Scott-Macon Aerospace, Defense and Government Services Monthly Update (January 2017)

SCOTT-MACON, LTD
January 2017
2© Copyright 2016 SCOTT-MACON, LTD.
We are pleased to present you with the January 2017 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
January 2017
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 January 2017 LTM as of January 2017
36
22
28
23
12
4
76
49
0
10
20
30
40
50
60
70
80
90
31-Jan-16 31-Jan-17
NumberofDeals
Aerospace Defense Government Services
329 295
313
295
136
102
778
692
0
100
200
300
400
500
600
700
800
900
LTM-Jan-16 LTM-Jan-17
NumberofDeals
Aerospace Defense Government Services
8.50x
9.00x
9.50x
10.00x
10.50x
11.00x
11.50x
12.00x
12.50x
Dec-30-2016
Jan-01-2017
Jan-03-2017
Jan-05-2017
Jan-07-2017
Jan-09-2017
Jan-11-2017
Jan-13-2017
Jan-15-2017
Jan-17-2017
Jan-19-2017
Jan-21-2017
Jan-23-2017
Jan-25-2017
Jan-27-2017
Jan-29-2017
Jan-31-2017
SM Aerospace SM Government Services SM Defense
 3.2 %
-66.7 %
-17.9 %
-38.9 %
-25.0 %
 -5.8 %
-10.3 %
87
89
91
93
95
97
99
101
103
105
107
D
ec-30-2016
Jan-01-2017
Jan-03-2017
Jan-05-2017
Jan-07-2017
Jan-09-2017
Jan-11-2017
Jan-13-2017
Jan-15-2017
Jan-17-2017
Jan-19-2017
Jan-21-2017
Jan-23-2017
Jan-25-2017
Jan-27-2017
Jan-29-2017
Jan-31-2017
S&P 500 SM Aerospace
SM Government Services SM Defense
 1.0 %
 3.1 %
 1.9 %
 -1.1 %
74
84
94
104
114
124
134
144
Jan-29-2016
Feb-29-2016
Mar-31-2016
Apr-30-2016
May-31-2016
Jun-30-2016
Jul-31-2016
Aug-31-2016
Sep-30-2016
Oct-31-2016
Nov-30-2016
Dec-31-2016
Jan-31-2017
S&P 500 SM Aerospace
SM Government Services SM Defense
 20.6 %
 15.4 %
 20.6 %
 32.1 %
 -1.7 %
 -1.1 %
 24.4 %
 16.6 %
 8.1 %
7.50x
8.50x
9.50x
10.50x
11.50x
12.50x
13.50x Jan-29-2016
Feb-29-2016
Mar-31-2016
Apr-30-2016
May-31-2016
Jun-30-2016
Jul-31-2016
Aug-31-2016
Sep-30-2016
Oct-31-2016
Nov-30-2016
Dec-31-2016
Jan-31-2017
SM Aerospace SM Government Services SM Defense

SECTION 2: PUBLIC COMPARABLES

SCOTT-MACON, LTD
January 2017
Public Comparables
Aerospace Public Comparables*
Government Services Public Comparables*
% of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev.
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. $33.82 87.8% $5,071.4 $6,285.8 12.1 x -5.1% 6.5% 1.1 x -7.1% 6.6%
CACI International Inc 122.80 91.8 2,993.6 4,359.7 12.7 -0.8 27.9 1.1 -0.8 22.5
CGI Group Inc. 47.98 93.2 14,220.2 15,263.5 11.0 -3.9 -1.8 1.9 -3.9 -3.4
CSRA Inc. 31.02 92.5 5,069.5 7,818.5 13.0 -1.7 63.2 1.6 -1.7 39.0
Engility Holdings, Inc. 29.33 74.9 1,078.6 2,112.0 11.8 -7.1 34.5 1.0 -7.1 18.2
ICF International, Inc. 52.00 87.3 985.8 1,257.3 11.4 -4.6 22.7 1.1 -4.6 23.3
KEYW Holding Corp. 10.01 73.8 488.0 576.4 NM NA NA 1.9 2.4 NM
Leidos Holdings, Inc. 48.32 91.3 7,265.6 10,306.6 19.8 -4.0 NM 1.8 -4.0 NM
ManTech International Corp. 38.94 85.5 1,500.8 1,429.9 11.5 -8.2 29.1 0.9 -8.2 36.9
MAXIMUS, Inc. 55.14 89.4 3,571.8 3,675.3 10.6 -1.1 -8.8 1.5 -1.1 -11.5
Navigant Consulting, Inc. 24.70 88.7 1,162.4 1,316.6 9.5 -5.0 29.7 1.4 -5.0 31.9
NCI, Inc. 12.70 83.0 171.9 171.6 5.9 -9.0 -11.5 0.5 -9.0 -4.7
QinetiQ Group Plc 3.31 98.1 1,879.4 1,536.7 8.9 0.2 1.1 1.6 0.2 7.0
Science Applications International Corp. 81.42 91.2 3,572.8 4,428.8 12.8 -3.2 31.6 1.0 -3.2 44.1
Serco Group plc 1.81 95.3 1,968.9 2,150.5 10.5 0.4 NA 0.6 0.4 73.5
Vectrus, Inc. 22.54 64.4 242.9 281.5 5.9 -4.8 -11.9 0.2 -4.8 -6.8
VSE Corp. 37.28 87.3 402.6 656.3 8.3 -2.5 -2.2 1.1 -2.5 -13.0
Median 88.7% $1,879.4 $2,112.0 11.2 x -1.8% 25.8% 1.1 x -2.6% 21.0%
Mean 86.8% $3,038.0 $3,742.8 11.0 x 1.7% 21.1% 1.2 x -3.1% 22.7%
Engineering & Construction Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AECOM $36.93 90.7% $5,729.4 $9,348.2 9.1 x 1.4% 22.7 0.5 x 1.4% 17.0%
Fluor Corp. 55.50 96.1 7,728.4 7,654.7 9.0 5.7 NM 0.4 5.7 47.9
Jacobs Engineering Group Inc. 58.55 92.3 7,074.6 6,871.5 10.5 2.8 56.5 0.6 2.8 51.3
KBR, Inc. 17.01 94.8 2,426.8 2,542.8 12.0 1.8 -8.3 0.6 1.8 NM
Tetra Tech, Inc. 43.70 97.4 2,503.1 2,691.4 13.2 1.5 49.8 1.4 1.5 47.3
Median 94.8% $5,729.4 $6,871.5 10.5 x 2.8% 41.9% 0.6 x 1.8% 47.3%
Mean 94.3% $5,092.5 $5,821.7 10.7 x 2.5% 32.8% 0.7 x 2.3% 51.9%
Total Government Services Median 91.0% $2,465.0 $2,617.1 11.0 x -1.1% 24.4% 1.1 x 17.3% 23.4%
Total Government Services Mean 88.5% $3,504.9 $4,215.3 10.9 x 2.0% 23.8% 1.1 x -2.3% 26.4%
* As of Monday, October 31, 2016
Aerospace OEMs Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Airbus Group SE $67.72 94.6% $52,314.0 $55,622.5 11.0 x -0.1% 48.3% 0.8 x -0.1% 9.4%
Boeing Company 163.42 96.1 100,854.9 100,837.9 13.5 6.4 56.2 1.1 4.3 29.7
Bombardier Inc. 1.91 90.2 4,206.3 11,741.3 NM NA NM 0.7 4.8 60.5
Embraer S.A. 5.72 58.9 4,198.1 5,856.0 13.6 8.7 -11.1 0.8 8.7 -46.8
Median 92.4% $28,260.2 $33,681.9 13.5 x 8.4% 55.2% 0.8 x 4.1% 4.4%
Mean 85.0% $40,393.3 $43,514.4 12.7 x 5.2% 26.6% 0.8 x 4.3% -3.8%
Aerospace Systems / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AAR Corp. $31.99 82.6% $1,098.2 $1,206.6 9.9 x -2.9% -27.1% 0.7 x -2.9 44.2%
AMETEK, Inc. 51.10 96.7 11,826.2 13,535.1 13.3 4.5 11.4 3.5 4.5 10.9
Astronics Corporation 32.81 80.0 1,042.6 1,193.3 11.9 -2.4 52.0 1.9 -2.4 34.3
B/E Aerospace, Inc. 61.47 99.3 6,245.5 8,155.5 13.5 1.6 13.4 2.8 1.6 25.7
CAE Inc. 14.17 92.7 3,803.1 4,553.8 10.7 -1.4 6.3 2.3 -1.4 11.4
Crane Co. 72.04 91.3 4,225.6 4,461.2 9.6 -3.0 36.9 1.6 -2.7 39.6
Esterline Technologies Corporation 85.65 90.4 2,538.7 3,161.4 11.4 -3.2 4.8 1.6 -3.2 2.8
HEICO Corporation 76.95 93.4 4,750.2 5,349.3 16.1 -1.3 16.0 3.9 -1.3 21.5
Héroux-Devtek Inc. 11.10 90.2 400.6 500.0 10.6 -1.2 -5.4 1.6 -1.2 8.0
Meggitt PLC 5.25 86.1 4,072.6 5,677.0 16.5 -6.5 67.3 2.6 -6.5 21.1
Moog Inc. 65.87 90.2 2,360.1 3,035.4 9.2 -2.4 18.6 1.2 -1.3 28.1
MTU Aero Engines AG 119.35 94.8 6,129.3 5,699.2 8.5 0.8 -9.7 1.2 0.8 -3.0
Textron Inc. 47.37 93.0 12,799.8 15,562.8 9.8 -4.0 26.0 1.1 -4.2 26.5
TransDigm Group Incorporated 216.40 73.5 11,559.6 20,251.2 14.0 -7.8 -15.0 6.4 -7.8 -13.8
Woodward, Inc. 69.64 97.5 4,298.5 4,937.5 14.8 -0.3 22.4 2.4 0.7 31.8
Zodiac Aerospace 30.32 97.4 8,402.7 9,544.4 NM NM NM 1.7 24.5 28.8
Median 92.0% $4,262.1 $5,143.4 11.4 x -5.0% 2.8% 1.8 x -0.5% 16.1%
Mean 90.6% $5,347.1 $6,676.5 12.0 x -5.9% 7.4% 2.3 x -1.4% 11.6%
Aerospace Structures Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
CPI Aerostructures, Inc. $8.80 86.7% $76.9 $108.6 NM NM NM 1.2 x -3.5% 8.2%
Ducommun Incorporated 29.63 94.2 331.1 498.2 10.3 10.0 28.0 0.9 10.0 50.3
GKN plc 4.32 97.2 7,388.5 8,380.0 7.2 3.1 11.6 0.8 3.1 8.8
Hexcel Corporation 51.35 93.2 4,711.9 5,365.4 11.8 -1.9 9.0 2.7 -0.6 13.0
Kaman Corporation 50.53 95.6 1,369.8 1,764.7 11.2 2.5 27.3 1.0 2.5 31.8
Latécoère S.A. 4.67 96.4 439.3 562.6 10.3 2.6 -25.9 0.7 2.6 -29.9
LMI Aerospace, Inc. 8.87 88.7 119.3 367.9 9.6 0.9 -6.6 1.0 0.9 -1.4
Magellan Aerospace Corporation 13.63 89.0 793.1 945.1 7.5 -1.0 -1.3 1.2 -1.0 1.0
Senior plc 2.49 80.8 1,043.1 1,303.6 9.7 1.5 13.1 1.2 1.5 -3.4
Spirit AeroSystems Holdings, Inc. 60.05 97.6 7,305.1 7,740.5 8.3 2.7 42.2 1.1 2.7 21.4
Triumph Group, Inc. 26.75 66.7 1,325.5 2,908.3 NM NM NM 0.8 0.4 5.5
Median 93.2% $1,043.1 $1,303.6 9.7 x 1.8% 12.2% 1.0 x 0.9% 6.5%
Mean 89.6% $2,264.0 $2,722.3 9.5 x 2.2% 3.9% 1.2 x 1.1% 8.2%
Total Aerospace Median 92.7% $4,198.1 $4,937.5 10.7 x -1.7% 8.1% 1.2 x -1.0% 4.3%
Total Aerospace Mean 89.5% $8,775.2 $10,026.7 11.2 x -2.8% 9.1% 1.7 x -0.4% 9.7%

SCOTT-MACON, LTD
January 2017
Public Comparables (Continued)
Defense Public Comparables*
* As of Monday, October 31, 2016
Defense Primes Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
BAE Systems plc $7.31 92.2% $23,215.8 $25,645.0 11.8 x -1.4% 14.3% 1.2 x -1.4% 14.8%
Boeing Company 163.42 96.1 100,854.9 100,837.9 13.5 6.4 56.2 1.1 4.3 29.7
General Dynamics Corporation 181.08 96.6 54,761.9 56,315.9 11.8 2.4 29.7 1.8 2.6 33.2
Leonardo S.p.a. 12.86 86.6 7,384.7 11,957.9 6.5 -6.9 -4.9 0.9 -6.9 12.5
Lockheed Martin Corporation 251.33 93.1 72,830.4 85,370.4 12.6 8.2 8.3 1.8 7.9 7.2
Northrop Grumman Corporation 229.08 90.3 40,104.6 44,633.6 12.2 -7.2 15.1 1.8 -6.3 11.8
Raytheon Company 144.16 94.5 42,332.6 44,713.6 11.9 -1.8 1.0 1.9 0.6 6.7
Thales S.A. 93.64 93.0 19,792.2 18,481.6 10.7 -6.1 2.8 1.2 -6.1 12.0
Median 93.1% $41,218.6 $44,673.6 11.9 x 0.5% 14.4% 1.5 x 2.2% 24.4%
Mean 92.8% $45,159.6 $48,494.5 11.4 x -0.5% 14.7% 1.5 x -0.4% 14.6%
Defense Systems Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Aerojet Rocketdyne Holdings, Inc. $18.11 84.6% $1,320.2 $1,725.7 11.4 x 3.8% 23.6% 1.6 x 68.2% NM
AeroVironment, Inc. $26.19 80.7% $601.5 $394.7 NM NA NA 1.0 x -39.4% -26.9
Cobham plc 1.70 51.4 2,887.0 3,990.8 9.4 -13.0 -19.1 1.0 -44.8 -46.9
Cubic Corporation 47.55 94.0 1,288.1 1,519.0 NM NM NM 2.9 NM NM
Curtiss-Wright Corporation 98.06 91.1 4,337.0 4,851.8 11.9 -0.3 17.6 2.9 25.4 61.8
FLIR Systems, Inc. 35.33 95.0 4,809.5 4,648.8 13.2 -2.5 19.2 1.3 -55.0 -47.3
Huntington Ingalls Industries, Inc. 193.96 98.3 8,993.2 9,313.2 9.2 5.1 33.1 1.2 -7.9 23.7
Kongsberg Gruppen ASA 16.50 95.4 1,969.0 2,310.5 16.6 7.7 27.5 1.5 35.5 5.0
L3 Technologies, Inc. 158.69 99.3 12,268.1 15,296.1 12.6 NM NM 1.4 NM NM
Orbital ATK, Inc. 86.95 94.7 5,091.5 6,624.6 10.6 -0.7 -12.1 2.6 NM 54.2
Rockwell Collins, Inc. 90.76 94.0 11,847.8 13,815.8 11.3 -2.1 4.4 1.6 -38.1 -33.9
Safran SA 67.66 89.7 28,127.9 30,213.8 7.0 -7.8 -17.3 1.5 -7.8 -4.1
Textron Inc. 47.37 93.0 12,799.8 15,562.8 9.8 -4.0 26.0 1.1 -4.2 26.5
Median 94.0% $4,809.5 $4,851.8 11.3 x 3.3% 11.0% 1.5 x 1.0% 2.4%
Mean 89.3% $7,410.8 $8,482.1 11.2 x 0.3% 12.1% 1.7 x 8.1% 18.7%
Defense Electronics / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AMETEK, Inc. $51.10 96.7% $11,826.2 $13,535.1 13.3 x 4.5% 11.4% 3.5 x 4.5% 10.9%
Chemring Group plc 2.41 98.0 673.8 783.9 9.2 -17.5 -3.5 1.3 -12.2 3.6
Comtech Telecommunications Corp. 10.73 42.8 252.4 446.5 9.7 -5.6 NM 0.9 -5.6 73.5
Crane Co. 72.04 91.3 4,225.6 4,461.2 9.6 -3.0 36.9 1.6 -2.7 39.6
Ducommun Incorporated 29.63 94.2 331.1 498.2 10.3 10.0 28.0 0.9 10.0 50.3
Elbit Systems Ltd. 109.86 99.3 4,696.0 5,074.6 12.2 5.8 13.6 1.6 4.5 23.5
Harris Corporation 102.71 95.5 12,764.5 16,967.5 10.1 0.2 -20.1 2.3 0.2 -15.5
Héroux-Devtek Inc. 11.10 90.2 400.6 500.0 10.6 -1.2 -5.4 1.6 -1.2 8.0
Kratos Defense & Security Solutions, Inc. 8.24 97.0 594.9 1,019.4 NM NA NA 1.5 6.3 NM
Meggitt PLC 5.25 86.1 4,072.6 5,677.0 16.5 -6.5 67.3 2.6 -6.5 21.1
Mercury Systems, Inc. 33.72 95.7 1,617.4 1,761.9 NM NA NA 5.2 15.7 NM
Moog Inc. 65.87 90.2 2,360.1 3,035.4 9.2 -2.4 18.6 1.2 -1.3 28.1
OSI Systems, Inc. 74.67 91.6 1,423.5 1,641.7 14.9 -8.5 NM 1.8 -7.0 49.0
Teledyne Technologies Incorporated 122.87 95.0 4,293.2 4,806.7 13.6 -0.1 47.2 2.2 -0.1 44.9
Ultra Electronics Holdings plc 23.21 90.1 1,630.0 2,038.9 12.9 -3.9 1.5 2.1 -3.9 1.6
ViaSat, Inc. 64.91 79.0 3,697.3 4,712.1 18.5 -1.6 28.6 3.2 -1.6 17.8
Woodward, Inc. 69.64 97.5 4,298.5 4,937.5 14.8 -0.3 22.4 2.4 0.7 31.8
Median 94.2% $2,360.1 $3,035.4 12.2 x 5.8% 13.6% 1.8 x -7.0% 21.2%
Mean 90.0% $3,479.9 $4,229.3 12.4 x -2.3% 19.8% 2.1 x 1.0% 28.6%
Homeland Security Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Analogic Corporation 77.65 81.0 967.2 825.2 14.2 -7.4 14.7 1.6 -7.4 9.2
Elbit Systems Ltd. 109.86 99.3 4,696.0 5,074.6 12.2 5.8 13.6 1.6 4.5 23.5
MSA Safety Incorporated 71.35 95.8 2,682.1 3,053.7 14.9 2.6 48.9 2.6 2.6 64.4
OSI Systems, Inc. 74.67 91.6 1,423.5 1,641.7 14.9 -8.5 NM 1.8 -7.0 49.0
American Outdoor Brands Corporation 21.30 68.3 1,199.9 1,320.6 5.1 0.9 -42.4 1.5 0.9 -30.1
Smiths Group plc 18.86 97.2 7,459.2 8,705.8 13.2 5.1 43.7 2.3 5.1 50.0
Median 93.7% $2,052.8 $2,347.7 13.7 x 1.1% 42.7% 1.7 x -7.2% 13.0%
Mean 88.8% $3,071.3 $3,436.9 12.4 x -1.1% 26.6% 1.9 x 0.1% 23.6%
Total Defense Median 93.5% $4,295.9 $4,829.3 11.9 x 3.2% 16.6% 1.6 x -2.8% 12.4%
Total Defense Mean 90.2% $12,163.7 $13,426.0 11.8 x -1.3% 17.6% 1.8 x 2.5% 23.0%

SECTION 3: M&A TRANSACTIONS

SCOTT-MACON, LTD
January 2017
M&A Transactions with Disclosed Values - LTM as of January 2017
Continued on Next Page
1/30/2017 1/27/2017 Meyer Tool, Inc. AMK Welding, Inc. Aerospace $6 NA NA
1/27/2017 Pending Veritas Capital Harris Corporation, Government IT Services
Business
Aerospace $690 0.7 x NA
1/26/2017 1/26/2017 Dunes Point Capital, LLC Power Distribution, Inc. Defense $204 1.8 x NA
1/25/2017 Pending Wipro Limited InfoSERVER S.A. Defense $9 NA NA
1/19/2017 Pending Safran SA Zodiac Aerospace Aerospace $9,812 1.8 x 26.0 x
1/12/2017 Pending CBS 247 Inc. Scout Media, Inc. Defense $10 NA NA
1/9/2017 1/9/2017 Halma plc FluxData, Inc. Defense $28 5.3 x NA
1/9/2017 1/6/2017 Research Triangle Institute International Development Services Group Defense $24 NA NA
12/31/2016 Pending SIIC Aerospace Galaxy Energy Bayan Nur Nongken Shenzhou Photovoltaic
Electric Power Co., Ltd.
Aerospace $17 NA NA
12/22/2016 Pending Founders Advantage Capital
Corp.
Impact Radio Accessories Inc. Defense $17 NA NA
12/19/2016 Pending Sioen Industries NV Verseidag Ballistic Protection Oy Defense $19 NA NA
12/18/2016 Pending Viva Energy Australia Ltd. Shell Aviation Australia Pty Ltd Aerospace $250 0.3 x 3.7 x
12/16/2016 Pending Harmonic Drive Systems Inc. Harmonic Drive AG Defense $435 NA NA
12/15/2016 12/29/2016 Troax Inc. Folding Guard Corporation Defense $28 1.4 x NA
12/14/2016 2/1/2017 Corporate Travel Management
Limited
Redfern Travel Ltd. Government
Services
$66 NA NA
12/14/2016 Pending Mytilineos Holdings S.A. Metka Industrial-Construction S.A. Defense $171 NA 1.6 x
12/12/2016 1/18/2017 Electra Ltd Megason LTD. Government
Services
$38 NA NA
12/9/2016 12/9/2016 Ideagen PLC IPI Solutions Ltd. Defense $7 3.3 x 16.5 x
12/7/2016 1/4/2017 Curtiss-Wright Controls Defense
Solutions
Teletronics Technology Corporation Aerospace $233 NA NA
12/7/2016 Pending Vista Equity Partners Fidelity National Information Services Inc,
SunGard Public Sector and Education
Government
Services
$850 NA NA
12/6/2016 Pending AVIC Electromechanical Systems
Co., Ltd.
Guizhou Fenglei Aviation Armament Co.,
Ltd.
xx xx xx xxx EV / LTM
Announced Closed Buyer Target Target Sector EV Rev EBITDA

SCOTT-MACON, LTD
January 2017
M&A Transactions with Disclosed Values - LTM as of January 2017 (Continued)
12/6/2016 Pending AVIC Electromechanical Systems
Co., Ltd.
Guizhou Fengyang Hydraulic Limited Co.,
Ltd.
12/2/2016 Pending Accipiter Investments Limited CK Capital Limited Aerospace $973 NA NA
12/1/2016 Pending Maersk Line A/S Hamburg Südamerikanische
Dampfschifffahrts-Gesellschaft KG
Aerospace $4,996 0.8 x NA
11/30/2016 11/30/2016 FLIR Systems, Inc. Prox Dynamics AS Defense $134 NA NA
11/29/2016 Pending Zhonghangheibao Co.,Ltd AVIC Shenyang Aircraft Corporation Aerospace $1,060 0.5 x NA
11/29/2016 1/24/2017 Booz Allen Hamilton Inc. eGov Holdings, Inc. Government
Services
$250 NA NA
11/28/2016 1/24/2017 1096777 B.C. Ltd. IWG Technologies Inc. Aerospace $10 1.3 x 5.8 x
11/23/2016 Pending SkyNet Group Limited Engineering Services Inc. Defense $13 NA NA
11/22/2016 Pending Daiichi Kasei Co.,Ltd. Ultrafabrics LLC Aerospace $150 NA NA
11/17/2016 12/14/2016 Hebei Changzheng Automobile
Manufacturing Co., Ltd.
Shanghai Aviation Special Vehicle
Manufacturing Co., Ltd.
Aerospace $5 NA NA
11/16/2016 Pending Chengdu Aerospace Superalloy
Technology Co., Ltd.
Gardner Group Limited Aerospace $406 2.2 x NA
11/15/2016 11/15/2016 GE Digital LLC Bit Stew Systems Inc. Aerospace $153 NA NA
11/14/2016 11/14/2016 Infradata B.V. Nomios SAS Aerospace $54 1.6 x NA
11/10/2016 12/22/2016 Med-Eng Holdings ULC Pacific Safety Products Inc. Defense $12 0.8 x 26.5 x
11/10/2016 1/3/2017 Acasta Enterprises Inc. Stellwagen Finance Company Limited Defense $236 NA NA
11/8/2016 1/3/2017 Ontic Engineering and
Manufacturing, Inc.
GE Aviation, Avionics business Aerospace $62 NA NA
11/2/2016 11/30/2016 EQT Partners AB CHEP Aerospace Solutions Aerospace $130 NA NA
11/2/2016 12/2/2016 Huntington Ingalls Industries, Inc. Camber Corporation Defense $380 1.0 x 8.6 x
11/1/2016 11/1/2016 Union Electric Steel Corporation ASW Steel Inc. Aerospace $13 NA NA
10/23/2016 Pending Rockwell Collins, Inc. B/E Aerospace, Inc. Aerospace $8,228 2.9 x 13.6 x
10/22/2016 Pending Lingyun Industrial Corporation
Limited
OLinkStar Co., Ltd. Aerospace $119 10.5 x NA

SCOTT-MACON, LTD
January 2017
10/20/2016 Pending Leonardo - Finmeccanica S.p.a.
(nka:Leonardo S.p.a.)
Avio S.p.A. Aerospace $175 NA NA
10/19/2016 Pending Nipco Investments Limited Mobil Oil Nigeria plc Aerospace $487 1.6 x 11.9 x
10/12/2016 Pending Xiamen International Airport Co.,
Ltd.
Xiamen Iport Group Co., Ltd., Aviation
Assets of T4 Station Site
Aerospace $109 NA NA
10/11/2016 11/16/2016 DigitalGlobe, Inc. The Radiant Group, Inc. Defense $140 NA NA
10/10/2016 12/21/2016 CIMIC Group Investments No. 2
Pty Ltd
UGL Limited Defense $470 0.3 x NA
10/6/2016 Pending Avolon Holdings Limited C2 Aviation Capital, Inc. Aerospace $13,356 10.8 x 21.4 x
10/4/2016 Pending Zhejiang Rifa Holding Group Co.,
Ltd.
Airwork Holdings Limited Aerospace $313 2.6 x 6.3 x
10/3/2016 9/30/2016 SL Montevideo Technology, Inc. ElectroMagnetic Enterprise Aerospace $65 1.2 x NA
10/3/2016 9/30/2016 Lanco International, Inc. Manitex Liftking ULC Defense $14 0.8 x 7.0 x
9/30/2016 9/30/2016 Winchester Electronics
Corporation
Tekna Seal, LLC Defense $11 NA NA
9/28/2016 9/28/2016 Piston Automotive, LLC Irvin Automotive Products, Inc. Aerospace $175 0.4 x NA
9/28/2016 1/2/2017 Shinsung Solar Energy Co., Ltd. Shinsung ENG Co. Ltd. Aerospace $22 NA 2.0 x
9/27/2016 9/27/2016 Avanath Capital Management,
LLC
339-unit Apartment Property at 32200
Military Road
Defense $73 NA NA
9/26/2016 10/19/2016 Vista Equity Partners III LLC GovDelivery, Inc. Government
Services
$153 NA NA
9/26/2016 12/15/2016 Edgenta UEMS Pte Ltd Government
Services
$137 2.0 x NA
9/20/2016 9/20/2016 Drone USA, Inc. Howco Distributing Co. Inc. Government
Services
$4 NA 2.0 x
9/16/2016 2/1/2017 Menzies Aviation plc Aircraft Service International Group, Inc. Aerospace $202 0.5 x 6.3 x
9/15/2016 Pending Ashok Leyland Limited Hinduja Foundries Limited Defense $220 2.4 x NA
9/15/2016 9/14/2016 Fabrinet Exception EMS Ltd. Defense $13 NA NA
9/12/2016 Pending Renesas Electronics Corporation Intersil Corporation Defense $2,834 5.5 x 30.0 x
9/7/2016 12/21/2016 Groupe ADF SAS LATECOERE Services SAS Defense $67 0.6 x NA

SCOTT-MACON, LTD
January 2017
9/5/2016 Pending Guangzhou Haige
Communications Group
40% of Iscreat-e Science and 10% of
Shaanxi Haitong Antenna and 51% of
8/29/2016 8/26/2016 FARO Technologies, Inc. Laser Projection Technologies, Inc. Aerospace $17 NA NA
8/24/2016 Pending Sotech Smarter Equipment Co.,
Ltd.
Chengdu Fujiang Machinery Manufacturing
Co., Ltd.
Defense $98 10.6 x NA
8/17/2016 8/16/2016 Analog Devices, Inc. Sypris Electronics, LLC, Cyber Security
Solutions Business
Defense $42 NA NA
8/17/2016 Pending CBAir Global Táxi Aéreo Ltda. Aerospace $12 NA NA
8/11/2016 Pending Bohai Financial Investment
Holding Co., Ltd.
Hong Kong International Aviation Leasing
Co., Ltd., Aircraft Leasing Business
Aerospace $34 NA NA
8/8/2016 11/1/2016 Asia Pacific Satellite
Communications Inc.
Asia Pacific Aerospace Incorporated Defense $14 NA NA
8/8/2016 8/8/2016 Provincial Aerospace Ltd. CarteNav Solutions Inc. Defense $13 NA NA
8/1/2016 Pending Tianjin Circle Enterprise
Management Center
Sichuan Shuangma Cement Co., Ltd Defense $1,301 4.3 x 31.4 x
8/1/2016 8/31/2016 Compass Diversified Holdings
LLC
5.11, Inc. Defense $400 1.4 x 10.5 x
7/27/2016 1/29/2016 Hanwha Techwin Co., Ltd. Hanwha Systems Co., Ltd. Defense $508 0.8 x NA
7/25/2016 8/26/2016 Smith & Wesson Holding
Corporation
Crimson Trace Corporation Defense $95 2.2 x 5.9 x
7/22/2016 7/22/2016 Jiangsu Bao Li Aviation
Equipment Co., Ltd.
Jiangsu Huayu General Aviation Co., Ltd. Aerospace $26 5.6 x NA
7/22/2016 8/16/2016 Guangdong Hongtu Technology Guangdong Baolong Automobile Co., Ltd. Defense $60 5.0 x NA
7/20/2016 8/26/2016 Restore PLC PHS Data Solutions Limited Government
Services
$109 1.8 x NA
7/20/2016 7/21/2016 JSC UFA Engine Industrial
Association
JSC" NPP "Motor" Defense $19 NA NA
7/19/2016 7/18/2016 Air T, Inc. Contrail Aviation Support, Inc. Aerospace $10 NA NA
7/18/2016 8/1/2016 Battenfeld Technologies, Inc. Taylor Brands, LLC Defense $85 2.2 x NA
7/11/2016 7/11/2016 Gooch & Housego plc Kent Periscopes Ltd. Defense $12 NA NA
7/10/2016 Pending Tamda Ltd. Operations & Data Integrity Ltd. Government
Services
$9 NA NA
7/10/2016 Pending Ontario Steel Investment Limited Essar Steel Algoma Inc. Defense $903 NA NA

SCOTT-MACON, LTD
January 2017
7/5/2016 Pending Empresaria Group plc Rishworth Aviation Limited Aerospace $12 NA NA
7/5/2016 7/5/2016 Nice Group USA Inc. HySecurity Inc. Government
Services
$27 1.2 x 10.8 x
7/4/2016 7/8/2016 Animoca Brands Corporation
Limited
TicBits Ltd Defense $5 4.1 x NA
7/4/2016 7/5/2016 Ennoconn Corporation American Industrial Systems, Inc. Defense $8 NA NA
7/1/2016 7/1/2016 Gama FlyerTech Limited and Aerstream Limited Aerospace $5 2.0 x 5.1 x
6/30/2016 7/22/2016 Forest Fuels Holdings Limited Midlands Wood Fuel Limited Government
Services
$3 0.7 x NA
6/28/2016 6/28/2016 FLIR Systems, Inc. Armasight Inc. Defense $41 NA NA
6/21/2016 6/21/2016 Capita plc Trustmarque Solutions Limited Government
Services
$84 NA 7.8 x
6/21/2016 9/9/2016 OSI Systems, Inc. American Science & Engineering Inc. Defense $183 1.8 x NA
6/20/2016 8/4/2016 RSP Architects Planners &
Engineers
Squire Mech Pte Ltd Government
Services
$15 NA NA
6/17/2016 8/15/2016 Hanover Investors Management
LLP
Hydro International plc Defense $37 0.7 x 9.3 x
6/15/2016 7/6/2016 Daily Internet plc System Professional Ltd. Government
Services
$7 1.0 x 5.4 x
6/12/2016 12/22/2016 DeTai New Energy Group
Limited
Emission Particle Solution Sweden AB Government
Services
$29 NA NA
6/10/2016 6/6/2016 Carlisle Interconnect
Technologies Inc.
Micro-Coax, Inc. Defense $96 2.1 x NA
6/9/2016 9/15/2016 Eco Grandeur Sdn Bhd Eco Ardence Sdn Bhd Defense $150 NA NA
6/7/2016 Pending Tongding Interconnection
Information Co., Ltd.
Byzoro Network Ltd. Defense $156 11.7 x NA
6/3/2016 6/3/2016 Hexpol AB Berwin Group Limited Aerospace $36 NA NA
5/31/2016 8/10/2016 Platinum Equity, LLC Electro Rent Corporation Defense $352 2.0 x 36.1 x
5/31/2016 7/22/2016 United Flexible, Inc. Kreisler Manufacturing Corp. Defense $28 0.8 x 7.6 x
5/24/2016 6/23/2016 TransDigm Inc. ILC Industries, LLC Defense $1,000 NA NA
5/23/2016 7/1/2016 KBR Holdings, LLC KBRwyle Defense $600 NA NA

SCOTT-MACON, LTD
January 2017
5/20/2016 Pending Masimong Technologies Tellumat Aerospace $23 0.6 x NA
5/18/2016 6/21/2016 Jiangxi Huawu Brake Co.,Ltd. Sichuan Ande Technology Co., Ltd. Defense $46 9.2 x NA
5/17/2016 5/17/2016 KLX Inc. Herndon Aerospace & Defense Company Defense $222 1.7 x 10.9 x
5/16/2016 7/1/2016 Magellan Healthcare, Inc. Armed Forces Services Corporation Defense $128 0.9 x NA
5/16/2016 Pending Chongqing Zaisheng Technology
Co., Ltd.
Chongqing Paper Industry Research and
Design Institute Co., Ltd.
Defense $16 NA NA
5/9/2016 8/15/2016 TOTAL S.A. Saft Groupe S.A. Defense $1,193 1.4 x 7.1 x
5/9/2016 10/24/2016 Swift Haulage Sdn Bhd Swift Integrated Logistics Sdn Bhd Defense $89 NA NA
5/6/2016 Pending Transtema Group AB WinCore AB Government
Services
$27 NA NA
5/4/2016 5/27/2016 Silverfleet Capital Partners Sigma Precision Components Ltd Aerospace $94 1.8 x NA
5/4/2016 5/4/2016 DCC Energi Danmark A/S Dansk Fuels A/S Aerospace $300 NA NA
4/28/2016 5/11/2016 POET Technologies Inc. DenseLight Semiconductors Pte Ltd Defense $15 5.7 x NA
4/19/2016 4/15/2016 WABCO Holdings Inc. Laydon Composites Ltd. Aerospace $31 1.6 x NA
4/15/2016 Pending CR International Airport SL CR Aeropuertos S.L. Aerospace $63 NA NA
4/11/2016 4/22/2016 REV Group, Inc. Kovatch Mobile Equipment Corp. Defense $30 NA NA
4/7/2016 Pending Yungjin Pharm. Co., Ltd. KT&G Life Sciences Corp. Defense $57 NA NA
4/4/2016 12/14/2016 Alaska Air Group, Inc. Virgin America Inc. Aerospace $2,432 1.6 x 11.5 x
3/30/2016 5/31/2016 Hanwha Techwin Co., Ltd. Doosan DST Co., Ltd Defense $609 1.0 x NA
3/23/2016 Pending DCC plc Statoil Fuel & Retail A/S., Danish Oil
Distribution and Retail Assets
Aerospace $45 NA NA
3/23/2016 5/2/2016 Mercury Systems, Inc. Microsemi Corp. - RF Integrated Solutions Defense $300 3.0 x NA
3/23/2016 2/29/2016 Liaoyang Zhongwang Superior
Aluminium Fabrication Company
Tianjin Zhongwang Aluminium Co.,LTD. Aerospace $3,075 NA NA
3/21/2016 3/21/2016 FTG Aerospace Airco Industries, Inc. Defense $3 0.4 x NA

SCOTT-MACON, LTD
January 2017
3/21/2016 3/21/2016 Maped SAS Heller Joustra S.A. Aerospace $4 0.6 x NA
3/18/2016 Pending KKR & Co. L.P. Airbus Group SE, Defence Electronics
Business
Defense $1,241 1.1 x NA
3/17/2016 6/30/2016 LORD Corporation Fly by Wire Systems France S.A.S. Aerospace $44 1.1 x NA
3/16/2016 3/16/2016 APFT Aviation Sdn. Bhd. Asia Pacific Flight Training Sdn Bhd Aerospace $6 NA NA
3/14/2016 3/14/2016 Tetra Tech, Inc. INDUS Corporation Defense $21 NA NA
3/14/2016 Pending Zee Entertainment Enterprises
Limited
Fly-By-Wire International Private Limited Aerospace $9 NA NA
3/14/2016 3/15/2016 Prophet Equity LLC Total Plastics, Inc. Defense $55 NA NA
3/13/2016 3/11/2016 CTS Corporation CTG Advanced Materials, LLC Defense $73 NA NA
3/4/2016 3/4/2016 Koltsovo Airport Public Stock
Company
Kurumoch International Airport Public Stock
Company
Aerospace $69 NA NA
3/3/2016 7/7/2016 Betafence NV HESCO Bastion Ltd Defense $340 7.7 x NA
2/29/2016 4/8/2016 Albany International Corp. Albany Aerostructures Composites LLC Aerospace $210 2.7 x NA
2/29/2016 3/29/2016 Apollo Investment Fund Plc Telcon Co., Ltd. Defense $43 1.8 x NA
2/29/2016 4/1/2016 TXT Next SpA PACE Aerospace Engineering and
Information Technology GmbH
Aerospace $10 1.2 x 11.2 x
2/26/2016 3/31/2016 BWX Limited Lightning Brokers Pty Ltd Defense $8 NA NA
2/26/2016 3/10/2016 Ontario Teachers' Pension Plan London City Airport Ltd. Aerospace $2,800 NA NA
2/25/2016 3/25/2016 General Atomics Corp. Miltec Corporation Aerospace $15 0.5 x NA
2/25/2016 Pending China Great Wall Computer
Shenzhen Co., Ltd.
Wuhan Zhongyuan Electronics Group Co.,
Ltd.
Defense $344 0.7 x NA
2/24/2016 3/15/2016 Quantech Services, Inc. The KEYW Corporation, Systems
Engineering and Technical Assistance
Defense $12 NA NA
2/23/2016 4/29/2016 MKS Instruments, Inc. Newport Corp. Defense $1,003 1.7 x 13.0 x
2/16/2016 7/5/2016 SJ Aviation Capital Pte. Ltd. Keystone Holdings Aerospace $21 NA NA
2/11/2016 11/1/2016 World Fuel Services Corporation Exxon Mobil Corporation, Aviation Fueling
Operations at 83 International Airport
Aerospace $260 NA NA

SCOTT-MACON, LTD
January 2017
2/11/2016 5/13/2016 Eurazeo PME Orolia SA Defense $115 1.0 x 8.0 x
2/9/2016 4/2/2016 Keva Flavours Pvt. Ltd. Hi-Tech Technologies India Private Limited Defense $4 1.6 x NA
2/5/2016 3/16/2016 IDEX Corporation Akron Brass Company Defense $224 1.9 x 8.8 x
2/5/2016 4/12/2016 Hubei Huachangda Intelligent
Equipment Co.,Ltd.
Xi'an Long Technology & Development Co.,
Ltd.
Defense $14 NA NA
2/4/2016 4/4/2016 Arlington Capital Partners Endeavor Robotics Defense $45 NA NA
Aerospace Median 1.3 x 8.8 x
Aerospace Mean 2.1 x 10.4 x
Defense Median 1.8 x 9.3 x
Defense Mean 2.8 x 14.1 x
Government Services Median 1.2 x 6.6 x
Government Services Mean 1.3 x 6.5 x

SECTION 4: RECENT CONTRACTS

SCOTT-MACON, LTD
January 2017
Top 50 Signed Contracts – January 2017
Date Signed Contractor Name Funding Agency Value ($mm) Description of Services
1/19/2017 Sig Sauer Inc. Dept of The Army $580.2 Modular Handgun System Including Handgun,
Accessories and Ammunition
1/27/2017 General Atomics Dept of The Navy $532.6 Manufacture, Assembly, Inspection, Test and
Checkout of The Electromagnetic Aircraft Launch
1/9/2017 Aai Corp. U.S. Special Ops Command $475.0 Unmanned Aircraft Systems Intelligence, Surveillance,
and Reconnaissance Services
1/6/2017 Harris Corp. Defense Logistics Agency $403.3 Spare Parts Supporting Various Tactical Radio
Systems
1/26/2017 Battelle Energy Alliance Limited Liability Company Department of Energy $256.5 Operation of Government-Owned Contractor-
Operated R&D Facilities
1/18/2017 Ost Inc. Dept of The Army $248.0 Systems Engineering and Technical Assistance
Support Services
1/26/2017 Merck Sharp & Dohme Corp. Centers For Disease Control and
Prevention
$240.0 Drugs and Biologicals
1/27/2017 Pfizer Inc. Centers For Disease Control and
Prevention
1/19/2017 Bae Systems, Ordnance Systems Inc. Dept of The Army $177.8 Construction and Commissioning of The New
Nitrocellulose Facility At The Radford Army
1/11/2017 The Regents of The University of California
(1741)
Department of Energy $164.3 Operation of Government-Owned Contractor-
1/17/2017 Northrop Grumman Dept of The Air Force $140.0 Battle Field Airborne Communication Node Payload,
Operations and Suppor
1/25/2017 Aero Turbine Inc. Dept of The Air Force $128.8 Overhaul Services of J85-Ge-5/-21 Engine
Components
1/11/2017 Uchicago Argonne, Llc Department of Energy $121.8 Operation of Government-Owned Contractor-
1/25/2017 Gulfstream Aerospace Corp. Dept of The Air Force $115.7 Contractor Logistics Support
1/12/2017 Savannah River Nuclear Solutions, Llc Department of Energy $113.8 Operation of Other Industrial Buildings
1/27/2017 Glaxosmithkline Llc Centers For Disease Control and
Prevention
1/19/2017 Advanced Technology International Dept of The Navy $99.0 Navy Manufacturing Technology (Mantech)
Composites Manufacturing Center of Excellence
1/10/2017 Weeks Marine, Inc. Dept of The Army $92.0 Beach Fill, Initial Construction, Manasquan Inlet To
Barnegat Inlet, Ocean County, New Jersey
1/27/2017 Olin Corp. Dept of The Army $90.9 Small Caliber Ammunition Cartridges
1/25/2017 Vectrus Systems Corp. Dept of The Army $88.8 Army Corps of Engineers Information Management
and Information Technology Enterprise Services
1/18/2017 Great Lakes Dredge And Dock Company Llc Dept of The Army $88.5 Mississippi Comprehensive Barrier Island Restoration,
Ship Island Phase One
1/4/2017 Sandia Corp Department of Energy $84.0 Operation of Government-Owned Contractor-
1/5/2017 Ch2M Hill Plateau Remediation Company Department of Energy $82.9 Maintenance, Repair Or Alteration of Waste
Treatment and Storage Facilities
1/10/2017 California Institute of Technology National Aeronautics and Space
Administration
$76.4 R&D- Space: Science/Applications (Applied
Research/Exploratory Development)
1/6/2017 Bae Systems Norfolk Ship Repair Dept of The Navy $75.2 Uss San Antonio (Lpd 17) Fiscal 2017 Docking
Phased Maintenance Availability (Dmpa)
1/9/2017 Insitu Inc. Dept of The Navy $70.8 Procure Six Full Rate Production Lot I Rq-21A
Blackjack Unmanned Aircraft Systems
1/10/2017 Bae Systems Information And Electronic
Integration Inc.
Dept of The Air Force $67.7 Radio Frequency Countermeasures System Design,
Integration and Testing
1/17/2017 Corrections Corporation of America U.S. Marshals Service $62.3 Support- Professional: Other
1/26/2017 Sanofi Pasteur Inc. Centers For Disease Control and
Prevention
1/11/2017 Fluor Federal Petroleum Operations, Llc Department of Energy $61.0 Support- Management: Other
1/4/2017 General Atomics Aeronautical Systems Inc. Dept of The Air Force $56.7 Spain Mq-9 Exportable Block 5 Procurement Program

SCOTT-MACON, LTD
January 2017
Top 50 Signed Contracts – January 2017 (Continued)
Date Signed Contractor Name Funding Agency Value ($mm) Description of Services
1/25/2017 Raytheon Co. Dept of The Navy $56.4 Repair of The Advanced Targeting Forward Looking
Infrared System
1/25/2017 Triple Canopy, Inc. Department of State $54.0 Support- Professional: Physical Security and Badging
1/19/2017 Bae Systems Southeast Shipyard Mayport Llc Dept of The Navy $51.4 Uss Roosevelt (Ddg 80) Fiscal 2017 Depot
Maintenance Period Availability
1/18/2017 Space Exploration Technologies Corp. National Aeronautics and Space
Administration
$50.5 Transportation/Travel/Relocation- Transportation:
Space Transportation/Launch
1/19/2017 Mission Support Alliance, Llc Department of Energy $50.2 Operation of Restoration of Real Property (Public Or
Private). All Actions Necessary To Restore,
1/24/2017 Sierra Nevada Corporation National Aeronautics and Space
Administration
1/25/2017 Alliance For Sustainable Energy, Llc Department of Energy $49.0 Operation of Government-Owned Contractor-
1/23/2017 Alliant Tech Systems Operations Llc Dept of The Army $45.6 120 Millimeter Advanced Multi-Purpose, High
Explosive Multi-Purpose With Tracer Cartridges
1/3/2017 Northrop Grumman Technical Services Dept of The Air Force $45.1 10 Engine Overhauls In Support of The Kc-10
Program
1/9/2017 Inter-Con Security Systems, Inc. Department of State $41.0 Support- Professional: Physical Security and Badging
1/4/2017 Andromeda Systems Inc. Dept of The Navy $40.6 Support of The Fleet Readiness Center Southeast
1/13/2017 Qtc Medical Services, Inc. Department of Veterans Affairs $40.0 Medical- Evaluation/Screening
1/27/2017 Abt Associates Inc Agency For International
Development
$39.7 Support- Professional: Other
1/6/2017 Ut Battelle Limited Liability Company Department of Energy $39.3 Operation of Government-Owned Contractor-
1/17/2017 Leidos Inc. Dept of The Air Force $38.0 High Power Electromagnetic Source Research and
Development
1/19/2017 Washington River Protection Solutions Llc Department of Energy $37.2 Operation of Restoration of Real Property (Public Or
Private). All Actions Necessary To Restore,
1/20/2017 Dyncorp International Llc Department of State $37.2 R&D- Defense Other: Ammunition (Operational
Systems Development)
1/13/2017 Veterans Evaluation Services, Inc. Department of Veterans Affairs $37.0 Medical- Evaluation/Screening
1/19/2017 United Launch Services, Llc National Aeronautics and Space
Administration
Total Top 50 $5,994.4

SCOTT-MACON, LTD
January 2017
Contract Overview by Agency and NAICS Code – January *
Agencies Ranked by Total Contract Value Signed in January
NAICS Code by Total Contract Value Signed in January
* Only includes contracts with value greater than $150,000
Rank Funding Agency Contract Value ($mm) # of Contracts
1 Dept of The Army 1,465$ 20
2 Department of Energy 1,381 155
3 Dept of The Navy 951 9
4 National Aeronautics and Space Administration 911 471
5 Centers For Disease Control and Prevention 650 40
6 Dept of The Air Force 592 7
7 Department of Veterans Affairs 554 426
8 Defense Logistics Agency 403 1
9 Office of Procurement Operations 382 128
10 Department of State 337 179
11 Agency For International Development 282 114
12 Federal Aviation Administration 217 174
13 Federal Acquisition Service 208 130
14 United States Mint 200 31
15 Centers For Medicare and Medicaid Services 164 42
16 National Institutes of Health 160 135
17 U.S. Immigration and Customs Enforcement 130 55
18 Public Buildings Service 126 138
19 Department of Education 112 32
20 U.S. Coast Guard 107 110
Total Top 20 by Funding Agency 9,333$ 2,397
Rank NAICS Code Description Contract Value ($mm) # of Contracts
1 Computer Systems Design Services 569$ 294
2 Pharmaceutical Preparation Manufacturing 525 40
3 Facilities Support Services 524 135
4 Security Guards And Patrol Services 516 179
5 All Other Professional, Scientific, And Technical Services 477 120
6 Research And Development In The Physical, Engineering, And Life Sciences (Except Biotechnology) 455 211
7 Research And Development In The Physical, Engineering, And Life Sciences 356 16
8 Other Computer Related Services 292 255
9 Administrative Management And General Management Consulting Services 264 247
10 Engineering Services 251 203
11 Offices Of Physicians (Except Mental Health Specialists) 182 27
12 Remediation Services 155 35
13 Commercial And Institutional Building Construction 151 110
14 Guided Missile And Space Vehicle Manufacturing 126 9
15 Refrigerated Warehousing And Storage 113 2
16 Jewelry, Watch, Precious Stone, And Precious Metal Merchant Wholesalers 103 15
17 Custom Computer Programming Services 94 100
18 Other Justice, Public Order, And Safety Activities 75 4
19 Other Support Activities For Air Transportation 73 22
20 Computer Facilities Management Services 70 51
Total Top 20 by NAICS Code Description 5,371$ 2,075

SECTION 5: KEY AEROSPACE & DEFENSE STATS

SCOTT-MACON, LTD
January 2017
Key Aerospace & Defense Stats
RPK – Global (in millions)
RPK Growth % by Region
(11/2016 vs 11/2015)
Load Factor – Global (%)
RPK Growth % by Region
(LTM 11/2016 vs LTM 11/2015)
Commercial Aerospace Orders
Source: FAA
‐7.0%
‐5.0%
‐3.0%
‐1.0%
1.0%
3.0%
5.0%
7.0%
9.0%
11.0%
13.0%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
RPK ‐ Global MoM Growth %
2.7%
8.0%
‐1.5%
9.0%
1.0%
‐8.0%
‐6.0%
‐4.0%
‐2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
    North
America
    Europe     Asia Pacific     Central /
South
America
    Middle East Total
70.0%
72.0%
74.0%
76.0%
78.0%
80.0%
82.0%
84.0%
86.0%
88.0%
90.0%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
RPK ‐ Global Load Factor ‐ Global (%)
‐3.6%
6.2%
2.8%
9.3%
0.9%
‐5.0%
‐3.0%
‐1.0%
1.0%
3.0%
5.0%
7.0%
9.0%
    North
America
    Europe     Asia Pacific     Central /
South
America
    Middle East Total
LTM as of 12/2016 LTM as of 12/2015 YoY % Change 12/2016 11/2016 10/2016 9/2016 8/2016 7/2016 6/2016 5/2016 4/2016 3/2016 2/2016 1/2016
Narrowbody Unit Orders 1,307 1,574 ‐17.0% 543 25 28 1 119 195 26 190 59 55 4 62
    Boeing 700 666 5.1% 282 11 13 55 3 67 5 124 18 60 2 60
        737 700 666 5.1% 282 11 13 55 3 67 5 124 18 60 2 60
    Airbus 607 908 ‐33.1% 261 14 15 ‐54 116 128 21 66 41 ‐5 2 2
        A320 607 908 ‐33.1% 261 14 15 ‐54 116 128 21 66 41 ‐5 2 2
Widebody Unit Orders 271 351 ‐22.8% 68 3 72 ‐4 18 18 7 5 57 13 0 14
    Boeing 147 212 ‐30.7% 8 2 72 0 19 6 7 1 16 9 0 7
        787 80 99 ‐19.2% 8 2 47 0 0 6 1 0 15 0 0 1
        777 23 58 ‐60.3% 0 0 11 0 0 0 0 1 1 4 0 6
        767 26 49 ‐46.9% 0 0 0 0 19 0 6 0 0 1 0 0
        747 18 6 200.0% 0 0 14 0 0 0 0 0 0 4 0 0
    Airbus 124 139 ‐10.8% 60 1 0 ‐4 ‐1 12 0 4 41 4 0 7
        A350 41 ‐3 ‐1466.7% 8 0 0 0 0 8 0 4 21 0 0 0
        A380 0 2 ‐100.0% 0 0 0 0 0 0 0 0 0 0 0 0
        A330 83 140 ‐40.7% 52 1 0 ‐4 ‐1 4 0 0 20 4 0 7

SCOTT-MACON, LTD
January 2017
Key Aerospace & Defense Stats
84%
16%
Domestic International
Global Business Jet Traffic
(Flights in Thousands)
12/2016 Global Business Jet Traffic
by Type (345K Flights)
Global Business Jet Deliveries
2015 Global Business Jet Deliveries
By Market (718 Deliveries)
U.S. Defense Budget
* Base Budget Request
Source: GAMA, Office of the Under Secretary of Defense
345
367
385
373
364
360
366
372
356
375
342342
‐2%
0%
2%
4%
6%
8%
10%
310
320
330
340
350
360
370
380
390
Flights (in thousands) MoM Growth %
300 316
438
515
667
752
784
676
518
592
750
887
1,137
1,317
874
767
696 672 678
722 718
0
200
400
600
800
1,000
1,200
1,400
60.8%18.0%
9.2%
7.1%
4.9%
North America Europe Asia‐Pacific Latin America Middle East & Africa
By Appropriation Title ($ in billions) FY2016* FY 2017* Dollar Δ % Δ
Military Personnel 135.3$ 135.3$ -$ 0.0%
Operation and Maintenance 197.5 205.9 8.4 4.3%
Procurement 110.7 102.6 (8.1) -7.3%
RDT&E 68.8 71.4 2.6 3.8%
Military Construction/Family Housing 6.9 6.1 (0.8) -11.6%
Other 2.5 2.7 0.2 8.0%
Total 521.7$ 524.0$ 2.3$ 0.4%
By Military Department ($ in billions) FY2016* FY 2017* Dollar Δ % Δ
Army 123.3$ 123.0$ (0.3)$ -0.2%
Navy 159.3 155.4 (3.9) -2.4%
Air Force 145.7 151.1 5.4 3.7%
Defense Wide 93.4 94.5 1.1 1.2%
Total 521.7$ 524.0$ 2.3$ 0.4%

SECTION 6: ABOUT SCOTT-MACON

SCOTT-MACON, LTD
January 2017
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
January 2017
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

Scott-Macon Aerospace, Defense and Government Services Monthly Update (January 2017)

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