Aerospace, Defense and Government Industry Update

SCOTT-MACON, LTD
May 2018
2© Copyright 2018 SCOTT-MACON, LTD.
We are pleased to present you with the May 2018 Edition of the
Scott-Macon Aerospace, Defense and Government Services
monthly newsletter! Our team strives to provide industry
professionals such as yourself with the critical market information
necessary to execute your strategic goals and initiatives. Please
let us know if you would like to discuss any of the emerging
trends presented in this review and how they can potentially
impact your firm.
Our team can help you with the following services:
 Mergers and Acquisitions
- Sale of company
- Acquisition of target companies
 Private Debt and Equity Financing
 Dividend Recapitalization
We look forward to speaking to you soon!
Best,
Michael
Michael N. Papazis
Managing Director
Aerospace, Defense & Government Services
Office: (212) 755-8200
Fax: (212) 583-9262
mpapazis@scott-macon.com
A note from SCOTT-MACON

Prepared by SCOTT-MACON, LTD.
Table of Contents
Section 1 Market Snapshot
Review of key valuation and deal trends analyzed on
an Monthly and Last Twelve Month (LTM) basis
4
Section 2 Public Trading Comparables
List of operating metrics and valuation multiples for
public companies in selected sub‐segments of the
Aerospace, Defense & Government Services (ADG)
sectors
6
Section 3 M&A Transactions
List of relevant transactions with disclosed values
which occurred in the last month segmented by
Aerospace, Defense or Government Services
9
Section 4 Recent Contracts
List of selected major government contracts that
have been awarded in the last month
18
Section 5 Key Aerospace & Defense Stats
Review of key trends in the aerospace and defense
sectors
22
Section 6 About Scott‐Macon
Brief overview on Scott‐Macon and their ADG
investment banking practice
25

SECTION 1: MARKET SNAPSHOT

SCOTT-MACON, LTD
May 2018
Market Snapshot
Share Price Performance
Trading Valuation (TEV / LTM EBITDA)
M&A TransactionsM&A Transactions
Trading Valuation (TEV / LTM EBITDA)
Share Price Performance
Monthly as of May 2018 LTM as of May 2018
87
92
97
102
107
112
Apr-30-2018
May-02-2018
May-04-2018
May-06-2018
May-08-2018
May-10-2018
May-12-2018
May-14-2018
May-16-2018
May-18-2018
May-20-2018
May-22-2018
May-24-2018
May-26-2018
May-28-2018
May-30-2018
S&P 500 SM Aerospace
SM Government Services SM Defense
 3.0 %
 2.1 %
 4.4 %
 2.8 %
74
84
94
104
114
124
134
144
154
164
May-31-2017
Jun-30-2017
Jul-31-2017
Aug-31-2017
Sep-30-2017
Oct-31-2017
Nov-30-2017
Dec-31-2017
Jan-31-2018
Feb-28-2018
Mar-31-2018
Apr-30-2018
May-31-2018
S&P 500 SM Aerospace
SM Government Services SM Defense
 29.1 %
 53.3 %
 12.0 %
 17.2 %
11.00x
11.50x
12.00x
12.50x
13.00x
13.50x
14.00x
Apr-30-2018
May-02-2018
May-04-2018
May-06-2018
May-08-2018
May-10-2018
May-12-2018
May-14-2018
May-16-2018
May-18-2018
May-20-2018
May-22-2018
May-24-2018
May-26-2018
May-28-2018
May-30-2018
SM Aerospace SM Government Services SM Defense
 1.8 %
 6.3 %
 0.2 %
7.50x
8.50x
9.50x
10.50x
11.50x
12.50x
13.50x
May-31-2017
Jun-30-2017
Jul-31-2017
Aug-31-2017
Sep-30-2017
Oct-31-2017
Nov-30-2017
Dec-31-2017
Jan-31-2018
Feb-28-2018
Mar-31-2018
Apr-30-2018
May-31-2018
SM Aerospace SM Government Services SM Defense
 7.4 %
 20.2 %
 21.4 %
20 18
30
26
11
10
61
54
0
10
20
30
40
50
60
70
31-May-17 31-May-18
NumberofDeals
Aerospace Defense Government Services
 -9.1 %
 -13.3 %
 -10.0 %
 -10.0 %
 -4.6 %
 -13.8 %
290 250
302
288
120
108
712
646
0
100
200
300
400
500
600
700
800
LTM-May-17 LTM-May-18
NumberofDeals
Aerospace Defense Government Services

SECTION 2: PUBLIC COMPARABLES

SCOTT-MACON, LTD
May 2018
Public Comparables
Aerospace Public Comparables*
Government Services Public Comparables*
% of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev.
Aerospace OEMs Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Airbus SE $113.45 96.3% $88,027.1 $88,093.5 15.4 x 0.1% -49.5% 1.2 x 0.1% 41.3%
Boeing Company 352.16 94.8 205,161.7 207,798.7 16.2 5.5 25.8 2.2 6.8 NA
Bombardier Inc. 3.76 98.2 8,873.4 17,183.7 NM 10.1 5.8 1.0 5.9 40.4
Embraer S.A. 6.03 92.2 4,427.2 5,753.4 12.7 15.6 -6.3 1.1 9.2 32.0
Median 95.5% $48,450.2 $52,638.6 15.4 x 0.4% 0.6% 1.2 x 4.5% 36.5%
Mean 95.3% $76,622.3 $79,707.3 14.8 x -3.1% -7.8% 1.4 x 4.9% 51.0%
Aerospace Systems / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AAR Corp. $44.69 93.2% $1,516.5 $1,687.0 11.8 x 2.9% 19.5% 0.9 x 2.5 17.5%
AMETEK, Inc. 73.03 92.1 16,912.2 18,561.1 16.0 0.7 2.7 4.2 1.8 2.1
Astronics Corporation 35.20 71.2 991.6 1,251.3 17.5 0.9 68.4 1.9 -5.2 18.1
CAE Inc. 21.04 98.6 5,629.7 6,182.6 14.0 5.5 17.0 2.8 8.6 15.1
Crane Co. 83.11 81.0 4,961.9 5,734.1 11.2 -0.5 8.5 2.0 -1.1 11.7
Esterline Technologies Corporation 72.95 71.0 2,146.8 2,571.3 9.1 1.5 -16.1 1.3 0.7 -25.4
HEICO Corporation 91.86 95.8 8,749.9 9,519.6 NM -1.3 29.7 5.8 0.8 31.0
Héroux-Devtek Inc. 12.66 98.2 458.4 489.4 11.7 3.0 16.5 1.6 7.9 18.6
Meggitt PLC 6.53 92.8 5,046.3 6,327.9 9.0 3.2 -26.6 2.3 3.1 -7.6
Moog Inc. 81.53 86.8 2,930.0 3,580.9 10.9 -0.1 14.1 1.4 0.2 7.3
MTU Aero Engines AG 188.53 98.4 9,709.1 10,863.0 12.7 11.5 31.1 1.9 11.5 48.9
Textron Inc. 66.58 98.7 17,047.0 20,277.0 13.1 5.9 25.0 1.4 6.0 20.0
TransDigm Group Incorporated 334.11 98.6 17,517.5 28,240.4 16.6 0.0 7.7 7.8 3.4 9.3
Woodward, Inc. 75.77 84.8 4,661.3 5,191.6 14.1 4.8 -1.6 2.4 4.6 1.8
Median 93.0% $5,004.1 $5,958.4 12.7 x 11.2% 19.0% 1.9 x -3.5% 12.5%
Mean 90.1% $7,019.9 $8,605.5 12.9 x 2.9% 7.1% 2.7 x 2.2% 11.0%
Aerospace Structures Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
CPI Aerostructures, Inc. $10.20 94.4% $91.2 $124.4 11.9 x 11.7% 54.3% 1.6 x 11.5% 37.8%
Ducommun Incorporated 33.76 95.0 384.2 592.2 11.8 1.6 19.6 1.0 8.3 9.8
Hexcel Corporation 70.83 97.9 6,337.5 7,127.7 15.2 5.8 27.1 3.5 6.2 28.0
Kaman Corporation 70.77 94.3 1,975.6 2,294.6 13.3 4.4 27.5 1.3 10.8 30.5
Latécoère S.A. 5.77 82.4 546.1 574.8 14.6 -7.7 13.6 0.8 -7.7 23.6
Magellan Aerospace Corporation 13.36 79.2 778.0 832.8 7.2 -5.1 -18.0 1.1 -6.7 -19.1
Senior plc 4.15 95.7 1,734.9 1,941.0 12.1 5.1 20.5 1.4 2.3 10.8
Spirit AeroSystems Holdings, Inc. 84.71 80.5 9,638.8 10,345.2 14.1 11.4 NA 1.5 4.7 43.3
Triumph Group, Inc. 21.20 60.9 1,054.1 2,456.5 9.8 37.6 57.1 0.8 0.1 -1.1
Median 94.3% $1,054.1 $1,941.0 12.1 x 4.3% 22.8% 1.3 x 3.4% 21.8%
Mean 86.7% $2,504.5 $2,921.0 12.2 x 5.7% 28.7% 1.4 x 3.8% 18.7%
Total Aerospace Median 94.3% $4,661.3 $5,734.1 12.7 x 6.3% 21.4% 1.5 x 3.9% 14.3%
Total Aerospace Mean 89.7% $15,826.2 $17,244.3 12.9 x 2.1% 10.8% 2.1 x 2.8% 15.8%
Government Services Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Booz Allen Hamilton Holding Corp. $45.09 99.4% $6,464.5 $7,995.4 13.7 x 9.0% 2.8% 1.3 x 9.1% 3.3%
CACI International Inc 166.65 99.1 4,115.8 5,143.2 12.5 -2.9 11.5 1.2 6.5 18.4
CGI Group Inc. 61.40 99.9 17,269.7 18,475.8 12.9 3.2 11.0 2.1 3.0 8.0
Cyient Limited 10.88 82.7 1,228.1 1,051.5 13.8 -4.2 52.9 1.8 -4.2 49.3
Engility Holdings, Inc. 31.44 88.2 1,161.9 2,096.6 11.8 15.6 14.1 1.1 12.5 11.5
ICF International, Inc. 70.65 98.2 1,328.7 1,540.9 13.6 5.5 33.2 1.2 5.4 29.6
KeyW Holding Corp. 9.45 97.0 465.5 733.0 16.5 -5.7 -34.1 1.5 5.2 -10.8
Leidos Holdings, Inc. 60.06 85.7 9,116.2 11,999.2 11.7 -3.0 -18.7 1.2 -1.6 -13.3
ManTech International Corp. 53.91 86.6 2,131.7 2,186.8 15.6 -12.2 39.7 1.2 -8.3 44.2
MAXIMUS, Inc. 60.90 83.8 3,973.3 3,723.8 10.2 -9.7 -3.1 1.5 -12.3 -7.6
Navigant Consulting, Inc. 24.36 97.6 1,100.8 1,278.5 10.4 19.1 35.7 1.3 15.6 17.8
QinetiQ Group plc 3.51 83.6 1,960.9 1,606.1 7.7 19.4 -17.2 1.5 7.6 -25.8
Science Applications International Corp. 88.45 97.4 3,738.0 4,618.0 14.7 2.5 18.0 1.0 2.4 10.9
Serco Group plc 1.23 75.9 1,345.5 1,585.9 14.5 -3.0 34.0 0.4 -3.8 -15.8
Vectrus, Inc. 32.07 77.3 360.0 407.5 9.7 4.2 30.8 0.4 -0.4 19.1
VSE Corp. 49.41 82.5 537.6 719.1 9.3 -2.8 7.0 1.0 -3.5 4.9
Median 87.4% $1,653.2 $1,851.4 12.7 x 1.6% 21.1% 1.2 x 4.4% 16.8%
Mean 89.7% $3,518.6 $4,072.6 12.4 x 0.6% 17.7% 1.2 x 1.4% 5.9%
Engineering & Construction Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AECOM $33.00 82.7% $5,290.8 $8,596.2 9.7 x 4.2% 5.5 0.4 x -4.2% -9.1%
Fluor Corp. 48.74 78.5 6,852.2 6,793.2 12.0 -0.2 58.5 0.3 -15.7 14.4
Jacobs Engineering Group Inc. 64.80 89.8 9,188.1 10,959.0 13.6 -8.7 42.0 0.9 -4.5 56.1
KBR, Inc. 18.42 84.9 2,590.3 2,803.3 8.6 9.5 -55.0 0.7 8.0 34.5
Tetra Tech, Inc. 54.95 98.9 3,056.1 3,332.0 14.1 8.5 6.9 1.6 12.4 14.5
Median 84.9% $5,290.8 $6,793.2 12.0 x -0.2% 24.9% 0.7 x 9.5% 34.5%
Mean 87.0% $5,395.5 $6,496.7 11.6 x 1.6% -1.2% 0.8 x 2.3% 21.6%
Total Government Services Median 86.6% $2,590.3 $2,803.3 12.5 x 0.2% 20.2% 1.2 x 17.3% 22.4%
Total Government Services Mean 89.0% $3,965.5 $4,649.8 12.2 x 0.8% 12.7% 1.1 x 1.6% 8.2%
* As of Thursday, May 31, 2018

SCOTT-MACON, LTD
May 2018
Public Comparables (Continued)
Defense Public Comparables*
Defense Primes Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
BAE Systems plc $8.50 93.7% $27,113.5 $28,333.5 10.7 x 4.5% -11.0% 1.2 x 4.3% -9.3%
Boeing Company 352.16 94.8 205,161.7 207,798.7 16.2 5.5 25.8 2.2 6.8 NA
General Dynamics Corporation 201.71 87.7 59,914.6 62,061.6 13.6 0.2 4.7 2.0 2.2 -0.8
Leonardo S.p.a. 10.17 54.2 5,842.9 10,261.7 6.0 9.2 -13.2 0.8 5.0 -27.8
Lockheed Martin Corporation 314.54 86.7 89,810.4 101,711.4 14.3 -1.7 -1.6 2.0 1.7 1.3
Northrop Grumman Corporation 327.25 90.7 57,067.2 61,958.2 15.8 1.5 16.1 2.4 6.0 15.6
Raytheon Company 209.50 91.2 60,178.9 62,973.9 16.3 2.1 22.5 2.5 3.5 17.3
Thales S.A. 126.97 97.8 26,955.8 23,786.4 10.8 4.3 -2.0 1.3 4.3 2.8
Median 90.9% $58,490.9 $62,009.9 13.9 x -0.8% 7.9% 2.0 x -0.8% 22.9%
Mean 87.1% $66,505.6 $69,860.7 13.0 x 2.6% 6.6% 1.8 x 2.2% 9.8%
Defense Systems Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Aerojet Rocketdyne Holdings, Inc. $28.94 79.8% $2,185.0 $2,346.2 12.0 x 2.4% 1.7% 1.6 x 41.0% 57.4%
AeroVironment, Inc. $57.86 93.0% $1,358.4 $1,136.5 NM 7.5% NA 1.4 x -59.1% -39.9
Cobham plc 1.65 82.8 3,935.4 4,446.8 11.5 7.2 NA 1.4 -10.6 -35.9
Cubic Corporation 69.55 96.0 1,893.8 2,114.1 NM NM NM 4.0 NM NM
Curtiss-Wright Corporation 127.25 88.8 5,625.9 6,043.9 13.2 -3.0 12.9 4.0 54.4 NM
FLIR Systems, Inc. 53.90 96.8 7,395.9 7,402.3 18.9 -0.6 28.8 1.4 -65.5 -55.4
Huntington Ingalls Industries, Inc. 221.07 79.9 9,837.7 10,589.7 9.6 -11.2 0.1 1.5 -0.4 7.8
Kongsberg Gruppen ASA 21.08 84.4 2,519.3 2,596.6 16.9 -7.5 6.4 1.9 17.0 72.1
L3 Technologies, Inc. 198.33 90.7 15,564.8 18,606.8 13.8 2.0 5.9 1.8 -0.6 21.5
Orbital ATK, Inc. 133.72 99.4 7,732.7 9,135.7 12.9 1.5 11.9 3.5 NM NM
Rockwell Collins, Inc. 137.51 98.5 22,583.3 29,288.3 16.3 2.9 2.3 1.6 -51.4 -55.9
Safran SA 119.10 99.3 51,919.2 50,148.2 11.7 5.0 24.7 2.5 5.0 19.6
Textron Inc. 66.58 98.7 17,047.0 20,277.0 13.1 5.9 25.0 1.4 6.0 20.0
Median 93.0% $7,395.9 $7,402.3 13.1 x 3.1% 11.8% 1.6 x -10.9% 1.3%
Mean 91.4% $11,507.6 $12,625.6 13.6 x 0.1% 9.9% 2.2 x 0.2% 15.0%
Defense Electronics / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AMETEK, Inc. $73.03 92.1% $16,912.2 $18,561.1 16.0 x 0.7% 2.7% 4.2 x 1.8% 2.1%
Chemring Group plc 2.67 91.8 747.6 853.9 8.1 -3.4 -9.6 1.2 -3.4 -5.4
Comtech Telecommunications Corp. 31.30 95.0 739.3 893.0 14.2 1.9 36.2 1.7 2.5 NM
Crane Co. 83.11 81.0 4,961.9 5,734.1 11.2 -0.5 8.5 2.0 -1.1 11.7
Ducommun Incorporated 33.76 95.0 384.2 592.2 11.8 1.6 19.6 1.0 8.3 9.8
Elbit Systems Ltd. 119.87 79.6 5,124.7 5,573.7 13.6 3.7 2.7 1.7 2.3 1.7
Harris Corporation 150.47 88.2 17,865.1 21,641.1 15.0 -7.6 34.9 3.6 -0.7 49.6
Héroux-Devtek Inc. 12.66 98.2 458.4 489.4 11.7 3.0 16.5 1.6 7.9 18.6
Kratos Defense & Security Solutions, Inc. 11.19 80.3 1,158.3 1,324.1 NM -1.0 -47.7 1.7 8.9 -3.6
Meggitt PLC 6.53 92.8 5,046.3 6,327.9 9.0 3.2 -26.6 2.3 3.1 -7.6
Mercury Systems, Inc. 36.93 67.1 1,779.7 1,930.4 NM 16.4 -16.3 4.2 12.5 -12.2
Moog Inc. 81.53 86.8 2,930.0 3,580.9 10.9 -0.1 14.1 1.4 0.2 7.3
OSI Systems, Inc. 68.58 71.0 1,239.4 1,522.7 9.2 5.7 -35.0 1.4 3.2 -18.9
Teledyne Technologies Incorporated 201.46 98.4 7,204.8 8,153.3 16.4 0.4 3.5 3.0 4.2 10.8
Ultra Electronics Holdings plc 21.44 74.3 1,592.5 1,691.5 9.9 13.2 -20.5 1.6 11.7 -26.6
Viasat, Inc. 62.61 78.0 3,688.2 4,651.3 NM 23.4 NA 2.9 -0.4 1.5
Woodward, Inc. 75.77 84.8 4,661.3 5,191.6 14.1 4.8 -1.6 2.4 4.6 1.8
Median 86.8% $2,930.0 $3,580.9 11.7 x 1.3% -4.2% 1.7 x 5.1% -3.6%
Mean 85.6% $4,499.7 $5,218.4 12.2 x -2.3% -1.5% 2.2 x 3.4% 3.3%
Homeland Security Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Analogic Corporation 83.65 82.2 1,045.8 880.1 19.5 0.8 71.2 1.9 0.6 30.4
Elbit Systems Ltd. 119.87 79.6 5,124.7 5,573.7 13.6 3.7 2.7 1.7 2.3 1.7
MSA Safety Incorporated 93.00 98.5 3,563.2 3,915.4 14.9 6.4 -4.4 3.1 5.9 8.1
OSI Systems, Inc. 68.58 71.0 1,239.4 1,522.7 9.2 5.7 -35.0 1.4 3.2 -18.9
American Outdoor Brands Corporation 12.59 51.4 681.5 881.3 8.2 10.8 55.3 1.3 10.9 -14.6
Smiths Group plc 23.40 97.6 9,259.3 10,556.3 13.0 8.8 9.6 2.5 8.1 13.0
Median 80.9% $2,401.3 $2,719.0 13.3 x 6.1% 5.9% 1.8 x 1.9% 3.6%
Mean 80.1% $3,485.7 $3,888.3 13.1 x 5.2% 9.6% 2.0 x 5.9% 3.7%
Total Defense Median 89.7% $5,085.5 $5,653.9 13.1 x 1.8% 7.4% 1.8 x -3.3% 0.1%
Total Defense Mean 86.8% $17,705.7 $18,978.6 12.9 x 0.6% 5.1% 2.1 x 2.5% 7.7%
* As of Thursday, May 31, 2018

SECTION 3: M&A TRANSACTIONS

SCOTT-MACON, LTD
May 2018
M&A Transactions with Disclosed Values - LTM as of May 2018
Continued on Next Page
xx xx xx xxx EV / LTM
Announced Closed Buyer Target Target Sector EV Rev EBITDA
5/30/2018 5/30/2018 VASCO Data Security
International, Inc.
Dealflo Limited Government
Services
$54 NA NA
5/23/2018 Pending Zhejiang Tiancheng Controls
Co., Ltd.
Acro Aircraft Seating Ltd. Aerospace $75 NA NA
5/23/2018 Pending BBA Aviation plc EPIC Aviation, LLC Aerospace $88 NA NA
5/18/2018 5/17/2018 PCL EMOSS Mobile Systems B.V. Defense $17 2.4 x NA
5/8/2018 Pending COMSYS Holdings Corporation SYSKEN Corporation Aerospace $86 0.3 x 7.2 x
5/8/2018 5/7/2018 Trinity Gate Limited SHIS Limited Government
Services
$90 2.3 x 14.8 x
5/4/2018 5/3/2018 Axon Enterprise, Inc. VIEVU LLC Defense $13 NA NA
5/3/2018 Pending Tata Advanced Systems Limited Defense Business of Tata Motors Limited Defense $277 NA NA
5/3/2018 Pending Tata Advanced Systems Limited TAL Manufacturing Solutions Limited Aerospace $94 NA NA
5/3/2018 5/3/2018 Aviation Links Ltd. Pegasus Tourism Holdings Ltd Aerospace $20 NA NA
5/2/2018 Pending M.T.I Wireless Edge Ltd. MTI Computers and Software Services Defense $19 0.5 x 6.4 x
5/2/2018 Pending Spirit AeroSystems Holdings, Inc. S.R.I.F N.V. Defense $650 0.8 x 9.7 x
5/1/2018 4/30/2018 MSC Industrial Direct Co., Inc. All Integrated Solutions Defense $86 1.3 x NA
5/1/2018 Pending American Industrial Partners L-3 Communications Vertex Aerospace LLC
and Related Assets
Aerospace $540 NA NA
5/1/2018 4/30/2018 Tyler Technologies, Inc. Sage Data Security, LLC Defense $12 NA NA
4/24/2018 Pending QinetiQ Group plc E.I.S. Aircraft Operations of E.I.S. Group Aerospace $86 3.5 x 13.0 x
4/24/2018 4/24/2018 LDC Precision Micro Ltd. Aerospace $31 1.5 x NA
4/23/2018 Pending Kroton Educacional S.A. Somos Educação S.A. Government
Services
$2,167 4.0 x 18.3 x
4/19/2018 Pending Valiant Integrated Services LLC Cubic Global Defense, Inc. and Omega
Training Group, Inc.
Defense $138 0.4 x NA
4/18/2018 4/30/2018 Tyler Technologies, Inc. Socrata, Inc. Government
Services
$150 6.0 x NA
4/10/2018 Pending Tenneco Inc. Federal-Mogul LLC Aerospace $5,400 0.7 x 7.0 x

SCOTT-MACON, LTD
May 2018
M&A Transactions with Disclosed Values - LTM as of May 2018 (Continued)
4/10/2018 5/2/2018 Eagle Enterprises, Inc. Hawker Pacific Airservices Limited Aerospace $250 NA NA
4/10/2018 Pending Ningxia Xinri Hengli Steel Wire
Rope Co., Ltd
Shanxi Huangcheng Xiangfu Aerospace
Automobile Manufacturing Co., Ltd.
Aerospace $38 NA NA
4/9/2018 Pending Cognosec AB Advantio Limited Defense $15 4.3 x 24.0 x
4/2/2018 4/2/2018 Skyline Domain Sdn Bhd Subang SkyPark Sdn Bhd Aerospace $19 NA NA
3/29/2018 Pending Tata Advanced Systems Limited Strategic Engineering Division of Tata Power Defense $343 4.2 x NA
3/27/2018 Pending Suplet Power Co., Ltd. Wuhan YongLi Technology Co.,Ltd. Defense $66 NA NA
3/23/2018 4/24/2018 Pacific Energy Limited Contract Power Australia Pty Ltd Government
Services
$70 NA NA
3/22/2018 4/11/2018 Elbit Systems Ltd. Universal Avionics Systems Corporation Aerospace $120 NA NA
3/20/2018 Pending Ryanair Holdings plc Laudamotion GmbH Aerospace $82 NA NA
3/19/2018 5/4/2018 Wärtsilä Oyj Abp Transas Marine Aerospace $259 1.5 x NA
3/19/2018 4/24/2018 TransDigm Group Incorporated Extant Components Group Holdings, Inc. Defense $525 NA NA
3/15/2018 3/15/2018 TransDigm Group Incorporated Kirkhill-TA Co. Defense $50 0.6 x NA
3/14/2018 Pending Addsino Co., Ltd. Aerospace Kaiyuan Technology Co., Ltd. Aerospace $36 NA NA
3/14/2018 Pending Addsino Co., Ltd. Nanjing Unary Information Technology Co.,
Ltd.
Aerospace $43 NA NA
3/13/2018 5/7/2018 TCTM Financial FS LLC Wellman Dynamics Corporation Aerospace $21 NA NA
3/12/2018 4/4/2018 Patricia Industries Sarnova, Inc. Government
Services
$903 1.6 x NA
3/11/2018 Pending Elbit Systems Ltd. IMI Systems Ltd. Defense $552 NA NA
3/8/2018 Pending Guangxi Guidong Electric Power
Co., Ltd.
Guangxi Guicheng Energy Co., Ltd. Aerospace $8 NA NA
3/6/2018 3/12/2018 Falanx Group Limited First Base Technologies LLP Defense $4 1.8 x 5.3 x
2/28/2018 Pending Securitas Electronic Security Inc. Kratos Public Safety & Security Solutions,
Inc.
Defense $69 0.5 x 15.0 x
2/27/2018 Pending Héroux-Devtek Inc. Beaver Aerospace & Defense, Inc. Defense $24 0.8 x NA

SCOTT-MACON, LTD
May 2018
2/26/2018 Pending Rakon Limited Centum Rakon India Private Limited Defense $11 0.9 x 7.1 x
2/23/2018 4/25/2018 KBRwyle Technology Solutions,
LLC
SGT, Inc. Government
Services
$355 NA NA
2/23/2018 2/23/2018 St. Cloud Capital, LLC Pipeworks Inc Defense $18 1.4 x NA
2/22/2018 Pending Zhangjiagang Freetrade Science
& Technology Group Co., Ltd.
Chengdu Landtop Technology Co, Ltd. Aerospace $139 7.5 x NA
2/21/2018 2/28/2018 Exchange Income Corporation CANLink Global Inc. Aerospace $43 NA 7.2 x
2/8/2018 Pending First Israel Mezzanine Investors
Ltd.
Aitech Defense Systems, Inc. Defense $30 NA NA
2/6/2018 2/28/2018 Proofpoint, Inc. Wombat Security Technologies, Inc. Defense $225 NA NA
2/1/2018 1/19/2018 AMETEK, Inc. FMH Aerospace Corp. Defense $235 4.7 x NA
1/31/2018 4/2/2018 On Assignment, Inc. ECS Federal, LLC Defense $775 NA NA
1/28/2018 Pending AFCON Holdings Ltd. DM Government
Services
$16 NA NA
1/26/2018 3/16/2018 Koltsovo Airport Public Stock
Company
JSC Petropavlovsk-Kamchatski Aerospace $122 NA NA
1/20/2018 1/31/2018 Oil and Natural Gas Corporation
Limited
Hindustan Petroleum Corporation Limited Aerospace $13,957 0.5 x 6.8 x
1/18/2018 2/15/2018 Compass Diversified Holdings
LLC
Foam Fabricators, Inc Defense $248 2.0 x 8.3 x
1/17/2018 1/17/2018 Onyx Scientific Limited Pisgah Labs, Inc. Government
Services
$10 NA 8.5 x
1/12/2018 Pending Melrose Industries PLC GKN plc Aerospace $12,332 0.9 x 9.3 x
1/9/2018 1/9/2018 NTC Group, Inc. Tenax Aerospace, LLC Aerospace $220 NA NA
1/9/2018 12/21/2017 Hammond, Kennedy, Whitney &
Company Inc.
GCR Inc. Aerospace $124 NA NA
1/3/2018 4/20/2018 Hong Kong Hangxin Aviation
Technology Co., Ltd.
Magnetic MRO AS Aerospace $52 NA NA
1/3/2018 Pending Shanghai Hangrong New Energy
Gansu Shanghang Electrical Maintenance
Co., Ltd.
Aerospace $54 NA NA
1/2/2018 5/22/2018 Coolisys Technologies, Inc. Enertec Systems 2001 Ltd. Defense $9 NA NA
12/27/2017 1/25/2018 Catea Co., Ltd Pantom Co., Ltd. Aerospace $7 0.4 x NA

SCOTT-MACON, LTD
May 2018
12/21/2017 2/1/2018 Mercury Systems, Inc. Themis Computer, Inc. Defense $180 NA NA
12/21/2017 1/26/2018 Perusa Partners SCHROTH Safety Products GmbH Defense $61 NA NA
12/21/2017 12/15/2017 Mistras Group, Inc. West Penn Non-Destructive Testing, LLC Defense $74 NA NA
12/20/2017 1/31/2018 EM-Tech.CO., LTD. BSL Co., Ltd. Government
Services
$11 NA NA
12/18/2017 12/15/2017 ConvergeOne, Inc. AOS, a ConvergeOne Company Defense $66 NA NA
12/18/2017 12/18/2017 Bain Capital Private Equity, LP Trans Maldivian Airways Aerospace $500 4.4 x NA
12/13/2017 Pending China Aviation Planning and
Design Institute Co., Ltd.
China Aviation Industry Renewable Energy
Corporation
Aerospace $90 2.7 x NA
12/13/2017 1/9/2018 Sdiptech AB Aviolinx Communication and Services AB Aerospace $5 2.2 x NA
12/11/2017 12/12/2017 Nanjing Dingkong Electrical and
Mechanical Technology Co., Ltd.
Yangzhou Shuguang Photoelectric Self-
controlled Co., Ltd.
12/8/2017 12/20/2017 Soltworks Co., Ltd. Kat Co., Ltd. Defense $13 0.6 x NA
12/7/2017 12/7/2017 Suomen Erillisverkot Oy Nordic Cyber Security Oy Defense $6 NA NA
12/6/2017 Pending Kordsa, Inc. Fabric Development, Inc. and Textile
Products, Inc.
12/3/2017 4/18/2018 TTM Technologies, Inc. Anaren, Inc. Defense $775 NA NA
11/29/2017 12/31/2017 Qualys, Inc. Defensative LLC Government
Services
$8 NA NA
11/20/2017 12/24/2017 Warburg Pincus LLC CYREN Ltd. Defense $73 2.3 x NA
11/14/2017 11/14/2017 OMERS Private Equity Trescal SA Aerospace $789 2.5 x NA
11/14/2017 Pending Hartenberg Capital Avia Prime S.A. Aerospace $69 NA NA
11/9/2017 12/11/2017 Ichor Holdings, LLC Talon Innovations Corporation Aerospace $130 NA NA
11/9/2017 Pending Shaanxi Lixin Zhibang Energy
Xi'an Tianhe Civil-Military Integration
Innovative Technology Research Co., Ltd.
Defense $34 NA NA
11/9/2017 12/31/2017 Getac Technology Corporation WHP Workflow Solutions LLC Defense $21 NA NA
11/8/2017 11/8/2017 Structural Monitoring Systems Plc Anodyne Electronics Manufacturing Corp. Aerospace $8 NA NA

SCOTT-MACON, LTD
May 2018
11/7/2017 10/31/2017 BNP Paribas Développement SA,
SCR
Faure Herman SAS Aerospace $22 NA NA
11/2/2017 11/23/2017 Cirrus Networks Holdings Limited Correct Communications Pty Ltd Government
Services
$4 0.4 x NA
11/2/2017 Pending Jackson Hole Airport Board Jackson Hole Aviation, LLC Aerospace $26 1.0 x NA
10/31/2017 10/30/2017 SNC-Lavalin Group Inc. Data Transfer Solutions LLC Government
Services
$45 NA NA
10/30/2017 Pending AeroCentury Corp. JetFleet Management Corporation Aerospace $5 NA NA
10/30/2017 Pending Ansys Limited LAW Trusted Third Party Services Defense $8 NA NA
10/30/2017 11/24/2017 NPD Co., Ltd. CAP Corporation Aerospace $70 0.9 x 6.1 x
10/27/2017 1/22/2018 MB Aerospace Newton Abbot
Limited
Asian Compressor Technology Services
Company Limited
Aerospace $60 NA NA
10/25/2017 10/25/2017 Meditor Energy Limited Substantially All Assets of Intelligent Energy
Holdings Plc
Defense $9 NA NA
10/23/2017 11/29/2017 Family Zone Cyber Safety
Limited
Linewize Services Limited And Linewize
Limited
Defense $13 NA NA
10/23/2017 10/23/2017 GPI SpA Info Line Srl Government
Services
$6 NA NA
10/19/2017 4/9/2018 Shanghai KangDa New Materials
Co., Ltd.
Chengdu Bikong Sci-tech Shares Co.,LTD. Defense $72 6.0 x NA
10/18/2017 10/18/2017 Spectris plc The Omnicon Group, Inc. Defense $29 NA NA
10/18/2017 10/18/2017 Gama Aviation Plc Gama Group MENA FZC Aerospace $10 0.4 x NA
10/17/2017 11/21/2017 Forever Opensource Co.,Ltd. Intelligent Aviation System Co., Ltd. Aerospace $11 NA NA
10/17/2017 Pending Dnata Aviation Services Ltd dnata Aviation Services GmbH Aerospace $47 NA NA
10/4/2017 10/4/2017 Materialise NV ACTech GmbH Aerospace $53 1.3 x 5.5 x
10/2/2017 Pending Héroux-Devtek Inc. Compañía Española de Sistemas
Aeronáuticos SA
10/1/2017 9/30/2017 Proyectos y Montajes Ingemont
S.A.
Elimco Aerospace, Sociedad Limitada Aerospace $8 NA NA
9/29/2017 9/28/2017 UTIB INVL Technology Deltagon Group Oy Defense $7 2.4 x NA
9/28/2017 11/17/2017 Dassault Systèmes Simulia Corp. Exa Corporation Aerospace $386 5.3 x NA

SCOTT-MACON, LTD
May 2018
9/28/2017 Pending Shanghai Hugong Electric Group
Co.,Ltd.
Beijing Aerospace Huayu Technology Co.,
Ltd.
9/27/2017 12/31/2017 Zhejiang Science and
Technology Investment Co., Ltd.
Acro Aircraft Seating Ltd. Aerospace $74 1.8 x NA
9/24/2017 Pending Aeronautics Ltd. Chassis Plans, LLC Government
Services
$6 0.4 x NA
9/19/2017 9/19/2017 AAR Corp. Premier Aviation Overhaul Center, Inc., Two
Aircraft Maintenance, Repair and Overhaul
Aerospace $26 NA NA
9/19/2017 Pending AVIC International Holding Motto Investment Limited Aerospace $308 1.5 x NA
9/18/2017 Pending Northrop Grumman Corporation Orbital ATK, Inc. Defense $9,355 2.1 x 15.4 x
9/18/2017 10/2/2017 ManTech International
Corporation
InfoZen, Inc. Government
Services
$180 NA NA
9/13/2017 Pending Shanghai Greattown Industrial
Co., Ltd.
Shanghai Hangdu Property Co., Ltd. Aerospace $41 NA NA
9/11/2017 9/11/2017 Ducommun LaBarge
Technologies, Inc.
Lightning Diversion Systems Inc. Defense $60 NA NA
9/10/2017 1/24/2018 Cyient Defense Services Inc. B&F Design Inc. Defense $6 NA NA
9/4/2017 10/20/2017 H.B. Fuller Company Royal Adhesives & Sealants, LLC Aerospace $1,575 NA NA
9/4/2017 Pending United Technologies Corporation Rockwell Collins, Inc. Aerospace $30,365 5.0 x 22.6 x
8/28/2017 8/28/2017 Forcepoint LLC RedOwl Analytics, Inc. Defense $54 NA NA
8/24/2017 9/19/2017 WABCO Holdings Inc. R. H. Sheppard Co., Inc. Defense $145 1.1 x NA
8/24/2017 11/21/2017 CAE Inc. Asian Aviation Centre of Excellence Sdn Bhd Aerospace $190 NA NA
8/21/2017 8/18/2017 Appliance Recycling Centers of
America, Inc.
MJ Venture Partners, Inc. Aerospace $16 NA NA
8/18/2017 9/15/2017 Electronic Technologies Group,
Inc.
AeroAntenna Technology, Inc. Aerospace $337 NA NA
8/16/2017 8/23/2017 Transaction Solutions
International Limited
Decipher Works Pty Ltd Defense $4 1.5 x 5.1 x
8/14/2017 11/27/2017 WSP Global Inc. Opus International Consultants Limited Government
Services
$202 0.6 x 8.0 x
8/11/2017 9/29/2017 Konekt Limited Mission Providence Pty Ltd Government
Services
$19 0.5 x NA
8/8/2017 9/8/2017 Arsenal Capital Partners Cyalume Technologies Holdings, Inc. Defense $43 1.0 x 5.0 x

SCOTT-MACON, LTD
May 2018
8/8/2017 Pending Shanghai Shenhe Xintai
Investment Management Co.,
Shanghai SIM-MAX Technology Co., Ltd. Defense $50 9.5 x NA
8/7/2017 8/7/2017 Carr's Group plc NuVision Engineering, Inc. Government
Services
$20 2.3 x NA
8/2/2017 9/8/2017 Ricardo Defense Systems LLC Control Point Corporation Defense $10 NA NA
8/1/2017 4/3/2018 AVIC Electromechanical Systems
Co., Ltd.
Yibin Sanjiang Machinery Co., Ltd. Aerospace $41 NA NA
8/1/2017 8/1/2017 AVIC Electromechanical Systems
Co., Ltd.
Xinxiang Aviation Industry Aerospace $111 NA NA
7/31/2017 8/1/2017 Carmanah Technologies
Corporation
Vega Industries Ltd. Aerospace $9 NA NA
7/31/2017 Pending Indel B S.p.A. Autoclima Spa Defense $37 1.1 x 8.7 x
7/27/2017 Pending Consolidated Gems, Inc. Attofensive Defense $20 NA NA
7/24/2017 11/6/2017 SpeedCast International Limited UltiSat Inc. Defense $100 1.7 x 11.6 x
7/24/2017 7/24/2017 GENUI GmbH Acrolinx GmbH Aerospace $60 NA NA
7/19/2017 Pending Jiransecurity Co.,Ltd SSR Inc. Defense $22 3.0 x NA
7/12/2017 Pending CPP Investment Board Europe
S.a.r.l.
Shell E&P Ireland Ltd. Aerospace $1,233 NA NA
7/11/2017 Pending Sichuan Zhongguang Lightning
Protection Technologies Co., Ltd.
Shaanxi Huatong Electromechanical
Manufacturing Co., Ltd.
Aerospace $81 10.9 x NA
7/11/2017 7/24/2017 Symantec Corporation Skycure Ltd. Defense $205 NA NA
7/7/2017 Pending Shenzhen City Qianhai Wanke
Financial Services Company
Lijiang Hua Ou Real Estate Company
Limited
Defense $73 NA NA
7/7/2017 Pending Hancom Safety Inc. Sancheong Co.,Ltd. Defense $228 2.4 x 6.8 x
7/7/2017 7/3/2017 Hanwha Land Systems Co., Ltd. Hanwha Defense Systems Corp. Defense $584 NA NA
7/6/2017 7/6/2017 Itinera Usa Corp. Halmar International, LLC Aerospace $120 0.5 x NA
Aerospace Median 1.5 x 7.2 x
Aerospace Mean 2.5 x 9.4 x
Defense Median 1.7 x 8.3 x
Defense Mean 2.6 x 9.9 x
Government Services Median 1.6 x 11.6 x
Government Services Mean 2.0 x 12.4 x

SECTION 4: RECENT CONTRACTS

SCOTT-MACON, LTD
May 2018
Top 50 Signed Contracts – May 2018
Date Signed Contractor Name Funding Agency Value ($mm) Description of Services
5/22/2018 Defense Systems And Solutions Dept of The Army $2,560.0 Technical Support of The Aviation and Missile
Research, Development, Engineering Center'S
Prototype Integration Facility
5/1/2018 Virginia Electric And Power Co. Dept of The Navy $770.0 Electric and Regulated Energy Management Services
5/4/2018 Bechtel Marine Propulsion Corporation Department of Energy $737.3 Operation of Government-Owned Contractor-
Operated R&D Facilities
5/4/2018 Insight Public Sector Inc. Dept of The Navy $653.2 Provide Microsoft Brand-Name Software Licenses,
Software Assurance, and Cloud offerings
5/24/2018 Lockheed Martin Corp. Dept of The Navy $558.3 Low-Rate Initial Production Support Lot 11 F-35
Lightning Ii Aircraft
5/25/2018 General Dynamics Ordnance Dept of The Army $511.2 0Mm, 81Mm, and 120Mm Mortar Propelling Charges
5/24/2018 The Boeing Co. Dept of The Navy $416.4 Manufacture and Delivery of Three Lot 9 Full-Rate
Production P-8A Multi-Mission Maritime Aircraft
5/24/2018 Raytheon Ids Dept of The Army $395.8 Phased Array Tracking On Radar To Intercept Option
Fire Unit
5/1/2018 Raytheon Missile Systems Co. Missile Defense Agency $387.2 Standard Missile-3 (Sm-3) Block Iia Missiles
5/1/2018 Lockheed Martin Corporation National Aeronautics and Space
Administration
$360.2 R&D- Space: Flight (Advanced Development)
5/1/2018 California Institute of Technology National Aeronautics and Space
Administration
$350.2 R&D- Space: Science/Applications (Applied
Research/Exploratory Development)
5/21/2018 Chemonics International, Inc Agency For International
Development
$303.0 Support- Professional: Engineering/Technical
5/29/2018 Mack Defense Llc Dept of The Army $296.4 Heavy Dump Truck M917A3
5/23/2018 Lockheed Martin Corp. Dept of The Army $282.0 Phased Array Tracking On Radar To Intercept
Advanced Capability-3 Missile Support Center
5/18/2018 Boeing Company, The National Aeronautics and Space
Administration
$265.0 R&D- General Science/Technology: Engineering
(Commercialized)
5/29/2018 Battelle Energy Alliance Limited Liability Company Department of Energy $244.9 Operation of Government-Owned Contractor-
5/17/2018 Torch Technologies Inc. Dept of The Army $221.3 Enhance and Maintain System Simulation and
Development Directorate’S Current Suite of Missile
5/22/2018 Oshkosh Defense Llc Dept of The Army $182.4 Recapitalized Heavy Expanded Mobility Tactical
Trucks
5/30/2018 Orbital Atk Inc. Dept of The Navy $171.2 Full-Rate Production Lot 7 For The Advanced Anti-
Radiation Guided Missile (Aargm)
5/1/2018 The Boeing Company National Aeronautics and Space
Administration
$154.0 R&D- Space: Aeronautics/Space Technology (Basic
Research)
5/8/2018 Accenture Federal Services Llc Dept of The Navy $153.8 Support The Department of The Navy Financial
Improvement and Audit Readiness Program
5/2/2018 Lockheed Martin Corp. Missiles And Fire Control Missile Defense Agency $145.3 Production of Additional Thaad Lot 10 Interceptors,
One-Shot Devices, and Associated Product Support
5/17/2018 Boeing Company National Aeronautics and Space
Administration
$137.3 R&D- Space: Station (Applied Research/Exploratory
Development)
5/7/2018 Bae Systems Land & Armaments L.P. Dept of The Army $120.5 Procurement of M88A2 Heavy Equipment Recovery
Combat Utility Lift and Evacuation System Vehicles
5/17/2018 Cerner Government Services, Inc. Department of Veterans Affairs $116.0 IT and Telecom- Integrated
Hardware/Software/Services Solutions,
5/7/2018 Northrop Grumman Systems Corp. Dept of The Army $114.5 Global Support System Army Enterprise Resources
Planning Program
5/30/2018 National Technology & Engineering Solutions of
Sandia, Llc
Department of Energy $113.0 Operation of Miscellaneous Buildings
5/18/2018 Space Exploration Technologies Corp. National Aeronautics and Space
Administration
$110.5 R&D- General Science/Technology: Engineering
(Commercialized)
5/17/2018 Cerner Government Services, Inc. Department of Veterans Affairs $109.2 IT and Telecom- Integrated
Hardware/Software/Services Solutions,
5/17/2018 Tactical Air Support Inc. Dept of The Navy $106.8 Provide The Use of Contractor-Owned and -Operated
Aircraft To Department of The Navy Fleet Customers

SCOTT-MACON, LTD
May 2018
Top 50 Signed Contracts – May 2018 (Continued)
Date Signed Contractor Name Funding Agency Value ($mm) Description of Services
5/25/2018 The Regents of The University of California
(1741)
Department of Energy $104.8 Operation of Government-Owned Contractor-
5/29/2018 National Technology & Engineering Solutions of
Sandia, Llc
Department of Energy $104.1 Operation of Miscellaneous Buildings
5/18/2018 Vencore Inc. Dept of The Army $96.0 Sample Data Collection Services
5/11/2018 Lockheed Martin Corp. Dept of The Army $91.6 Phased Array Tracking On Radar To Intercept
Advanced Capability-3 Missile Support Center
5/2/2018 True North Communications Inc. Food and Drug Administration $87.9 Support- Professional: Communications
5/2/2018 Geo Group Inc., The Federal Prison System / Bureau of
Prisons
$81.5 Social- Social Rehabilitation
5/11/2018 Atk Launch Systems Incorporated National Aeronautics and Space
Administration
$80.0 Space Vehicle Launchers
5/17/2018 Aerojet Rocketdyne of De, Inc National Aeronautics and Space
Administration
$79.0 R&D- Community Service/Development: Other
(Engineering Development)
5/10/2018 Ut Battelle Limited Liability Company Department of Energy $78.0 Operation of Government-Owned Contractor-
5/10/2018 Palmetto Gba, Llc Centers For Medicare and Medicaid
Services
$75.4 Social- Government Health Insurance Programs
5/17/2018 Strategic Resources, Inc. Departmental Offices $75.0 Social- Other
5/17/2018 Mhn Government Services Llc Departmental Offices $75.0 Social- Other
5/17/2018 Magellan Healthcare, Inc Departmental Offices $75.0 Social- Other
5/30/2018 Consolidated Nuclear Security Llc Department of Energy $74.5 Operation of Miscellaneous Buildings
5/23/2018 Savannah River Nuclear Solutions, Llc Department of Energy $74.2 Operation of Other Industrial Buildings
5/24/2018 Michael Baker Global Services, Llc Department of State $71.1 Construction of office Buildings
5/11/2018 Am General Llc Defense Logistics Agency $69.2 High Mobility Multi-Wheeled Vehicle Engines
5/9/2018 Corrections Corporation of America U.S. Marshals Service $66.4 Support- Professional: Other
5/18/2018 Abt Associates Inc. Agency For International
Development
$66.3 Support- Professional: Engineering/Technical
5/29/2018 Lawrence Livermore National Security Limited
Liability Company
Department of Energy $62.0 R&D- Other Research and Development (Basic
Research)
Total Top 50 $12,634.0

SCOTT-MACON, LTD
May 2018
Contract Overview by Agency and NAICS Code – May *
Top 20 Agencies Ranked by Total Contract Value Signed in May
Top 20 NAICS Codes Ranked by Total Contract Value Signed in May
* Only includes contracts with value greater than $150,000
Rank Funding Agency Contract Value ($mm) # of Contracts
1 Dept of The Army 4,885$ 23
2 National Aeronautics and Space Administration 3,160 645
3 Dept of The Navy 2,830 7
4 Department of Energy 2,698 235
5 Department of Veterans Affairs 1,034 960
6 Agency For International Development 762 144
7 Department of State 656 353
8 Federal Acquisition Service 559 297
9 Centers For Medicare and Medicaid Services 505 102
10 Federal Aviation Administration 470 343
11 Departmental Offices 328 129
12 Department of Housing and Urban Development 318 57
13 U.S. Immigration and Customs Enforcement 312 98
14 Public Buildings Service 254 211
15 National Institutes of Health 230 211
16 U.S. Marshals Service 197 60
17 Internal Revenue Service 192 109
18 Office of Procurement Operations 189 142
19 Food and Drug Administration 170 59
20 Department of Education 162 69
Total Top 20 by Funding Agency 19,910$ 4,254
Rank NAICS Code Description Contract Value ($mm) # of Contracts
1 Facilities Support Services 1,934$ 225
2 Research And Development In The Physical, Engineering, And Life Sciences (Except Biotechnology) 1,262 293
3 Computer Systems Design Services 1,128 430
4 Administrative Management And General Management Consulting Services 845 512
5 Guided Missile And Space Vehicle Manufacturing 811 15
6 Research And Development In The Physical, Engineering, And Life Sciences 803 25
7 Engineering Services 743 384
8 All Other Professional, Scientific, And Technical Services 666 201
9 Other Computer Related Services 548 485
10 Security Guards And Patrol Services 445 199
11 Commercial And Institutional Building Construction 330 222
12 Other Individual And Family Services 233 4
13 Residential Property Managers 226 14
14 Remediation Services 220 84
15 Direct Health And Medical Insurance Carriers 212 14
16 Custom Computer Programming Services 181 163
17 Other Support Activities For Air Transportation 178 27
18 Data Processing, Hosting, And Related Services 145 104
19 Other Justice, Public Order, And Safety Activities 132 7
20 Research And Development In Biotechnology 122 22
Total Top 20 by NAICS Code Description 11,165$ 3,430

SECTION 5: KEY AEROSPACE & DEFENSE STATS

SCOTT-MACON, LTD
May 2018
Key Aerospace & Defense Stats
ASM – Global (in thousands) # of Passengers - Global
RSM – Global (in thousands) Load Factor % - Global
Commercial Aerospace Orders
Source: FAA
LTM as of 4/2018 LTM as of 4/2017 YoY % Change 4/2018 3/2018 2/2018 1/2018 12/2017 11/2017 10/2017 9/2017 8/2017 7/2017 6/2017 5/2017
Narrowbody Unit Orders 1,971 1,335 47.6% 62 160 22 26 1,022 188 69 101 41 11 236 33
    Boeing 833 753 10.6% 0 158 2 11 255 143 52 61 31 13 104 3
        737 833 753 10.6% 0 158 2 11 255 143 52 61 31 13 104 3
    Airbus 1,138 582 95.5% 62 2 20 15 767 45 17 40 10 ‐2 132 30
        A320 1,138 582 95.5% 62 2 20 15 767 45 17 40 10 ‐2 132 30
Widebody Unit Orders 281 233 20.6% 26 29 29 0 19 16 12 27 2 13 78 30
    Boeing 247 153 61.4% 47 29 21 0 10 16 12 11 2 9 80 10
        787 165 77 114.3% 47 24 0 0 7 13 0 5 0 3 56 10
        777 56 21 166.7% 0 2 3 0 3 2 12 6 0 4 24 0
        767 7 40 ‐82.5% 0 3 4 0 0 0 0 0 0 0 0 0
        747 19 15 26.7% 0 0 14 0 0 1 0 0 2 2 0 0
    Airbus 34 80 ‐57.5% ‐21 0 8 0 9 0 0 16 0 4 ‐2 20
        A350 1 33 ‐97.0% ‐22 0 0 0 ‐4 0 0 10 0 1 ‐4 20
        A380 14 ‐2 NM 0 0 14 0 0 0 0 0 0 0 0 0
        A330 19 49 ‐61.2% 1 0 ‐6 0 13 0 0 6 0 3 2 0
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
RPM MoM Growth %
‐2.0%
‐1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
90,000,000
100,000,000
MoM Growth % # of Passengers
‐2.0%
‐1.5%
‐1.0%
‐0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Load Factor % MoM Growth %
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
200,000,000
ASM MoM Growth %

SCOTT-MACON, LTD
May 2018
Key Aerospace & Defense Stats
85%
15%
Domestic International
Global Business Jet Traffic
(Flights in Thousands)
4/2018 Global Business Jet Traffic
by Type (356K Flights)
Global Business Jet Deliveries
2017 Global Business Jet Deliveries
By Market (676 Deliveries)
U.S. Defense Budget
* Base Budget Request
Source: GAMA, Office of the Under Secretary of Defense
356354352
384
401
388386
362
375
385
375
388
‐2%
0%
2%
4%
6%
8%
10%
320
330
340
350
360
370
380
390
400
410
# of Flights MoM Growth %
63.8%
17.0%
9.9%
5.3%
4.0%
North America Europe Asia‐Pacific Latin America Middle East & Africa
518
592
750
887
1,137
1,317
874
767
696 672 678
722 718
667 676
0
200
400
600
800
1,000
1,200
1,400
By Appropriation Title ($ in billions) FY 2016 FY 2017 FY 2018* Dollar Δ %Δ
Military Personnel 135.3$ 135.4$ 141.7$ 6.3$ 4.6%
Operation and Maintenance 197.5 197.1 223.3 26.2 13.3%
Procurement 110.7 110.7 115.0 4.3 3.8%
RDT&E 68.8 69.6 82.7 13.1 18.8%
Military Construction/Family Housing 6.9 6.5 8.4 1.9 29.4%
Other 2.5 2.4 3.5 1.1 44.5%
Total 521.7$ 521.8$ 574.5$ 52.8$ 10.1%
By Military Department ($ in billions) FY 2016 FY 2017 FY 2018* Dollar Δ %Δ
Army 123.3$ 122.9$ 137.1$ 14.2$ 11.6%
Navy 159.3 159.1 171.5 12.4 7.8%
Air Force 145.7 146.5 165.5 19.0 13.0%
Defense Wide 93.4 93.3 100.4 7.1 7.6%
Total 521.7$ 521.8$ 574.5$ 52.8$ 10.1%
FY 2017 vs FY 2018
FY 2017 vs FY 2018

SECTION 6: ABOUT SCOTT-MACON

SCOTT-MACON, LTD
May 2018
Overview
Michael Papazis has over 15 years of investment banking experience. Prior to joining Scott-Macon, Mr. Papazis
was a Vice President of Aerospace & Defense Investment Banking at Oppenheimer & Co. Before Oppenheimer,
Michael was a Senior Associate within the Aerospace & Defense Investment Banking Group at Jefferies & Company.
Mr. Papazis began his career as an Analyst at Deutsche Banc Alex Brown in Baltimore, Maryland. Throughout his
career, Mr. Papazis has worked on several M&A, equity and debt financing transactions for various Aerospace &
Defense clients including Lockheed Martin, Kratos Defense & Security and Essex Corporation.
Mr. Papazis is a graduate of Dartmouth College with a B.A. in Economics and Government, Cum Laude. He also
holds an M.A. in International Affairs from the Johns Hopkins University School of Advanced International Studies
(SAIS).
Michael N. Papazis
Managing Director
Scott-Macon, Ltd.
Office: (212) 755-8200
Fax: (212) 583-9262
mpapazis@scott-macon.com
www.scott-macon.com
Selected Transaction Experience

SCOTT-MACON, LTD
May 2018
Scott-Macon, Ltd. is one of the oldest independent investment banks in the United States focused on middle market
transactions in the range of $10 million to $500 million. The firm is comprised of senior professionals who have had extensive
transaction experience in the areas of mergers and acquisitions, debt and equity financing, valuations and fairness opinions and
general corporate financial consulting.
Founded in 1973 by Alfred L. Scott, Scott-Macon has remained unique in its commitment to provide clients with senior level
advisors who have had significant investment banking experience as well as, in many cases, direct operating experience. The
firm's philosophy of providing advice, ideas and solutions tempered by the perspective of actual operating experience has
benefited clients over the firm's long history.
Another cornerstone of Scott-Macon’s operating philosophy is a client-oriented approach to investment banking services, in
contrast to today’s transaction-oriented environment. Scott-Macon professionals strive to understand the unique aspects of
each client's operations and will not hesitate to counsel against a transaction if it does not appear to be in the long-term best
interests of a client. The firm’s ownership by its own management team enables and encourages a truly unbiased and
independent perspective; free from the inherent conflicts and cross-selling that can occur when advisory services are integrated
into broader financial services platforms incorporating banking, securities or accounting. The success of Scott-Macon’s client-
oriented approach has been validated over the firm’s history by the high percentage of repeat engagements which the firm has
experienced from its clients.
About Scott-Macon
Aerospace
OEM
Structures
Components
MRO / Aftermarket
Defense
Defense
Electronics
Homeland Security
Defense Systems
C4ISR
Government
Services
Intelligence
Civil / Non-Defense
SETA / Engineering
IT Services
Aerospace Defense & Government Services Coverage
About Scott-Macon
Prepared by SCOTT-MACON, LTD
Over 40 Years of Senior Level Experience, Attention & Execution in Investment Banking

Aerospace, Defense and Government Industry Update

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