landstrasse Frankfurt Germany Phone: London 63 Brook Street London W1K 4HS, England Phone: +44 (0) Beijing Hong Kong Mumbai NETWORK OFFICES New Delhi Shanghai PAGE 4

6 HARRIS WILLIAMS & CO. SOURCES Capital IQ, Harris Williams & Co. Proprietary Information DISCLOSURES Harris Williams & Co. ( and is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services. Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-3, 603 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. The information and views contained in this report were prepared by Harris Williams & Co. ( Harris Williams ). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams prior written consent. Copyright 16 Harris Williams & Co., all rights reserved. PAGE