AEROSPACE, DEFENSE & GOVERNMENT SERVICES

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1 AEROSPACE, DEFENSE & GOVERENT SERVICES Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number ). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

2 Number of Deals AEROSPACE VALUATION AND M&A TRANSACTION DATA AEROSPACE, DEFENSE & GOVERENT SERVICES STOCK PERFORMANCE AND TRADING MULTIPLES 1 ($ in millions) Aircraft OEMs CY17E CY17E CY17E Current Market % of Stock Price Revenue EBITDA EBITDA MarginStock Price Cap 52-Wk High YoY Change EV / CY 17E EBITDA Bombardier $16,3 $ % $2.43 $5, % 62.8% Boeing 92,225 12, % , % 87.5% Airbus 78,324 7, % , % 42.7% Embraer 5, % , % 6.2% Aerospace Equipment and Structural Components HEICO $1,512 $ % $91.14 $7, % 43.3% Astronics % , % 7.0% TransDigm 3,7 1, % , %.1% BBA Av iation 2, % , % 28.2% Hexcel 1, % , % 17.5% Woodward 2, % , % 9.2% Spirit AeroSystems 6, % , % 42.1% Barnes Group 1, % , % 33.4% KLX Aerospace 1, % , % 28.6% Heroux-Dev tek % % (.0%) Kaman 1, % , % 16.3% Safran,083 3,846.2% , % 30.6% Moog 2, % , % 26.7% Senior 1, % , % 40.1% AAR 1, % , % 11.4% Wesco Aircraft 1, % % (56.3%) Ducommun % % (0.2%) Meggitt 2, % , % 3.6% Triumph Group 3, % , % (5.5%) Arconic 12,769 1, % , % 17.5% Esterline Technologies 2, % , % (22.7%) Magellan Aerospace % % 12.8% GKN 13,270 1,356.2% , % (4.4%) RBC Bearings % , % 34.3% Zodiac Aerospace 5, % 29. 8, %.0% Rockwell Collins 8,738 2, % , % 42.8% Diversified Industrial Heavy Aerospace Exposure General Electric $124,296 $, % $17.84 $5, % (44.0%) Ametek 4,257 1, % , % 42.5% Honeywell 40,214 8, % , % 32.9% Curtiss-Wright 2, % , %.8% Parker-Hannifin 13,984 2, % 4. 25, % 37.1% Eaton,286 3, % , % 11.8% Textron 14,247 1,5.6% , % 13.6% Rolls Royce 18,956 2,026.7% 11., % 30.4% United Technologies 59,595, % , % 12.7% Crane 2, % , % 11.7% 6.4x.8x.3x Median: 12.8x.7x 13.8x 13.1x 13.0x 12.8x 12.5x 12.5x 12.1x.9x.4x.2x.0x 9.8x 9.4x 9.4x 9.2x 8.8x 7.6x 5.8x 18.4x Median:.5x 17.5x 16.5x 14.6x 13.6x 12.4x 11.8x 11.6x 11.1x.9x.3x Median: 12.1x AEROSPACE M&A ACTIVITY 2 Enterprise Value > $0 million x 9.8x x 11.5x 11.5x 11.7x 9.9x.4x x 9.3x 9.8x 9.2x x.0x 8.0x 6.0x 4.0x 2.0x Median EBITDA Multiple SELECT RECENT AEROSPACE M&A ACTIVITY 2 Announced Date Target Subsegment Acquirer Dec-17 A&D Business of Oxford Composite Components Hexcel Performance Materials Dec-17 Malabar Aviation Services and Tronair Support Dec-17 True Position Technologies Aerostructures Manufacturer HBD Industries Nov-17 Cadence Aerospace Airframe and Engine Structural Arlington Capital Partners Components Nov-17 Interface Displays & Controls Avionics and Electronics HEICO Corporation Nov-17 PaR Systems Electromechanical, Power, The Pohlad Family and Related Proprietary Nov-17 FMI Airframe and Engine Structural AE Industrial Partners Components Telefonix Avionics and Electronics Astronics Corporation Strategic Financial - ACTS Maintenance, Repair & Overhaul MB Aerospace PAGE 1

3 Number of Deals DEFENSE VALUATION AND M&A TRANSACTION DATA AEROSPACE, DEFENSE & GOVERENT SERVICES STOCK PERFORMANCE AND TRADING MULTIPLES 1 ($ in millions) Defense Prime Contractors CY 17E CY 17E CY 17E Current Market % of Stock Price Revenue EBITDA EBITDA Margin Stock Price Cap 52-Wk High YoY Change EV / CY 17E EBITDA Boeing $92,225 $12, % $ $172, % 87.5% Northrop Grumman 25,528 3,8 14.9% , % 33.4% Raytheon 25,370 3,890.3% , % 31.9% Lockheed Martin 50,673 7, % , % 25.9% General Dynamics 31,9 4,657.0% , % 13.6% Airbus 78,324 7, % , % 42.7% Huntington Ingalls 7,358 1, % , % 32.7% BAE Systems 26,331 3, % , % (3.5%) Thales 18,495 2, % , % (4.8%) 14.6x 14.2x.8x 9.3x 8.4x Defense Technologies Median: Kratos $745 $54 7.2% $.59 $1, % 46.7% Mercury Systems % , % 56.1% Teledyne Technologies 2, % , % 42.9% FLIR Systems 1, % , % 28.5% Elbit Systems Holdings 3, % , % 31.2% Harris 6,091 1, % , % 35.8% L-3 Communications 9,546 1, % 5.61,0 97.8% 23.8% Cubic 1, % , % 18.1% Cobham 2, % , % (12.7%) Comtech Telecommunications % % 94.5% Ultra Electronics Holdings 1, % ,2 59.6% (31.4%) Chemring % % 6.9% AeroVironment % , % 96.1% Orbital ATK 4, % , % 51.2% 17.0x 16.4x 14.4x 13.8x 12.2x 9.7x 9.3x 7.9x 21.7x.9x Median: 13.6x DEFENSE M&A ACTIVITY 2 SELECT RECENT DEFENSE M&A ACTIVITY 2 Enterprise Value > $50 million x x.5x 11.9x 9.9x 9.0x.4x.0x 8.6x 8.4x x Strategic Financial 16.0x 12.0x.0x 8.0x 6.0x 4.0x 2.0x - Median EBITDA Multiple Announced Date Target Subsegment Acquirer Dec-17 Anaren Electronic Components & TTM Technologies Subsystems Nov-17 Surrey Satellite Technology Ground and Space Based General Atomics Satellite Technology Excelitas Technologies Defense Electronics AEA Investors Aurora Flight Sciences Unmanned Systems Boeing Sep-17 Orbital ATK Weapon Systems and Northrop Grumman Munitions Sep-17 Doss Aviation Flight Training L3 Technologies Sep-17 Adaptive Methods Unmanned Systems L3 Technologies Aug-17 United Shield International Tactical and Protection Point Blank Enterprises Equipment and Systems Aug-17 Cyalume Technologies Tactical and Protection Arsenal Capital Partners Equipment and Systems PAGE 2

4 Number of Deals AEROSPACE, DEFENSE & GOVERENT SERVICES GOVERENT SERVICES VALUATION AND M&A TRANSACTION DATA STOCK PERFORMANCE AND TRADING MULTIPLES 1 ($ in millions) Government Services CY17E CY17E CY17E Current Market % of Stock Price Revenue EBITDA EBITDA Margin Stock Price Cap 52-Wk High YoY Change EV / CY 17E EBITDA ManTech International $1,716 $ % $50.24 $1, % 14.7% KEYW % % (58.9%) SAIC 4, % , % (9.0%) Booz Allen Hamilton 6, % , % 5.3% Leidos,233 1,059.3% , % 27.8% 13.6x 13.5x 12.2x 11.8x CACI International 4, % , % 3.8% 11.3x Engility 1, % , % (22.3%) 11.0x CSRA 5, % , % (6.0%) 9.4x Vectrus 1, % % 31.8% Diversified Services Heavy Government Exposure 8.9x Median: 11.8x Serco $4,143 $5 3.7% $1.35 $1, % (27.6%) 11.0x Jacobs, % , % 12.1% Fluor, % , % (11.7%) ICF 1, % % (9.8%) CGI 8,745 1, % 53.35, % 8.0%.2x AECOM, % ,1 94.5% (3.9%) 9.6x KBR 4, %.35 2, %.3% 7.8x Babcock International 7, % 9. 4,6 68.6% (25.4%) 7.2x Median:.4x GOVERENT SERVICES M&A ACTIVITY 2 SELECT RECENT GOVERENT SERVICES M&A ACTIVITY 2 Enterprise Value > $50 million Announced Date Target Subsegment Acquirer x 11.9x 9.9x.5x x x x 7.6x x.0x 8.1x x x.0x 8.0x 6.0x 4.0x 2.0x Median EBITDA Multiple Dec-17 Crane Currency Security Services Crane Nov-17 Whitney, Bradley & Brown IT Services and Consulting HIG Capital Morphick Intelligence and Booz Allen Hamilton Cybersecurity DXC USPS Business / Vencore / Keypoint IT Services and Consulting Merger - Independent Public Company Praxis Engineering Systems Engineering and CSRA Technologies Technical Assistance FedBid Software and Information Compusearch Services Xebec Global Corporation Intelligence and Cybersecurity Arlington Capital Partners Sep-17 InfoZen Technical & Security Services ManTech Sep-17 Blue Canopy Cybersecurity Jacobs Engineering Group Strategic Financial PAGE 3

5 AEROSPACE, DEFENSE & GOVERENT SERVICES 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 at Aerospace, Defense & Government Services Building Products & Materials Business Services Consumer Energy, Power & Infrastructure Healthcare & Life Sciences Industrials Specialty Distribution Technology, Media & Telecom Transportation & Logistics HARRIS WILLIAMS & CO. OFFICE LOCATIONS Boston One International Place Suite 26 Boston, Massachusetts 021 Phone: +1 (617) Cleveland 00 East 9th Street th Floor Cleveland, Ohio Phone: +1 (216) Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota Phone: +1 (612) UNITED STATES Richmond (Headquarters) 01 Haxall Point 9th Floor Richmond, Virginia 232 Phone: +1 (804) San Francisco 575 Market Street 31st Floor San Francisco, California 945 Phone: +1 (4) Washington, D.C th St. NW 2nd Floor Washington, D.C. 006 Phone: 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. AEROSPACE, DEFENSE & GOVERENT SERVICES SOURCES 1. FactSet 2. Mergermarket DISCLOSURES Harris Williams & Co. ( 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. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number ). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US. 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 17 Harris Williams & Co., all rights reserved. PAGE 5