Aerospace, Defense and Government Services Monthly Market Overview

2© Copyright 2018 SCOTT-MACON, LTD.
We are pleased to present you with the July 2019 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

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
17
Section 5 Key Aerospace & Defense Stats
Review of key trends in the aerospace and defense
sectors
21
Section 6 About Scott-Macon
Brief overview on Scott-Macon and their ADG
investment banking practice
24

# 275.0 %
# 121.1 %
# 34.6 %
# 17.0 %
# 13.9 %
# 3.4 %
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 July 2019 LTM as of July 2019
26
35
19
42
4
15
49
92
0
20
40
60
80
100
120
31-Jul-18 31-Jul-19
NumberofDeals
Aerospace Defense Government Services
261 270
281
322
100
117
642
709
0
100
200
300
400
500
600
700
800
LTM-Jul-18 LTM-Jul-19
NumberofDeals
Aerospace Defense Government Services
$ -0.5 %
# 1.8 %
$ -1.9 %
# 0.2 %
-5.6 %
-0.4 %
-3.5 %
-12.5 %
87.0
89.0
91.0
93.0
95.0
97.0
99.0
101.0
103.0
105.0
107.0
7/1/2019
7/3/2019
7/5/2019
7/7/2019
7/9/2019
7/11/2019
7/13/2019
7/15/2019
7/17/2019
7/19/2019
7/21/2019
7/23/2019
7/25/2019
7/27/2019
7/29/2019
7/31/2019
S&P 500 Aerospace Government Services Defense
74.0
79.0
84.0
89.0
94.0
99.0
104.0
109.0
114.0
119.0
8/1/2018
8/15/2018
8/29/2018
9/12/2018
9/26/2018
10/10/2018
10/24/2018
11/7/2018
11/21/2018
12/5/2018
12/19/2018
1/2/2019
1/16/2019
1/30/2019
2/13/2019
2/27/2019
3/13/2019
3/27/2019
4/10/2019
4/24/2019
5/8/2019
5/22/2019
6/5/2019
6/19/2019
7/3/2019
7/17/2019
7/31/2019
S&P 500 Aerospace Government Services Defense
12.0x
12.5x
13.0x
13.5x
14.0x
14.5x
15.0x
Jul-01-2019
Jul-03-2019
Jul-05-2019
Jul-07-2019
Jul-09-2019
Jul-11-2019
Jul-13-2019
Jul-15-2019
Jul-17-2019
Jul-19-2019
Jul-21-2019
Jul-23-2019
Jul-25-2019
Jul-27-2019
Jul-29-2019
Jul-31-2019
Aerospace Government Services Defense
# 4.0 %
$ -7.7 %
# 4.6 %
10.0x
10.5x
11.0x
11.5x
12.0x
12.5x
13.0x
13.5x
14.0x
14.5x
15.0x
7/18/2018
8/8/2018
8/29/2018
9/19/2018
10/10/2018
10/31/2018
11/21/2018
12/12/2018
1/2/2019
1/23/2019
2/13/2019
3/6/2019
3/27/2019
4/17/2019
5/8/2019
5/29/2019
6/19/2019
7/10/2019
7/31/2019
Aerospace Government Services Defense
-4.5 %
-22.1 %
-10.1 %

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 $142.53 95.7% $110,828.4 $113,424.9 14.3 x -10.3% 17.1% 1.5 x -1.5% 16.5%
Boeing Company 341.18 76.5 191,985.4 203,091.4 NM NM 72.3 2.2 6.3 2.2
Bombardier Inc. 1.73 43.8 4,101.3 12,935.1 11.6 1.0 -13.0 0.8 1.0 -22.4
Embraer S.A. 5.14 83.6 3,779.6 2,571.0 10.3 -0.8 -60.2 0.5 -1.4 -54.3
Median 80.1% $57,464.9 $63,180.0 11.6 x -15.0% -44.7% 1.1 x -0.8% -1.1%
Mean 74.9% $77,673.7 $83,005.6 12.1 x -10.0% -42.4% 1.2 x 1.3% -5.2%
Aerospace Systems / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AAR Corp. $41.86 81.3% $1,435.6 $1,556.0 10.1 x 2.5% -14.0% 0.8 x 5.9 -24.7%
AMETEK, Inc. 89.61 97.1 20,416.8 22,316.0 16.4 -5.3 10.7 4.4 -5.7 4.1
Astronics Corporation 36.84 83.1 1,206.5 1,335.0 12.3 -7.4 -15.2 1.6 -10.8 -25.5
CAE Inc. 27.08 96.6 7,209.1 8,701.0 18.2 0.9 26.2 3.5 0.9 22.8
Crane Co. 83.70 83.6 5,012.6 5,767.2 9.8 -2.7 5.2 1.7 -1.6 -15.5
HEICO Corporation 136.75 97.5 15,792.8 16,551.9 NM 2.0 36.8 8.6 2.1 40.6
Héroux-Devtek Inc. 14.46 93.6 525.6 698.3 12.8 -0.6 36.6 1.9 -0.6 21.0
Meggitt PLC 7.29 98.3 5,624.1 6,936.8 14.5 10.9 27.4 2.7 10.7 2.7
Moog Inc. 81.46 82.7 2,866.3 3,603.5 10.1 -10.7 -6.1 1.3 -10.5 -0.2
MTU Aero Engines AG 252.09 99.1 13,047.2 14,174.8 15.3 14.3 10.0 2.7 20.2 37.4
Textron Inc. 49.30 67.7 11,345.1 14,940.1 9.4 -6.5 -5.7 1.1 -2.6 -19.5
TransDigm Group Incorporated 485.44 96.6 25,815.7 40,721.7 NM 0.2 17.2 9.7 0.1 14.3
Woodward, Inc. 112.04 94.0 6,959.5 8,054.7 16.1 -0.9 9.8 3.0 -1.9 3.1
Median 94.0% $6,959.5 $8,054.7 12.8 x -1.9% -8.0% 2.7 x 20.4% 32.4%
Mean 90.1% $9,019.8 $11,181.3 13.2 x -0.3% -2.7% 3.3 x 1.0% 18.7%
Aerospace Structures Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
CPI Aerostructures, Inc. $7.85 81.8% $92.8 $127.4 12.7 x -4.9% 10.9% 1.4 x -3.8% -5.4%
Ducommun Incorporated 42.15 81.0 484.6 732.3 10.3 -4.4 -9.0 1.1 -5.3 9.6
RBC Bearings Incorporated 162.69 94.8 3,995.0 4,008.8 NM -2.2 13.9 5.7 -3.5 6.9
Hexcel Corporation 81.76 95.5 6,956.4 8,094.1 14.6 -3.7 9.9 3.5 -2.6 5.1
Kaman Corporation 63.40 92.2 1,771.5 2,125.0 13.3 -0.4 8.5 1.1 -0.1 -3.9
Latécoère S.A. 4.25 86.2 403.1 460.3 9.7 27.8 NA 0.6 0.6 0.1
Magellan Aerospace Corporation 12.44 84.9 724.1 770.8 6.7 0.3 0.1 1.0 0.3 -0.3
Senior plc 2.45 60.9 1,020.2 1,207.1 7.9 -5.9 -8.3 0.9 -7.7 -35.8
Spirit AeroSystems Holdings, Inc. 76.84 76.6 8,057.1 8,953.2 7.5 -6.7 -18.8 1.2 -7.3 -27.2
Triumph Group, Inc. 24.23 93.2 1,209.2 2,615.8 13.0 3.0 -3.3 0.8 2.9 2.0
Median 85.6% $1,114.7 $1,666.1 10.3 x -4.4% -13.0% 1.1 x -2.4% 4.3%
Mean 84.7% $2,471.4 $2,909.5 10.6 x -0.3% -28.6% 1.7 x -1.9% 6.2%
Total Aerospace Median 86.2% $4,101.3 $5,767.2 12.3 x -4.0% -7.8% 1.5 x -1.8% 3.4%
Total Aerospace Mean 85.8% $16,765.4 $18,758.3 12.0 x -2.1% -18.0% 2.4 x 0.2% 13.0%
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. $68.75 95.6% $9,640.0 $11,469.1 16.7 x 2.5% 25.3% 1.7 x 2.5% 25.1%
CACI International Inc 215.15 98.0 5,350.9 7,014.6 15.2 3.9 35.0 1.5 2.2 21.5
CGI Inc. 77.28 95.7 20,747.7 22,503.1 14.5 -0.6 11.4 2.5 -0.2 10.0
Cyient Limited 6.72 56.4 739.2 656.6 7.6 -14.6 -25.8 1.0 -15.1 -45.2
ICF International, Inc. 85.19 100.2 1,604.1 1,973.8 15.8 13.4 19.5 1.4 12.0 10.9
Leidos Holdings, Inc. 82.10 96.6 11,790.6 14,652.6 13.9 1.7 28.4 1.4 -1.0 6.5
ManTech International Corp. 68.72 99.3 2,740.6 2,847.2 17.1 4.2 23.6 1.4 5.5 4.8
MAXIMUS, Inc. 73.51 95.7 4,690.7 4,725.5 13.1 1.3 11.8 1.8 1.2 14.1
Navigant Consulting, Inc. 24.36 88.9 958.5 961.4 15.2 5.0 NA 1.4 5.3 12.5
QinetiQ Group plc 3.53 89.1 1,982.9 1,755.2 9.1 4.0 -8.5 1.6 4.0 5.5
Science Applications International Corp. 85.37 91.5 4,938.9 6,957.9 16.7 -2.4 19.4 1.4 -1.9 38.9
Serco Group plc 1.80 98.9 2,198.3 2,459.4 12.7 -10.6 -20.2 0.7 -0.4 57.3
Vectrus, Inc. 40.44 86.9 462.0 507.0 8.9 -0.3 45.2 0.4 0.4 12.9
VSE Corp. 29.96 67.7 326.7 630.7 7.9 2.0 12.1 0.9 3.2 -2.1
Median 95.6% $2,469.4 $2,653.3 14.2 x 1.2% 23.9% 1.4 x 1.9% 24.8%
Mean 90.0% $4,869.4 $5,651.0 13.2 x 1.0% 17.3% 1.4 x 1.4% 17.6%
Engineering & Construction Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AECOM $35.95 94.1% $5,656.5 $8,916.5 9.7 x -3.2% 6.8 0.4 x -3.1% -4.4%
Fluor Corp. 32.51 53.6 4,549.0 4,819.6 6.5 -3.3 -3.6 0.3 -2.3 -29.0
Jacobs Engineering Group Inc. 82.51 96.1 11,271.6 13,528.3 13.1 -1.9 7.6 0.8 -2.3 -14.5
KBR, Inc. 26.38 98.3 3,731.9 4,569.9 10.1 4.7 21.3 0.9 4.2 10.4
Tetra Tech, Inc. 79.20 91.5 4,345.4 4,489.0 18.8 0.8 38.8 2.0 -0.4 14.5
Median 94.1% $4,549.0 $4,819.6 10.1 x 0.4% 10.9% 0.8 x -1.9% 22.1%
Mean 86.7% $5,910.9 $7,264.6 11.6 x -0.3% 16.7% 0.9 x 0.4% 25.0%
Total Government Services Median 95.6% $4,345.4 $4,569.9 13.1 x -4.4% 16.3% 1.4 x 17.3% 24.5%
Total Government Services Mean 89.2% $5,143.4 $6,075.6 12.8 x 0.7% 17.2% 1.2 x 1.2% 18.9%

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 $6.70 84.0% $21,478.2 $25,703.1 9.6 x 10.3% 2.6% 1.2 x 20.8% 2.1%
Boeing Company 341.18 76.5 191,985.4 203,091.4 NM NM 72.3 2.2 x 6.3 2.2
General Dynamics Corporation 185.94 89.5 53,579.9 68,164.9 12.7 1.8 9.8 1.8 0.5 -19.0
Leonardo S.p.a. 12.29 93.2 7,063.2 11,847.8 5.7 -12.3 -12.0 0.8 -1.3 2.5
Lockheed Martin Corporation 362.17 97.0 102,275.9 115,791.9 12.7 -1.5 15.0 2.0 -1.2 -0.6
Northrop Grumman Corporation 345.57 96.3 58,469.8 73,389.8 13.8 0.6 15.7 2.2 0.5 -9.4
Raytheon Company 182.29 86.4 50,774.0 55,020.0 13.4 0.2 6.6 2.0 4.0 -13.7
Thales S.A. 113.58 82.0 24,134.9 20,883.9 9.3 -7.0 4.9 1.2 -6.2 -12.4
Median 88.0% $52,177.0 $61,592.5 12.7 x 0.0% 12.3% 1.9 x 1.7% 8.7%
Mean 88.1% $63,720.2 $71,736.6 11.0 x -5.7% 0.4% 1.7 x 1.6% 8.6%
Defense Systems Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Aerojet Rocketdyne Holdings, Inc. $42.72 91.2% $3,308.8 $3,304.1 12.1 x -4.6% 6.3% 1.7 x -5.1% 32.2%
AeroVironment, Inc. $54.85 45.2% $1,300.8 $977.7 NM -4.5% -16.6% 3.1 x -0.7% -43.0
Cobham plc 2.02 96.6 4,813.5 4,996.7 14.7 49.3 42.4 2.1 48.6 26.9
Cubic Corporation 66.20 85.6 2,062.6 2,487.4 NM NM NM 1.9 1.5 38.3
Curtiss-Wright Corporation 126.91 89.8 5,428.3 6,194.2 12.4 -0.2 8.6 2.5 -0.3 -7.6
FLIR Systems, Inc. 49.66 77.7 6,725.0 7,223.5 17.4 -6.1 8.2 4.0 -9.5 -8.0
Huntington Ingalls Industries, Inc. 228.30 87.0 9,486.4 11,115.4 9.5 1.3 15.1 1.3 1.5 -9.5
Kongsberg Gruppen ASA 12.80 65.7 2,302.8 1,795.2 11.4 -7.2 -28.1 1.1 -9.4 -23.6
Safran SA 144.52 94.6 62,492.4 66,967.7 17.2 0.7 8.4 2.8 0.5 8.5
Textron Inc. 49.30 67.7 11,345.1 14,940.1 9.4 -6.5 -5.7 1.1 -2.6 -19.5
Median 86.3% $5,120.9 $5,595.5 12.2 x -0.8% 7.5% 2.0 x 7.9% 19.0%
Mean 80.1% $10,926.6 $12,000.2 13.0 x 1.8% 5.0% 2.2 x 0.2% -2.4%
Defense Electronics / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AMETEK, Inc. $89.61 97.1% $20,416.8 $22,316.0 16.4 x -5.3% 10.7% 4.4 x -5.7% 4.1%
Chemring Group PLC 2.22 75.8 621.5 724.2 NM -1.4 NA 2.0 -2.9 42.1
Comtech Telecommunications Corp. 29.76 80.6 718.3 848.2 10.5 4.9 9.4 1.3 3.6 -24.4
Crane Co. 83.70 83.6 5,012.6 5,767.2 9.8 -2.7 5.2 1.7 -1.6 -15.5
Ducommun Incorporated 42.15 81.0 484.6 732.3 10.3 -4.4 -9.0 1.1 -5.3 9.6
Elbit Systems Ltd. 161.44 98.2 7,129.6 8,116.1 17.9 4.4 38.2 2.0 5.0 18.7
Héroux-Devtek Inc. 14.46 93.6 525.6 698.3 12.8 -0.6 36.6 1.9 -0.6 21.0
Kratos Defense & Security Solutions, Inc. 24.65 98.6 2,610.8 2,786.4 NM 7.2 72.0 4.4 7.7 NM
Meggitt PLC 7.29 98.3 5,624.1 6,936.8 14.5 10.9 27.4 2.7 10.7 2.7
Mercury Systems, Inc. 81.52 102.1 4,512.0 4,254.1 NM 5.4 29.2 6.5 2.9 49.8
Moog Inc. 81.46 82.7 2,866.3 3,603.5 10.1 -10.7 -6.1 1.3 -10.5 -0.2
OSI Systems, Inc. 112.51 96.0 2,037.0 2,310.4 15.3 -0.1 18.3 2.0 -2.1 21.6
Teledyne Technologies Incorporated 291.28 95.0 10,596.6 11,420.0 19.8 1.8 23.0 3.8 3.2 18.3
Ultra Electronics Holdings plc 23.99 97.8 1,693.8 1,886.1 13.4 16.7 57.6 2.0 14.2 21.0
Viasat, Inc. 81.59 83.8 4,999.6 6,159.1 NM 1.7 -28.9 3.0 1.1 -7.8
Woodward, Inc. 112.04 94.0 6,959.5 8,054.7 16.1 -0.9 9.8 3.0 -1.9 3.1
Median 94.5% $3,689.2 $3,928.8 13.9 x 6.6% 22.5% 2.0 x 1.3% 17.1%
Mean 91.1% $4,800.6 $5,413.3 13.9 x -16.5% 18.2% 2.7 x 1.7% 21.3%
Homeland Security Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Elbit Systems Ltd. 161.44 98.2 7,129.6 8,116.1 17.9 4.4 38.2 2.0 5.0 18.7
MSA Safety Incorporated 105.35 93.2 4,079.1 4,354.1 15.1 -2.2 3.4 3.2 -0.2 -1.0
OSI Systems, Inc. 112.51 96.0 2,037.0 2,310.4 15.3 -0.1 18.3 2.0 -2.1 21.6
American Outdoor Brands Corporation 9.65 60.5 528.6 689.4 6.8 5.3 -20.7 1.1 5.4 0.4
Smiths Group plc 20.07 97.9 7,945.9 9,113.1 13.0 4.3 17.4 2.3 2.9 0.3
Median 96.0% $4,079.1 $4,354.1 15.1 x -1.8% 16.7% 2.0 x 1.0% 17.2%
Mean 89.2% $4,344.0 $4,916.6 13.6 x 1.9% 13.3% 2.1 x 2.1% 8.1%
Total Defense Median 91.2% $5,428.3 $6,194.2 12.9 x 1.2% 13.6% 2.0 x 4.4% 17.2%
Total Defense Mean 87.4% $18,398.9 $20,643.4 13.0 x -7.7% 10.5% 2.3 x 1.4% 11.1%

M&A Transactions with Disclosed Values - LTM as of July 2019
Continued on Next Page
xx xx xx xxx EV / LTM
Announced Closed Buyer Target Target Sector EV Rev EBITDA
7/30/2019 Pending CVC Capital Partners Limited Ontic Engineering and Manufacturing, Inc. Aerospace $1,365 NA 20.1 x
7/30/2019 Pending Volex plc Servatron, Inc. Defense $29 0.8 x NA
7/30/2019 Pending Mercury Systems, Inc. American Panel Corporation Defense $100 2.4 x NA
7/29/2019 Pending Parker-Hannifin Corporation Exotic Metals Forming Company LLC Aerospace $1,725 NA NA
7/25/2019 Pending Advent International Corporation Cobham plc Defense $5,112 2.1 x 14.7 x
7/24/2019 Pending Geomni, Inc. Keystone Aerial Surveys, Inc. Aerospace $30 1.6 x NA
7/22/2019 Pending Parsons Corporation QRC, LLC Defense $215 3.8 x 11.9 x
7/18/2019 7/18/2019 IDEX Corporation Velcora Holding AB Defense $180 4.8 x 23.8 x
7/16/2019 Pending Beta Dynamic Limited Gridsum Holding Inc. Government
Services
$191 3.7 x NA
7/15/2019 7/15/2019 AGIC Capital Farsound Aviation Limited Aerospace $144 NA NA
7/12/2019 Pending Hillenbrand, Inc. Milacron Holdings Corp. Aerospace $2,037 1.7 x 11.2 x
7/11/2019 7/11/2019 Diploma PLC VSP Technologies, Inc. Defense $80 1.8 x NA
7/10/2019 Pending Inpixon Canada, Inc. Jibestream Inc. Defense $6 NA NA
7/10/2019 Pending Gol Linhas Aéreas Inteligentes S.A. UPIs A, D, and E of Oceanair Linhas Aéreas, S.A. Aerospace $174 NA NA
7/9/2019 7/9/2019 SMART Global Holdings, Inc. Inforce Computing, Inc. Defense $12 NA NA
7/8/2019 7/9/2019 SMART Global Holdings, Inc. Artesyn Embedded Computing, Inc./Artesyn
Netherlands B.V.
Defense $90 NA NA
7/8/2019 7/8/2019 Vectrus Systems Corporation Advantor Systems Corporation/ Advantor Systems,
LLC
Government
Services
$44 NA NA
7/8/2019 7/8/2019 ITT Inc. Matrix Composites Inc. Defense $29 NA NA
7/5/2019 Pending Leader Europe Limited PHABRIX Ltd Aerospace $7 1.2 x NA
7/2/2019 Pending Haier Kaaosi IOT Ecosystem
Technology Limited
Foshan Shunde Haier Intelligence Electronics
Limited
Defense $81 NA NA
7/2/2019 Pending Hangzhou Yichen Machinery
Equipment Co., Ltd
Zhejiang Innuovo Security Technology Co., Ltd. Defense $7 NA NA
7/1/2019 7/1/2019 Astronics Corporation Freedom Communication Technologies, Inc. Defense $22 2.0 x NA
6/28/2019 Pending Searchlight Capital Partners Latécoère S.A. Aerospace $475 0.6 x 9.8 x
6/26/2019 Pending Littlejohn & Co. LLC Kaman Industrial Technologies Corporation Aerospace $700 0.6 x 10.6 x
6/25/2019 6/25/2019 Ross Precision Manufacturing Inc. Green Island Operations of LAI International, Inc. Aerospace $3 NA NA

M&A Transactions with Disclosed Values - LTM as of July 2019 (Continued)
6/25/2019 Pending Mitsubishi Heavy Industries, Ltd. Canadair Regional Jet Program of Bombardier Inc. Aerospace $750 NA NA
6/24/2019 6/24/2019 The Lionstone Group 318,182-square-foot Office Building at 777 Aviation
Boulevard in El Segundo
Aerospace $170 NA NA
6/24/2019 Pending Capgemini SE Altran Technologies S.A. Defense $5,514 1.7 x 13.2 x
6/24/2019 6/24/2019 The 600 Group PLC Control Micro Systems, Inc. Aerospace $10 0.9 x 5.0 x
6/24/2019 Pending Insight Enterprises, Inc. PCM, Inc. Government
Services
$617 NA 10.9 x
6/20/2019 7/2/2019 Gunnebo AB COMINFO, a.s. Defense $25 1.7 x NA
6/18/2019 Pending Hangjin Technology Co., Ltd. GuoGuang Electric Co., Ltd. Government
Services
$179 2.9 x NA
6/17/2019 Pending Sekisui Chemical Co., Ltd. AIM Aerospace, Inc. Aerospace $510 2.9 x NA
6/14/2019 Pending CGI Group Holdings Europe Limited SCISYS Group PLC Government
Services
$100 1.4 x 14.5 x
6/12/2019 6/12/2019 The Panoply Holdings plc FutureGov Ltd Government
Services
$27 3.3 x 13.8 x
6/11/2019 Pending Xiamen Xindeco Ltd. XIAMEN XINDECO INFORMATION
TECHNOLOGY INVESTMENT CO.,LTD.
Defense $39 NA NA
6/11/2019 6/11/2019 Stainless Metalcraft Booth Industries Limited Aerospace $2 NA NA
6/10/2019 6/11/2019 AeroVironment, Inc. Pulse Aerospace, Inc. Aerospace $26 NA NA
6/10/2019 Pending Hanwha Aerospace Co., Ltd. EDAC Technologies Corporation Aerospace $295 2.0 x NA
6/10/2019 6/10/2019 EMCORE Corporation Systron Donner Inertial, Inc. Aerospace $26 0.9 x NA
6/10/2019 6/10/2019 Héroux-Devtek Inc. Alta Precision Inc Aerospace $17 NA NA
6/9/2019 Pending United Technologies Corporation Raytheon Company Defense $91,079 3.3 x 23.1 x
6/5/2019 Pending Elastic N.V. Endgame, Inc. Government
Services
$234 NA NA
6/4/2019 7/22/2019 WP CPP Holdings, LLC Cast Products business of Allegheny Technologies
Incorporated
Defense $127 NA NA
6/3/2019 Pending Macquarie Infrastructure and Real
Assets (Europe) Limited
KCOM Group PLC Government
Services
$917 2.5 x 12.8 x
5/30/2019 6/28/2019 Silverfleet Capital Partners Microgen Financial Systems Limited Government
Services
$65 2.9 x NA
5/29/2019 6/13/2019 Palo Alto Networks, Inc. PureSec Ltd. Defense $47 NA NA
5/27/2019 6/18/2019 The Citadel Group Limited Noventus Pty. Ltd. Defense $4 NA NA
5/23/2019 5/23/2019 Héroux-Devtek Inc. Tekalia Aeronautik Aerospace $7 NA NA
5/23/2019 5/23/2019 Nice Systems UK Limited Sira Defence and Security Limited Defense $4 10.0 x NA

5/21/2019 Pending Crane Co. CIRCOR International, Inc. Defense $1,669 1.4 x 12.9 x
5/20/2019 Pending Marvell Technology Group Ltd. Avera Semiconductor LLC Defense $740 NA NA
5/14/2019 6/24/2019 UMS Holdings Limited JEP Holdings Ltd. Aerospace $73 1.2 x 8.7 x
5/13/2019 Pending Onex Corporation WestJet Airlines Ltd. Aerospace $3,675 1.0 x 9.2 x
5/13/2019 5/13/2019 Netcompany Group A/S Q Delft B.V. Government
Services
$6 0.7 x NA
5/10/2019 7/10/2019 Mercell Holding AS EU Supply Plc Government
Services
$19 2.9 x 22.0 x
5/7/2019 Pending Macnica Chungju Co., Ltd. Answer Technology Co., Ltd. Defense $96 0.7 x 10.7 x
5/6/2019 Pending MERCK Kommanditgesellschaft auf
Aktien
Intermolecular, Inc. Aerospace $49 1.6 x NA
5/2/2019 5/2/2019 Wärtsilä Oyj Abp Ships Electronic Services Ltd Defense $4 0.3 x NA
5/1/2019 5/1/2019 TP Group plc Sapienza Consulting Holding BV Defense $15 0.7 x NA
5/1/2019 5/1/2019 II-VI Incorporated Redstone Aerospace Corporation Defense $30 NA NA
4/29/2019 Pending Parker-Hannifin Corporation LORD Corporation Aerospace $3,675 3.6 x 16.5 x
4/22/2019 6/11/2019 Jacobs Engineering Group Inc. The KeyW Holding Corporation Government
Services
$921 1.9 x 23.8 x
4/18/2019 4/18/2019 Mercury Systems, Inc. The Athena Group, Inc./Syntonic Microwave Defense $46 NA NA
4/12/2019 4/15/2019 CalAmp Corp. Synovia Solutions, LLC Defense $50 1.8 x NA
4/12/2019 Pending Lakaikorea Repure Unimax Inc. Defense $47 NA NA
4/8/2019 Pending Graph Blockchain Inc. BlockChain Innovations Corp. Government
Services
$7 NA NA
4/5/2019 Pending Elbit Systems of America, LLC Night Vision business of Harris Corporation Defense $350 NA NA
4/5/2019 4/5/2019 Global Ordnance LLC Chemring Military Products, Inc. Defense $4 NA NA
4/4/2019 Pending Hainan Airlines Holding Co.,Ltd. Hainan Tianyu Flight Training Co., Ltd. Aerospace $104 NA NA
4/3/2019 4/3/2019 Tetra Tech, Inc. Global Tech Inc. Government
Services
$50 NA NA
4/3/2019 4/3/2019 Snap-on Incorporated Power Hawk Technologies, Inc. Defense $8 NA NA
4/3/2019 Pending Hainan Airlines Holding Co.,Ltd. HNA Aviation Technic Co.,Ltd. Aerospace $818 1.5 x NA
3/28/2019 Pending ZF Friedrichshafen AG WABCO Holdings Inc. Aerospace $7,345 1.9 x 12.0 x
3/27/2019 7/19/2019 Cathay Pacific Airways Limited Hong Kong Express Airways Ltd. Aerospace $628 NA NA

*LGS Innovations transaction multiples based off combined acquisition including Mastodon Design
LLC from CACI press release
3/27/2019 Pending Singapore Technologies Engineering Newtec Cy NV Defense $281 2.7 x 14.6 x
3/26/2019 Pending Beijing Aerospace Changfeng Co., Ltd Aerospace Changfeng Chaoyang Power Co., Ltd. Aerospace $187 5.2 x NA
3/26/2019 Pending Shanghai KangDa New Materials Co.,
Ltd.
Beijing Aerospace Hengrong Electromagnetic
Technology Co., Ltd.
Defense $7 NA NA
3/22/2019 3/22/2019 Cobepa S.A. Scalian SAS Defense $226 0.9 x NA
3/19/2019 Pending Apax Partners LLP Inmarsat Plc Aerospace $5,533 3.8 x 7.6 x
3/15/2019 3/18/2019 Curtiss-Wright Corporation Tactical Communications Group, LLC Defense $50 3.3 x NA
3/12/2019 Pending Mivtach Shamir Holdings Ltd Danya Cebus Ltd Government
Services
$144 NA NA
3/11/2019 4/3/2019 Times Publishing Limited Print Lab Pte Ltd Government
Services
$30 NA NA
3/11/2019 Pending Azul S.A. Selected Assets of Avianca Brasil Aerospace $105 NA NA
3/7/2019 4/9/2019 Shenzhen Sunshine Laser &
Electronics Technology Co., Ltd.
Chengdu Tongyu Aviation Equipment Manufacturing
Co., Ltd.
Aerospace $55 10.9 x NA
3/6/2019 3/6/2019 STS Aviation Group, Inc. Triumph Aviation Services - NAAS Division Inc. Aerospace $18 0.6 x NA
3/4/2019 7/18/2019 ENAV S.p.A. Air Navigation Division of IDS Ingegneria dei Sistemi
S.p.A.
Aerospace $46 NA 4.6 x
2/28/2019 3/1/2019 Vesuvius plc CCPI Inc. Aerospace $43 1.2 x 8.0 x
2/18/2019 Pending Kordsa, Incorporated Axiom Materials, Inc. Defense $182 NA NA
2/18/2019 3/4/2019 Magnetic MRO AS Direct Maintenance Holding B.V. Aerospace $9 1.1 x NA
2/13/2019 Pending King-Strong New Material Technology
Co., Ltd.
Guangdong Kuanpu Technology Co., Ltd. Defense $104 5.8 x NA
2/12/2019 2/12/2019 Advanced Technology Ventures
Limited
Graticules Limited Defense $4 1.8 x NA
2/11/2019 3/4/2019 FLIR Detection, Inc. Endeavor Robotics Defense $382 4.8 x 47.8 x
2/4/2019 Pending Undisclosed DenseLight Semiconductors Pte Ltd Defense $30 7.9 x NA
2/1/2019 2/1/2019 Ansell Limited Ringers Technologies LLC Defense $70 2.1 x NA
2/1/2019 2/1/2019 Fondi Italiani per le Infrastrutture SGR
SpA
Aeroporto Friuli Venezia Giulia SpA Aerospace $68 NA NA
1/31/2019 Pending NTT DATA Corporation Paygent Co.,Ltd. Government
Services
$116 1.7 x NA
1/30/2019 3/1/2019 CACI, Inc. - Federal LGS Innovations and Mastodon Design LLC Government
Services
$975 2.0 x 11.9 x
1/29/2019 2/7/2019 Pennant International Group plc Aviation Skills Partnership Limited Aerospace $9 NA NA
1/29/2019 1/29/2019 Mercury Systems, Inc. GECO Inc. Aerospace $37 NA 10.4 x

* StandardAero transaction multiples based off Scott-Macon estimates
1/28/2019 1/28/2019 ECS Federal, LLC DHA Group Inc. Government
Services
$46 0.9 x NA
1/28/2019 1/28/2019 FLIR Systems, Inc. Aeryon Labs Inc. Defense $200 NA NA
1/24/2019 3/8/2019 TECT Aerospace, Inc. Metallics Machining Business of Triumph Group Inc. Aerospace $43 0.4 x NA
1/22/2019 2/1/2019 John Bean Technologies Corporation LEKTRO, Inc. Defense $47 NA NA
1/18/2019 2/25/2019 Huntington Ingalls Industries, Inc. Fulcrum IT Services, LLC Defense $194 NA NA
1/16/2019 1/16/2019 Nistec Golan Ltd. Eltek Ltd. Defense $20 0.6 x NA
1/15/2019 2/20/2019 Zix Corporation AppRiver, LLC Defense $269 NA NA
1/15/2019 1/15/2019 GREEN4T Solucoes Ti LTDA. Aceco TI S.A. Government
Services
$63 1.5 x 16.8 x
1/13/2019 Pending Rafael Advanced Defense Systems
Ltd.
Aeronautics Ltd. Defense $237 2.4 x NA
1/11/2019 3/11/2019 Connect Airways Limited Flybe Group PLC Aerospace $129 NA 2.5 x
1/11/2019 2/22/2019 Connect Airways Limited Stobart Air Unlimited Company Aerospace $13 NA NA
1/11/2019 Pending MCS Solutions Axxerion B.V. Government
Services
$86 NA NA
1/10/2019 1/10/2019 VSE Aviation, Inc 1st Choice Aerospace Inc. Aerospace $152 NA NA
1/8/2019 2/28/2019 Comtech Telecommunications Corp. Solacom Technologies, Inc. Defense $33 NA NA
1/8/2019 1/8/2019 Paya, Inc. First Billing Services, LLC Government
Services
$58 NA NA
1/7/2019 1/7/2019 Parsons Corporation OGSystems, LLC Defense $300 NA NA
12/28/2018 12/28/2018 Cobra Aviation Services LLC Brim Equipment Leasing, Inc. Defense $2 NA NA
12/24/2018 5/14/2019 AS Air Lease Holdings 5T DAC Merah Aviation Asset Holding Limited Aerospace $768 NA NA
12/21/2018 5/15/2019 Hubline Berhad Layang Layang Aerospace Sdn Bhd Aerospace $7 0.9 x NA
12/18/2018 4/4/2019 The Carlyle Group L.P. StandardAero, Inc* Aerospace $5,000 1.7 x 12.5 x
12/17/2018 12/17/2018 Spartan Motors, Inc. Strobes-R-Us, Inc. Government
Services
$10 NA NA
12/17/2018 12/17/2018 Mayville Engineering Company, Inc. Defiance Metal Products Inc. Defense $125 NA NA
12/17/2018 12/17/2018 Dinamika Group S.A.C. JSC Technodinamika Holding Aerospace $280 NA NA
12/14/2018 12/20/2018 Heston Services Ltd Aircraft Maintenance Services Australia Pty Ltd. Aerospace $3 NA NA
12/13/2018 5/29/2019 Kongsberg Defence & Aerospace AS Aerospace Industrial Maintenance Norway AS Defense $18 1.3 x NA

12/12/2018 12/21/2018 Temenos AG Avoka Technologies Pty, Ltd. Government
Services
$245 NA NA
12/12/2018 12/12/2018 Abdul Razzaq Abdul Hameed Al-Sane
& Sons Group
New Technology Bottling Company K.S.C.C Defense $72 NA NA
12/7/2018 12/10/2019 Tyler Technologies, Inc. SceneDoc Inc. Defense $6 NA NA
12/3/2018 12/31/2018 Olive Investor, L.P. Navistar Defense LLC Defense $200 NA NA
11/30/2018 2/15/2019 Kitron Inc. API Defence USA, Inc. Defense $16 0.7 x NA
11/29/2018 11/28/2018 AerSale Inc. Avborne Accessory Group, Inc. Defense $22 NA NA
11/27/2018 12/21/2018 Argenbright Holdings I, LLC DAL Global Services, LLC Aerospace $78 NA NA
11/27/2018 Pending MBO Parrot S.A. Defense $9 NA NA
11/21/2018 11/23/2019 MBO Jia Yao Holdings Limited Aerospace $59 0.7 x 9.2 x
11/21/2018 7/31/2018 Undisclosed Atrium Military in Romania and 4 Assets in Hungary Defense $122 NA NA
11/21/2018 11/21/2018 11046896 Canada Inc. Composites and Defence Systems Business of
Morgan Advanced Materials plc
Defense $3 NA NA
11/9/2018 Pending Bristow Group Inc. Columbia Helicopters, LLC Defense $559 2.0 x 4.8 x
11/9/2018 11/28/2018 VIQ Solutions Inc. Net Transcripts, Inc. Defense $7 NA NA
11/8/2018 6/3/2019 Longview Aircraft Company of Canada
Limited
All Assets, Intellectual Property and Type Certificates
of Dash 8 Series and Q400 Program
11/5/2018 Pending Glarun Technology Co., Ltd. Nanjing Guorui Defense System Co., Ltd. Defense $1,260 NA NA
11/5/2018 11/15/2018 TP Group plc Westek Technology Limited Defense $5 1.0 x NA
11/5/2018 Pending Glarun Technology Co., Ltd. Nanjing Guorui Defense System Co., Ltd. Defense $1,260 NA NA
11/5/2018 12/27/2018 Nitto Kogyo Corporation Kitagawa Industries Co., Ltd. Aerospace $161 1.5 x 10.8 x
11/1/2018 11/1/2018 Inission AB Simpro Holding AS Defense $5 NA NA
10/30/2018 Pending GMR Hyderabad International Airport
Limited
Hyderabad Menzies Air Cargo Pvt Ltd. Aerospace $16 NA NA
10/26/2018 12/27/2018 SK Telecom Co.,Ltd SK infosec Co., Ltd. Defense $313 1.7 x 9.6 x
10/24/2018 2/18/2019 Rubis Energie SAS KenolKobil Plc Aerospace $424 NA 11.2 x
10/22/2018 11/20/2018 QinetiQ Group plc Inzpire Group Limited Defense $31 1.8 x 11.8 x
10/22/2018 Pending Hanwha Aerospace Co., Ltd. Aviation Business of Hanwha Corporation Aerospace $147 1.1 x NA
10/19/2018 10/19/2018 Guangzhou Shipyard International
Company Limited
Guangzhou Wenchong Dockyard Co., Ltd. Aerospace $72 0.8 x NA

10/18/2018 10/1/2018 Supply Technologies Hydrapower Dynamics Limited Defense $8 NA NA
10/14/2018 6/29/2019 Harris Corporation L3 Technologies, Inc. Defense $19,216 1.9 x 13.7 x
10/11/2018 10/17/2018 SolarEdge Technologies, Inc. Kokam Co., Ltd. Defense $136 3.6 x NA
10/11/2018 10/11/2018 Quest Solution, Inc. HTS Image Processing, Inc. Defense $6 NA NA
10/10/2018 3/14/2019 TransDigm Group Incorporated Esterline Technologies Corporation Defense $3,995 2.0 x 13.0 x
10/10/2018 1/10/2019 Thoma Bravo, LLC Imperva, Inc. Defense $1,815 5.2 x NA
10/9/2018 3/7/2019 MBO GD Tech Aerospace $5 NA NA
10/4/2018 10/11/2018 Vaisala Oyj Leosphere, Inc. Aerospace $44 1.4 x NA
10/4/2018 2/19/2019 Smiths Group plc United Flexible, Inc. Aerospace $345 2.3 x 10.5 x
10/3/2018 Pending Kordsa, Incorporated Advanced Honeycomb Technologies Corporation Aerospace $3 NA NA
10/3/2018 10/3/2018 ShotSpotter, Inc. HunchLab Technology of Azavea Inc. Defense $2 NA NA
10/2/2018 11/9/2018 Air Transport Services Group, Inc. Omni Air International, LLC Government
Services
$845 NA 5.8 x
10/2/2018 10/2/2018 Civil Aviation Group SRL Air Moldova, S.A. Aerospace $71 NA NA
10/1/2018 10/1/2018 Extant Components Group Holdings,
Inc.
All Assets and Technical Data Rights of NavCom
Defense Electronics, Inc.
Defense $27 2.1 x NA
9/27/2018 10/1/2018 AMMO, Inc. SW Kenetics, Inc. Government
Services
$7 NA NA
9/25/2018 Pending Universal mCloud Corp. Ascent Aerosystems LLC Defense $7 NA NA
9/25/2018 9/25/2018 Guangdong Shenglu
Telecommunication Tech. Co., Ltd.
Chengdu Chuangxinda Microwave Electronics Co.,
Ltd.
Defense $85 7.1 x NA
9/18/2018 11/26/2018 Ontic Engineering and Manufacturing,
Inc.
Firstmark Corporation Defense $97 NA NA
9/18/2018 2/21/2019 Prosegur SIS Command Security Corporation Aerospace $46 NA 17.8 x
9/13/2018 4/18/2019 Vision Technologies Aerospace
Incorporated
MRA Systems, LLC Aerospace $506 1.2 x 10.0 x
9/12/2018 9/12/2018 HEXPOL AB Kirkhill-TA Co. Defense $49 1.1 x NA
9/10/2018 1/14/2019 Science Applications International
Corporation
Engility Holdings, Inc. Defense $2,450 1.3 x 13.7 x
9/6/2018 9/6/2018 Zhejiang Huazheng New Material Co.,
Ltd.
Yangzhou Maxi-CUBE Tong Composite Co., Ltd. Aerospace $6 0.4 x 6.3 x
9/6/2018 11/7/2018 Polaris Industries Inc. WSI Industries, Inc. Defense $22 0.6 x 8.7 x
9/5/2018 9/5/2018 Ideagen plc InspectionXpert Corporation Defense $7 NA 35.0 x

8/31/2018 8/31/2018 NorthEdge Capital LLP Orbis Protect Limited Defense $18 0.5 x NA
8/22/2018 Pending Mahindra Engineering Services Inter-Informatics spol. s r.o. Defense $6 0.5 x NA
8/17/2018 10/17/2018 Shearwater Group PLC Brookcourt Solutions Limited Aerospace $40 1.4 x 15.1 x
8/9/2018 Pending Rafael Advanced Defense Systems
Ltd.
Aeronautics Ltd. Defense $124 1.2 x 12.3 x
8/9/2018 Pending Cyber Security 1 AB Infonet Bilgi Teknolojileri Ticaret Anonim Sirketi Defense $10 0.4 x 6.1 x
8/8/2018 8/31/2018 One Stop Systems, Inc. Concept Development, Inc. Defense $6 NA NA
7/31/2018 8/28/2018 Eagle Aerial Systems, Inc. All Assets of Agribotix, LLC Defense $5 NA NA
7/31/2018 4/22/2019 Mission Ready Solutions Inc. Unifire, Inc. Defense $8 NA NA
7/31/2018 7/31/2018 Themis Computer, Inc. Germane Systems LC Government
Services
$45 NA 10.0 x
7/26/2018 8/9/2018 Imperva, Inc. Prevoty, Inc. Defense $141 NA NA
7/25/2018 12/4/2018 AGC Inc. Nelco Products Inc./ Neltec Inc./ Neltec SA/ Nelco
Products Pte. Ltd.
7/16/2018 8/14/2018 Orange Business Services SAS Basefarm AS Defense $410 3.5 x NA
7/12/2018 7/16/2018 Allegheny Technologies Incorporated Addaero Manufacturing LLC Government
Services
$10 NA NA
7/13/2018 7/13/2018 TransDigm Group Incorporated SKANDIA, Inc. Aerospace $84 3.2 x NA
7/10/2018 7/10/2018 Mimecast Limited Ataata, Inc. Defense $24 NA NA
7/10/2018 10/24/2018 Aptiv PLC Winchester Interconnect Defense $682 2.7 x NA
7/10/2018 7/10/2018 First Israel Mezzanine Investors Ltd. Bird Aerosystems Ltd Aerospace $80 NA NA
7/6/2018 7/6/2018 Shenzhen SDG Information Co., Ltd. Beijing Senfetech Corporation Aerospace $58 6.5 x NA
7/5/2018 7/6/2018 Hickok Incorporated CAD Enterprises, Inc. Aerospace $21 NA NA
7/5/2018 Pending Boeing Brasil Serviços Técnicos
Aeronáuticos Ltda
Commercial Aircraft Operations of Embraer Defense $5,250 NA NA
7/2/2018 7/2/2018 L3 Technologies, Inc. Applied Defense Solutions, Inc. Aerospace $50 NA NA
Aerospace Median 1.4 x 10.4 x
Aerospace Mean 2.0 x 10.4 x
Defense Median 1.8 x 13.0 x
Defense Mean 2.4 x 15.9 x
Government Services Median 2.0 x 13.3 x
Government Services Mean 2.2 x 14.2 x

Top 50 Signed Contracts – July 2019
Date Signed Contractor Name Funding Agency Value ($mm) Description of Services
7/18/2019 Erapsco, Joint Venture of Sparton And Ussi Dept of The Navy $1,041.0 Manufacture and Delivery of A Maximum Quantity of 37,500 An/Ssq-36B,
685,000 An/Ssq-53G, 120,000 An/Ssq-62F, and 90,000 An/Ssq-101B
Production Sonobuoys
7/31/2019 Medico Industries Inc. Dept of The Army $891.2 Manufacture and Deliver 155Mm M795 Projectile Metal Parts and 120Mm Mortar
Shell Bodies
7/25/2019 Siemens Government Technologies Inc. Dept of The Navy $828.8 Construction, Operations and Maintenance of Energy Conservation Measures
To Improve Energy Efficiency and Reliability, Which Include Heating, Ventilation
and Air Conditioning Upgrades, Lighting Upgrades, Commercial Refrigeration
Upgrades, Distributed Generation, Renewable Energy Photovoltaic For Both
The Demand and Supply Sides, Energy Storage, Power Control, Supervisory
Control and Data Acquisition, Water Retrofits and Wastewater
7/12/2019 Dlt Solutions Llc Dept of The Navy $820.5 Commercial-off-The-Shelf Software; Information Technology Asset
Management Software; Software Maintenance Support; Information Technology
Professional Services; and Related Services In Support of Dod Esi
7/31/2019 Lockheed Martin Corp., Dba Lockheed Martin
Aeronautics
Dept of The Air Force $800.0 Production and Support of 14 Slovak Republic F-16 Block 70 Aircraft
7/15/2019 Lockheed Martin Corp. Dept of The Army $492.1 High Mobility Artillery Rocket Systems M142 Launchers and Support
Requirements To Include Product Data Definition Package Maintenance,
Training, Support Equipment, Qualification Testing, Initial Spares/Repair Parts
and Software
7/31/2019 Northrop Grumman Systems Corp. Dept of The Army $481.6 Common Infrared Countermeasure Quick Reaction Capability 3
7/17/2019 Vt Milcom Inc., Dept of The Navy $408.3 Worldwide Installation Services For All Afloat Command, Control,
Communications, Computer, Intelligence, Surveillance and Reconnaissance
(C4Isr) and Supporting Systems, Current and Future, Under The Cognizance of
The Naval Information Warfare Systems Command (Navwar).
7/17/2019 Serco Inc. Dept of The Navy $408.3 Worldwide Installation Services For All Afloat Command, Control,
7/17/2019 Prism Maritime Llc Dept of The Navy $408.3 Worldwide Installation Services For All Afloat Command, Control,
7/17/2019 M.C. Dean Inc. Dept of The Navy $408.3 Worldwide Installation Services For All Afloat Command, Control,
7/17/2019 General Dynamics Information Technology Inc. Dept of The Navy $408.3 Worldwide Installation Services For All Afloat Command, Control,
7/17/2019 Hii Fleet Support Group Llc Dept of The Navy $408.3 Worldwide Installation Services For All Afloat Command, Control,
7/29/2019 Drs Laurel Technologies Dept of The Navy $382.5 Development, Integration, and Production of Hardware Solutions
7/12/2019 Sossec Inc. Dept of The Air Force $355.0 Propulsion Consortium Initiative
7/2/2019 Lockheed Martin Corp., Lockheed Martin Aeronautics
Co.
Dept of The Navy $348.2 Production Non-Recurring, Special Tooling and Special Test Equipment In
Support of Low-Rate Initial Production Lot 12 F-35 Lightning Ii Aircraft
7/31/2019 Lockheed Martin Corp., Dba Lockheed Martin
Aeronautics
Dept of The Air Force $315.6 F-16 Contractor Logistics Support Phase Iv and Establishment of A Training
Detachment At Balad Air Base, Iraq, For The Government of Iraq
7/3/2019 Dyncorp International Dept of The Air Force $308.6 Aviation Command and Control Operations and Maintenance Services
7/9/2019 General Dynamics Mission Systems Inc. Dept of The Army $296.1 Production of Prophet Enhanced Systems
7/31/2019 Huntington Ingalls Industries Inc. Dept of The Navy $290.6 Prepare and Make Ready For The Refueling and Complex Overhaul (Rcoh) of
Uss John C. Stennis (Cvn 74)
7/15/2019 General Atomics Aeronautical Systems Inc. Dept of The Army $275.0 Aircraft, Satellite Communications Air Data Terminals, Universal Ground Data
Terminals, Program Management, and Equipment Maintenance and Repair
7/30/2019 Emergent Biosolutions Inc. Office of Assistant Secretary For
Preparedness and Response
$261.0 Drugs and Biologicals
7/19/2019 United Technologies Corp., Dba Pratt & Whitney
Military Engines
Dept of The Air Force $253.7 F100-Pw-100/-200/-220/-220E/-229/-229Eep Engine Module Remanufacture
7/9/2019 Georgia Tech Applied Research Corp. Dept of The Air Force $246.0 Essential Engineering, Research and Development Capabilities and Services
For Electronic Warfare and Avionics System Support
7/31/2019 Bae Systems Information And Electronic Systems
Integration Inc.
Dept of The Army $242.3 Systems Engineering, Integration, Logistics, and Other Technical Support
Services For The Ot-225 Advanced Threat Infrared Countermeasures System
and The An/Aar-57(V) Common Missile Warning System

Top 50 Signed Contracts – July 2019 (Continued)
Date Signed Contractor Name Funding Agency Value ($mm) Description of Services
7/17/2019 Data Link Solutions Llc Dept of The Navy $235.6 Procurement and/Or Retrofit of 3,370 Additional Multifunctional Information
Distribution System Joint Tactical Radio System (Mids Jtrs) Cmn-4, F-22
Falcon, Tactical Targeting Network Technology (Ttnt) Terminals.
7/2/2019 Yulista Support Services Dept of The Army $226.9 Maintenance and Modifications of C5Isr Flight Activity Platforms
7/31/2019 Medico Industries Inc. Dept of The Army $214.9 Property Management of Scranton Army Ammunition Plant
7/3/2019 Aar Supply Chain Inc., Dba Aar Defense Systems &
Logistics
Dept of The Air Force $210.0 C-130H Contractor Logistics Support For The Afghanistan Air Force
7/19/2019 Raytheon Corp. Dept of The Air Force $191.0 Global Aircrew Strategic Network Terminal
7/3/2019 Lockheed Martin Corp. Dept of The Navy $175.0 Engineering, Testing, Product Support and Ancillary Support To Update The
Current Long Range Anti-Ship Missile Components and Systems Required To
Achieve Objective Requirements In The offensive Anti-Surface Warfare
Increment 1 Capability Description Document
7/11/2019 General Dynamics Electric Boat Corp. Dept of The Navy $173.8 Engineering, Technical, Design Agent and Planning Yard Support For
Operational Strategic and Attack Submarines
7/29/2019 Alliant Techsystems Operations Llc, A Wholly Owned
Subsidiary of Northrop Grumman Innovation Systems
Inc.
Dept of The Navy $167.3 263 Full-Rate Production Lot 8 Advanced Anti-Radiation Guided Missiles
(Aargm)
7/22/2019 Aecom Department of Energy $163.2 Operation of Restoration of Real Property (Public Or Private). All Actions
Necessary To Restore, Rehabilitate, Or Reclaim Property.
7/31/2019 Raytheon Integrated Defense Systems Dept of The Army $160.8 Engineering and Technical Services To Support The Sentinel Radar
7/1/2019 Zwakman Nabizai Construction Company Agency For International
Development
$159.8 Architect and Engineering- General: Electrical Systems
7/31/2019 Je Dunn Construction Co. Dept of The Air Force $158.0 Repair of The Cadet Chapel At The Air Force Academy In Colorado Springs,
Colorado
7/26/2019 Aar Government Services Inc. Dept of The Navy $118.6 Procurement, Modification and Delivery of Two C-40 Aircraft and Associated
Peculiar Support Equipment and Common Support Equipment For The Marine
Corps (Usmc)
7/10/2019 Bechtel Group Inc. Department of Energy $113.3 Construction of Government-Owned Contractor-Operated R&D Facilities
7/26/2019 Corrections Corporation of America U.S. Marshals Service $105.6 Support- Professional: Other
7/18/2019 Harris Corporation National Oceanic and Atmospheric
Administration
$100.3 IT and Telecom- Systems Development
7/31/2019 Ssfm-Noei Llc Dept of The Navy $100.0 Architect-Engineer Services For Various Structural Projects and Other Projects
Primarily Under The Cognizance of Naval Facilities Engineering Command
Hawaii
7/18/2019 Mw Services Inc. Dept of The Navy $99.0 Commercial and Institutional Building Construction Alterations, Renovations and
Repair Projects At Naval Bases Coronado, Point Loma, and San Diego; and
Marine Corps Air Station, Miramar
7/2/2019 Leidos Inc. Dept of The Navy $99.0 Aerospace Medical and Environmental Health Research Support Services At
The Naval Medical Research Unit-Dayton
7/12/2019 The Boeing Co. Dept of The Army $96.9 Apache Aircraft Integrated Logistics Support, Product Assurance and Longbow
Crew Trainers
7/31/2019 Two Six Labs Llc Dept of The Air Force $95.1 Develop Automated Artificial Intelligence/Machine Learning Techniques To
Assist Human Understanding of The Cyber Battlespace, Support Development
of Cyber Warfare Strategies and Measure and Model Battle Damage
Assessment
7/9/2019 Northrop Grumman Systems Corp. Dept of The Air Force $92.9 Systems Engineering, Management, and Sustainment Supporting Weather-
Related Missions
7/17/2019 Viasat Inc. Dept of The Navy $90.8 Procurement and/Or Retrofit of 3,370 Additional Multifunctional Information
Distribution System Joint Tactical Radio System (Mids Jtrs) Cmn-4, F-22
Falcon, Tactical Targeting Network Technology (Ttnt) Terminals.
7/29/2019 Armtec Countermeasures Co. Dept of The Air Force $90.0 Mju-53/B Countermeasure Flares
7/29/2019 Kilgore Flares Co. Dept of The Air Force $90.0 Mju-53/B Countermeasure Flares
Total Top 50 $14,907.5
Total Other Signed in July $15,269.5

Contract Overview by Agency and NAICS Code – July 2019*
Top 20 Agencies Ranked by Total Contract Value Signed in July
Top 20 NAICS Codes Ranked by Total Contract Value Signed in July
* Only includes contracts with value greater than $150,000
Rank Funding Agency Contract Value ($mm) # of Contracts
1 Dept of The Navy 10,736$ 160
2 Dept of The Army 4,518 76
3 Dept of The Air Force 4,014 47
4 Department of Energy 1,480 207
5 National Aeronautics and Space Administration 892 507
6 Department of Veterans Affairs 874 951
7 Centers For Medicare and Medicaid Services 639 167
8 Federal Acquisition Service 631 272
9 Agency For International Development 536 211
10 Federal Aviation Administration 433 341
11 Department of State 354 244
12 U.S. Customs and Border Protection 328 121
13 National Oceanic and Atmospheric Administration 291 126
14 National Institutes of Health 240 237
15 Office of Procurement Operations 212 121
16 Federal Emergency Management Agency 211 92
17 Public Buildings Service 197 213
18 Centers For Disease Control and Prevention 148 140
19 Employment and Training Administration 146 40
20 Transportation Security Administration 139 39
Total Top 20 by Funding Agency 27,019$ 4,312
Rank NAICS Code Description Contract Value ($mm) # of Contracts
1 Engineering Services 5,118$ 425
2 Commercial And Institutional Building Construction 2,451 341
3 Other Computer Related Services 2,176 688
4 Other Support Activities For Air Transportation 2,098 55
5 Other Measuring And Controlling Device Manufacturing 1,482 16
6 Research And Development In The Physical, Engineering, And Life Sciences (Except Biotechnology) 1,425 169
7 Computer Systems Design Services 1,412 496
8 Facilities Support Services 1,194 171
9 Aircraft Manufacturing 1,016 8
10 Ammunition (Except Small Arms) Manufacturing 892 3
11 Ship Building And Repairing 863 56
12 Administrative Management And General Management Consulting Services 714 566
13 Other Guided Missile And Space Vehicle Parts And Auxiliary Equipment Manufacturing 513 4
14 All Other Professional, Scientific, And Technical Services 412 265
15 Other Aircraft Parts And Auxiliary Equipment Manufacturing 409 30
16 Guided Missile And Space Vehicle Manufacturing 354 10
17 Research And Development In Biotechnology 348 18
18 Remediation Services 343 92
19 Other Heavy And Civil Engineering Construction 342 49
20 Hazardous Waste Treatment And Disposal 266 10
Total Top 20 by NAICS Code Description 23,827$ 3,472

SECTION 5: KEY AEROSPACE & DEFENSE STATS

Key Aerospace & Defense Stats
ASM – Global (in thousands) # of Passengers - Global
RSM – Global (in thousands) Load Factor % - Global
Commercial Aerospace Orders
Source: FAA
-2.0%
-1.0%
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 %
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
RPM MoM Growth %
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
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
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
LTMas of 6/2019 LTMas of 6/2018 YoY % Change 6/2019 5/2019 4/2019 3/2019 2/2019 1/2019 12/2018 11/2018 10/2018 9/2018 8/2018 7/2018
Narrowbody Unit Orders 953 1,909 -50.1% 142 -70 -4 6 -20 20 556 78 66 69 95 15
Boeing 458 876 -47.7% 145 -71 -4 3 1 25 181 41 0 32 90 15
737 458 876 -47.7% 145 -71 -4 3 1 25 181 41 0 32 90 15
Airbus 495 1,033 -52.1% -3 1 0 3 -21 -5 375 37 66 37 5 0
A320 495 1,033 -52.1% -3 1 0 3 -21 -5 375 37 66 37 5 0
Widebody Unit Orders 139 283 -50.9% 9 -1 0 77 -61 10 14 10 24 33 4 20
Boeing 154 204 -24.5% 9 -1 0 40 4 18 22 7 6 33 4 12
787 71 114 -37.7% 1 -1 0 20 0 18 0 0 5 15 3 10
777 49 51 -3.9% 2 0 0 20 0 0 17 6 1 0 1 2
767 30 20 50.0% 6 0 0 0 4 0 1 1 0 18 0 0
747 4 19 -78.9% 0 0 0 0 0 0 4 0 0 0 0 0
Airbus -3 79 NM 0 0 0 37 -65 -8 4 3 18 0 0 8
A350 49 35 40.0% 0 0 0 37 0 0 4 0 0 0 0 8
A380 -31 14 NM 0 0 0 0 -23 -8 0 0 0 0 0 0
A330 21 30 -30.0% 0 0 0 0 0 0 0 3 18 0 0 0

Key Aerospace & Defense Stats
Global Business Jet Traffic
(Flights in Thousands)
6/2019 Global Business Jet Traffic
by Type (391K Flights)
Global Business Jet Deliveries
2018 Global Business Jet Deliveries
By Market (798 Deliveries)
U.S. Defense Budget
* Base Budget Request
Source: GAMA, Office of the Under Secretary of Defense
84%
16%
Domestic International
518
592
750
887
1,137
1,317
874
767
696 672 678 722 718
667 676
798
0
200
400
600
800
1,000
1,200
1,400
60.0%20.0%
10.2%
5.8%
4.0%
North America Europe Asia-Pacific Latin America Middle East & Africa
FY 2019 vs FY 2020
By Appropriation Title ($ in billions) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020* Dollar Δ % Δ
Military Personnel $ 135.3 $ 135.4 $ 141.7 $ 150.7 $ 155.8 $ 5.0 3.3%
Operation and Maintenance 197.5 197.1 223.3 278.8 292.7 13.9 5.0%
Procurement 110.7 110.7 115.0 147.3 143.1 (4.2) -2.9%
RDT&E 68.8 69.6 82.7 95.3 104.3 9.0 9.5%
Military Construction/Family Housing 6.9 6.5 8.4 11.3 21.1 9.8 87.4%
Other 2.5 2.4 3.5 1.7 1.4 (0.2) -12.7%
Total $ 521.7 $ 521.8 $ 574.5 $ 685.0 $ 718.3 $ 33.4 19.2%
FY 2019 vs FY 2020
By Military Department ($ in billions) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020* Dollar Δ % Δ
Army $ 123.3 $ 122.9 $ 137.1 $ 178.9 $ 191.4 $ 12.5 7.0%
Navy 159.3 159.1 171.5 195.6 205.6 9.9 5.1%
Air Force 145.7 146.5 165.5 192.9 204.8 11.8 6.1%
Defense Wide 93.4 93.3 100.4 117.6 116.6 (0.9) -0.8%
Total $ 521.7 $ 521.8 $ 574.5 $ 685.0 $ 718.3 $ 33.4 19.2%
369
393
389
395
354
361
386
402
367
390390
365
376
-2%
0%
2%
4%
6%
8%
10%
320
330
340
350
360
370
380
390
400
410
# of Flights MoM Growth %

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
Undisclosed Undisclosed $8,000,000 Undisclosed $80,000,000 $590,000,000
Sale to Sale to Senior Secured Notes & Sale to Initial Public Sale to
Preferred Shares with Offering
Joint Bookrunner
£115,000,000 $38,000,000 Undisclosed $61,000,000 $268,000,000 $270,000,000
a portfolio company of
Acquisition of Hastings Equity Partners Sale to Equity Financing for Debt Financing for Acquisition of
and Admiralty Partners, Inc. Acquisition of Acquisition of
Sale to
Undisclosed £80,000,000 $66,000,000 $380,000,000 Undisclosed
Sale of Securement Sale to Sale to Acquisition of Sale to
Division to

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
Over 40 Years of Senior Level Experience, Attention & Execution in Investment Banking

Aerospace, Defense and Government Services Monthly Market Overview

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