Scott-Macon Aerospace & Defense Monthly Update (November 2018)

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

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

$ -16.7 %
$ -3.0 %
$ -2.7 %
$ -42.9 %
# 166.7 %
$ -4.5 %
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 November 2018 LTM as of November 2018
22 21
12
32
14
8
48
61
0
10
20
30
40
50
60
70
30-Nov-17 30-Nov-18
NumberofDeals
Aerospace Defense Government Services
263 256
302 293
114
95
679
644
0
100
200
300
400
500
600
700
800
LTM-Nov-17 LTM-Nov-18
NumberofDeals
Aerospace Defense Government Services
# 0.9 %
$ -0.2 %
$ -1.0 %
$ -1.3 %
80
85
90
95
100
105
110
Oct-31-2018
Nov-02-2018
Nov-04-2018
Nov-06-2018
Nov-08-2018
Nov-10-2018
Nov-12-2018
Nov-14-2018
Nov-16-2018
Nov-18-2018
Nov-20-2018
Nov-22-2018
Nov-24-2018
Nov-26-2018
Nov-28-2018
Nov-30-2018
S&P 500 SM Aerospace
SM Government Services SM Defense
# 10.8 %
# 7.0 %
# 2.0 %
# 1.3 %
10.50x
11.00x
11.50x
12.00x
12.50x
13.00x
13.50x
Oct-31-2018
Nov-02-2018
Nov-04-2018
Nov-06-2018
Nov-08-2018
Nov-10-2018
Nov-12-2018
Nov-14-2018
Nov-16-2018
Nov-18-2018
Nov-20-2018
Nov-22-2018
Nov-24-2018
Nov-26-2018
Nov-28-2018
Nov-30-2018
SM Aerospace SM Government Services SM Defense
$ -0.5 %
$ -0.5 %
$ -2.0 %
8.50x
9.50x
10.50x
11.50x
12.50x
13.50x
14.50x
Nov-30-2017
Dec-21-2017
Jan-11-2018
Feb-01-2018
Feb-22-2018
Mar-15-2018
Apr-05-2018
Apr-26-2018
May-17-2018
Jun-07-2018
Jun-28-2018
Jul-19-2018
Aug-09-2018
Aug-30-2018
Sep-20-2018
Oct-11-2018
SM Aerospace SM Government Services SM Defense
# 5.2 %
$ -0.3 %
$ -8.0 %
74
84
94
104
114
124
134
Nov-30-2017
Dec-21-2017
Jan-11-2018
Feb-01-2018
Feb-22-2018
Mar-15-2018
Apr-05-2018
Apr-26-2018
May-17-2018
Jun-07-2018
Jun-28-2018
Jul-19-2018
Aug-09-2018
Aug-30-2018
Sep-20-2018
Oct-11-2018
Nov-01-2018
Nov-22-2018
S&P 500 SM Aerospace
SM Government Services SM Defense

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 $107.13 85.1% $83,101.9 $85,555.5 11.6 x -3.0% -58.7% 1.1 x -3.0% 4.2%
Boeing Company 346.76 87.9 196,919.9 198,885.9 15.8 -2.3 6.8 2.1 -2.3 13.1
Bombardier Inc. 1.67 39.8 3,969.7 12,297.2 13.8 -18.0 -37.0 0.8 -9.6 -15.4
Embraer S.A. 5.64 77.9 4,119.8 5,754.8 NM 2.6 NM 1.2 2.6 48.1
Median 81.5% $43,610.8 $48,926.3 13.8 x -14.5% 19.2% 1.2 x -0.1% 19.5%
Mean 72.7% $72,027.8 $75,623.3 13.7 x -8.3% 18.5% 1.3 x -2.5% 11.8%
Aerospace Systems / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AAR Corp. $43.69 84.8% $1,501.0 $1,687.4 12.8 x -7.3% 10.4% 0.9 x -7.3 7.5%
AMETEK, Inc. 73.43 89.6 17,044.3 18,426.8 14.9 4.8 -13.8 3.9 5.0 -12.8
Astronics Corporation 32.46 75.5 1,138.3 1,393.0 15.6 14.3 -6.1 1.8 12.2 -17.2
CAE Inc. 20.27 95.9 5,399.1 6,052.7 14.0 12.9 14.6 2.7 9.1 7.7
Crane Co. 86.37 84.1 5,134.6 5,857.9 10.0 -2.8 -7.3 1.8 -0.8 -4.6
Esterline Technologies Corporation 118.73 99.7 3,502.0 3,813.3 12.4 -10.6 41.2 1.9 -1.3 44.1
HEICO Corporation 84.52 89.8 9,879.8 10,666.6 NM 1.0 17.4 6.2 1.0 21.2
Héroux-Devtek Inc. 10.53 83.6 382.5 421.4 10.2 13.7 -4.2 1.4 13.8 -1.7
Meggitt PLC 6.61 88.8 5,109.0 6,541.9 11.4 -1.7 26.6 2.5 -1.7 8.4
Moog Inc. 87.45 93.1 3,031.6 3,767.4 11.0 12.0 -1.9 1.4 11.4 -3.3
MTU Aero Engines AG 207.88 92.4 10,733.7 11,880.8 13.6 -2.0 17.9 2.0 -2.0 33.0
Textron Inc. 56.14 77.0 13,639.9 16,355.9 10.8 3.9 -9.0 1.1 3.9 -9.9
TransDigm Group Incorporated 361.67 95.8 19,077.5 29,870.8 16.5 1.6 5.1 7.8 1.6 6.1
Woodward, Inc. 83.68 93.7 5,169.9 6,359.0 15.4 1.2 3.0 2.7 4.1 9.0
Median 89.7% $5,152.3 $6,205.8 12.8 x -6.6% 9.1% 1.9 x -1.7% -4.9%
Mean 88.8% $7,195.9 $8,792.5 13.0 x 2.6% -0.9% 2.7 x 2.8% 5.7%
Aerospace Structures Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
CPI Aerostructures, Inc. $6.99 59.5% $82.0 $116.8 11.5 x 8.1% 14.8% 1.4 x 2.8% 2.3%
Ducommun Incorporated 39.23 86.0 447.6 673.5 11.3 -2.6 6.9 1.1 -0.2 15.6
Hexcel Corporation 61.67 84.0 5,309.5 6,252.3 12.7 4.5 -9.3 2.9 4.5 -9.6
Kaman Corporation 56.77 75.6 1,587.2 1,865.3 11.9 -3.4 -5.7 1.0 -9.9 -12.6
Latécoère S.A. 3.85 56.7 364.6 431.6 NM -0.4 NM 0.6 -0.4 -26.7
Magellan Aerospace Corporation 12.44 75.6 723.9 759.4 7.0 -12.1 -18.4 1.1 -13.6 -21.7
Senior plc 3.07 71.4 1,281.1 1,471.4 9.1 -10.6 -20.6 1.1 -10.6 -15.3
Spirit AeroSystems Holdings, Inc. 81.88 77.8 8,679.1 9,890.9 9.1 -2.2 -30.6 1.4 -2.2 -5.7
Triumph Group, Inc. 16.81 54.5 837.7 2,432.5 13.2 2.3 63.3 0.7 -1.8 -18.7
Median 75.6% $837.7 $1,471.4 11.4 x 2.5% -0.1% 1.1 x -9.1% -15.5%
Mean 71.2% $2,145.9 $2,654.9 10.7 x -1.4% -11.1% 1.3 x -2.5% -9.8%
Total Aerospace Median 84.1% $4,119.8 $5,857.9 12.2 x -0.5% 5.0% 1.4 x 2.8% -1.2%
Total Aerospace Mean 80.6% $15,117.3 $16,647.5 12.3 x -0.3% -2.2% 2.0 x 1.2% 2.5%
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. $51.31 97.0% $7,303.6 $8,745.0 13.8 x 3.0% 10.0% 1.4 x 3.0% 15.6%
CACI International Inc 164.91 82.1 4,097.8 5,118.3 11.6 -6.1 -3.5 1.1 -5.8 12.9
CGI Group Inc. 63.87 97.5 17,741.7 19,011.5 13.1 2.1 12.3 2.2 2.0 12.1
Cyient Limited 8.59 67.5 971.2 803.2 10.6 -4.1 -11.7 1.3 -4.1 -15.2
Engility Holdings, Inc. 31.27 81.1 1,156.0 2,019.3 11.6 0.4 9.3 1.1 0.4 3.7
ICF International, Inc. 70.03 85.1 1,319.9 1,546.6 13.9 -5.1 27.8 1.2 -6.9 17.4
KeyW Holding Corp. 9.77 99.3 484.3 749.0 17.6 12.8 -17.7 1.5 11.8 9.1
Leidos Holdings, Inc. 63.00 87.1 9,434.9 11,977.9 11.6 -2.2 -2.6 1.2 -2.2 -2.2
ManTech International Corp. 56.30 82.7 2,236.9 2,222.0 13.8 -10.0 -5.3 1.2 -6.7 3.6
MAXIMUS, Inc. 71.12 97.8 4,561.2 4,194.2 12.0 11.3 2.7 1.8 9.6 -1.0
Navigant Consulting, Inc. 25.62 98.2 1,091.1 817.4 6.6 -25.6 -18.9 0.9 -26.8 -22.8
QinetiQ Group plc 3.79 98.8 2,122.1 1,802.0 9.7 13.9 61.3 1.6 6.3 31.3
Science Applications International Corp. 69.52 74.5 2,953.9 3,855.9 11.7 0.0 -14.1 0.8 0.0 -11.7
Serco Group plc 1.14 82.4 1,249.0 1,569.5 13.5 -5.3 6.1 0.4 -5.3 8.3
Vectrus, Inc. 24.23 58.4 272.9 307.6 5.9 -17.2 -29.2 0.2 -11.2 -25.7
VSE Corp. 29.13 52.0 317.0 509.6 6.6 -4.5 -26.2 0.7 -4.5 -22.2
Median 83.9% $1,721.0 $1,910.7 11.7 x -0.9% -0.1% 1.2 x -4.5% 5.6%
Mean 83.9% $3,582.1 $4,078.1 11.5 x -1.7% 3.9% 1.2 x -1.2% 2.3%
Engineering & Construction Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AECOM $32.16 80.6% $5,028.3 $7,953.9 9.4 x -0.7% -2.2 0.4 x -2.1% -21.7%
Fluor Corp. 40.93 65.9 5,757.6 5,715.9 7.5 -5.3 -16.3 0.3 -6.2 -12.1
Jacobs Engineering Group Inc. 65.67 79.9 9,342.5 10,791.0 12.3 -5.0 5.6 0.7 -20.8 -2.8
KBR, Inc. 18.57 83.6 2,616.1 3,228.1 8.9 -5.0 -42.1 0.7 -5.0 20.7
Tetra Tech, Inc. 60.96 84.0 3,374.5 3,504.5 14.9 -4.3 12.1 1.6 -10.4 9.7
Median 80.6% $5,028.3 $5,715.9 9.4 x -0.7% -19.3% 0.7 x -5.0% 20.7%
Mean 78.8% $5,223.8 $6,238.7 10.6 x -4.1% -9.9% 0.7 x -10.6% 2.5%
Total Government Services Median 82.7% $2,616.1 $3,228.1 11.6 x -0.5% -0.3% 1.1 x 17.3% 9.5%
Total Government Services Mean 82.6% $3,973.0 $4,592.5 11.3 x -2.3% 0.4% 1.1 x -2.9% 2.4%

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 $6.27 72.2% $20,022.9 $22,502.7 9.0 x -5.9% -6.5% 1.0 x -5.9% -3.7%
Boeing Company 346.76 87.9 196,919.9 198,885.9 15.8 -2.3 6.8 2.1 x -2.3 13.1
General Dynamics Corporation 184.89 80.4 54,755.1 66,826.1 13.7 5.8 5.2 2.0 5.8 -4.6
Leonardo S.p.a. 9.86 72.0 5,662.5 9,880.1 6.5 0.7 12.6 0.7 -5.9 -10.9
Lockheed Martin Corporation 300.43 82.8 85,450.0 99,338.0 13.1 1.9 -17.0 1.8 1.9 -11.2
Northrop Grumman Corporation 259.88 72.0 45,120.3 58,797.3 12.5 -0.6 -18.8 2.1 -0.6 -9.5
Raytheon Company 175.34 76.3 49,897.7 53,437.7 14.5 0.2 -7.3 2.0 0.2 -14.3
Thales S.A. 122.62 87.0 26,063.0 23,683.0 10.0 -4.6 10.4 1.3 -4.6 24.2
Median 78.4% $47,509.0 $56,117.5 12.8 x 0.7% -7.9% 1.9 x 3.9% -2.1%
Mean 78.8% $60,486.4 $66,668.9 11.9 x -0.4% -4.0% 1.6 x -0.7% -3.9%
Defense Systems Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Aerojet Rocketdyne Holdings, Inc. $35.21 90.5% $2,762.7 $2,778.6 10.1 x -0.1% -21.8% 1.4 x -0.1% 3.5%
AeroVironment, Inc. $76.60 63.1% $1,807.5 $1,517.7 NM -17.2% -11.3% 4.8 x -17.2% 55.4
Cobham plc 1.30 74.5 3,099.8 3,170.0 9.8 -5.1 NA 1.3 -5.1 -25.6
Cubic Corporation 61.19 79.1 1,869.7 1,990.4 NM NM NM 1.7 33.6 30.8
Curtiss-Wright Corporation 110.40 77.0 4,834.4 5,402.3 11.1 0.8 -19.6 2.3 0.8 -15.9
FLIR Systems, Inc. 45.86 71.8 6,344.6 6,208.6 15.1 -1.0 -11.9 3.4 -1.0 -5.8
Huntington Ingalls Industries, Inc. 215.50 77.9 9,256.6 10,470.6 8.6 -5.0 -19.4 1.3 -1.6 -17.5
Kongsberg Gruppen ASA 14.35 60.3 2,575.5 2,619.2 16.6 33.0 -6.7 1.6 33.0 22.6
L3 Technologies, Inc. 183.29 81.9 14,424.5 17,344.5 12.4 -2.7 -6.8 1.7 -2.7 3.0
Safran SA 124.94 90.3 54,467.6 59,378.1 15.6 -3.0 60.7 2.8 -3.0 30.1
Textron Inc. 56.14 77.0 13,639.9 16,355.9 10.8 3.9 -9.0 1.1 3.9 -9.9
Median 77.0% $4,834.4 $5,402.3 11.1 x 0.8% -15.4% 1.7 x 18.2% -1.3%
Mean 76.7% $10,462.1 $11,566.9 12.2 x 2.5% -8.7% 2.1 x -1.6% 7.7%
Defense Electronics / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AMETEK, Inc. $73.43 89.6% $17,044.3 $18,426.8 14.9 x 4.8% -13.8% 3.9 x 5.0% -12.8%
Chemring Group plc 2.14 70.0 598.9 706.9 7.0 -6.9 -5.1 1.1 -6.9 -5.0
Comtech Telecommunications Corp. 25.54 69.1 610.5 735.0 10.5 -7.0 -1.6 1.3 -7.0 6.5
Crane Co. 86.37 84.1 5,134.6 5,857.9 10.0 -2.8 -7.3 1.8 -0.8 -4.6
Ducommun Incorporated 39.23 86.0 447.6 673.5 11.3 -2.6 6.9 1.1 -0.2 15.6
Elbit Systems Ltd. 122.09 86.0 5,245.6 5,783.6 13.1 -5.5 -14.5 1.6 1.3 -14.3
Harris Corporation 142.95 81.5 16,819.3 20,523.3 14.0 -3.2 -6.3 3.3 -3.2 -8.1
Héroux-Devtek Inc. 10.53 83.6 382.5 421.4 10.2 13.7 -4.2 1.4 13.8 -1.7
Kratos Defense & Security Solutions, Inc. 13.30 82.7 1,379.9 1,486.7 NM -10.2 -22.7 1.9 5.1 17.2
Meggitt PLC 6.61 88.8 5,109.0 6,541.9 11.4 -1.7 26.6 2.5 -1.7 8.4
Mercury Systems, Inc. 51.81 90.5 2,507.7 2,674.8 NM 9.8 -13.2 5.0 9.8 -13.7
Moog Inc. 87.45 93.1 3,031.6 3,767.4 11.0 12.0 -1.9 1.4 11.4 -3.3
OSI Systems, Inc. 72.40 83.0 1,314.3 1,647.2 10.8 3.7 -11.7 1.5 3.7 -21.8
Teledyne Technologies Incorporated 224.58 89.5 8,102.6 8,813.8 16.7 1.4 -1.0 3.1 1.4 -1.9
Ultra Electronics Holdings plc 18.44 82.0 1,321.7 1,538.8 9.5 0.2 -0.2 1.6 0.3 -0.3
Viasat, Inc. 69.14 86.1 4,124.2 5,288.7 NM 1.8 70.4 3.0 1.0 -8.5
Woodward, Inc. 83.68 93.7 5,169.9 6,359.0 15.4 1.2 3.0 2.7 4.1 9.0
Median 86.0% $3,031.6 $3,767.4 11.2 x -2.6% 1.5% 1.8 x -0.8% -4.6%
Mean 84.7% $4,608.5 $5,367.4 11.8 x 0.4% -3.3% 2.3 x 2.6% -4.9%
Homeland Security Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Elbit Systems Ltd. 122.09 86.0 5,245.6 5,783.6 13.1 -5.5 -14.5 1.6 1.3 -14.3
MSA Safety Incorporated 108.99 98.3 4,192.3 4,416.3 15.8 4.1 -6.1 3.3 4.1 3.7
OSI Systems, Inc. 72.40 83.0 1,314.3 1,647.2 10.8 3.7 -11.7 1.5 3.7 -21.8
American Outdoor Brands Corporation 12.18 76.4 662.5 831.9 8.8 -8.9 NM 1.3 -8.9 16.5
Smiths Group plc 17.73 76.8 7,021.6 8,181.7 10.7 -0.5 0.6 2.0 -0.5 -4.5
Median 83.0% $4,192.3 $4,416.3 10.8 x -0.1% -11.7% 1.6 x 1.3% -14.8%
Mean 84.1% $3,687.2 $4,172.1 11.8 x -1.1% -0.9% 2.0 x 0.7% -4.6%
Total Defense Median 82.7% $5,134.6 $5,783.6 11.2 x -2.0% -8.0% 1.7 x -2.7% -9.4%
Total Defense Mean 81.3% $16,969.6 $18,846.2 11.9 x 0.5% -4.4% 2.1 x 0.6% -1.5%

M&A Transactions with Disclosed Values - LTM as of November 2018
Continued on Next Page
xx xx xx xxx EV / LTM
Announced Closed Buyer Target Target Sector EV Rev EBITDA
11/29/2018 11/29/2018 AerSale Inc. Avborne Accessory Group, Inc. Defense $22 NA NA
11/9/2018 Pending Bristow Group Inc. Columbia Helicopters, Inc. 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 Pending CAE Inc. Business Aircraft Training of Bombardier Inc. Aerospace $645 NA 9.0 x
11/8/2018 Pending Longview Aircraft Company of Canada
Limited
All Assets, Intellectual Property and Type Certificates
of Dash 8 Series and Q400 Program
Aerospace $300 NA NA
11/5/2018 Pending Glarun Technology Co., Ltd. Nanjing Guorui Defense System Co., Ltd. Defense $1,002 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 $1,002 NA NA
11/5/2018 Pending Nitto Kogyo Corporation Kitagawa Industries Co., Ltd. Aerospace $156 1.5 x 9.7 x
10/30/2018 Pending GMR Hyderabad International Airport
Limited
Hyderabad Menzies Air Cargo Pvt Ltd. Aerospace $16 NA NA
10/26/2018 Pending SK Telecom Co., Ltd. SK infosec Co., Ltd. Defense $313 1.7 x 9.6 x
10/24/2018 Pending Rubis KenolKobil Plc Aerospace $406 0.5 x 6.1 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 Pending 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 Pending 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 $134 3.6 x NA
10/11/2018 10/11/2018 Quest Solution, Inc. HTS Image Processing, Inc. Defense $6 NA NA
10/10/2018 Pending TransDigm Group Incorporated Esterline Technologies Corporation Defense $3,995 2.0 x 13.0 x
10/10/2018 Pending Thoma Bravo, LLC Imperva, Inc. Defense $1,815 5.2 x NA
10/4/2018 Pending Vaisala Oyj Leosphere, Inc. Aerospace $44 1.4 x NA
10/4/2018 Pending Smiths Group plc United Flexible, Inc. Aerospace $345 NA NA
10/2/2018 11/9/2018 Air Transport Services Group, Inc. Omni Air International, LLC Government
Services
$845 NA 5.8 x

M&A Transactions with Disclosed Values - LTM as of November 2018 (Continued)
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
10/1/2018 9/27/2018 AMMO, Inc. SWKenetics, 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.
9/18/2018 11/26/2018 Ontic Engineering and Manufacturing,
Inc.
Firstmark Corporation Defense $97 NA NA
9/18/2018 Pending Prosegur SIS Command Security Corporation Aerospace $46 NA 17.8 x
9/13/2018 Pending Vision Technologies Aerospace
Incorporated
MRA Systems, LLC Aerospace $630 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 Pending Science Applications International
Corporation
Engility Holdings, Inc. Defense $2,450 1.3 x 13.7 x
9/6/2018 9/6/2018 Zhejiang Wazam 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 Extensible CAD Technologies, Inc. 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 Pending Mission Ready Solutions Inc. Unifire, Inc. Defense $9 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 Pending 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

7/13/2018 7/13/2018 TransDigm Group Incorporated SKANDIA, Inc. Aerospace $84 3.2 x NA
7/10/2018 7/9/2018 Mimecast Limited Ataata, Inc. Defense $24 NA NA
7/10/2018 10/24/2018 Aptiv PLC Winchester Interconnect Defense $650 2.6 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
7/6/2018 7/5/2018 Hickok Incorporated CAD Enterprises, Inc. Aerospace $21 NA NA
7/5/2018 Pending The Boeing Company Commercial Aircraft Operations of Embraer Defense $4,750 NA NA
7/2/2018 7/2/2018 L3 Technologies, Inc. Applied Defense Solutions, Inc. Aerospace $50 NA NA
6/29/2018 6/29/2018 China Aviation Oil Navires Aviation Limited Defense $8 NA NA
6/22/2018 Pending Eastern Pioneer International Aviation
Development Co., Ltd.
Shandong Hairuo General Aviation Co., Ltd. Government
Services
$13 NA NA
6/21/2018 9/12/2018 EnviroStar, Inc. Scott Equipment, Inc. Aerospace $15 NA NA
6/21/2018 9/13/2018 Goshawk Aviation Limited SKY Aviation Leasing International Limited Government
Services
$2,800 NA NA
6/19/2018 Pending Cerberus Capital Management, L.P. WFS Global SAS Defense $1,389 1.0 x NA
6/18/2018 7/2/2018 F-Secure Oyj MWR InfoSecurity Limited Defense $139 4.9 x NA
6/8/2018 7/23/2018 Gardner Aerospace Holdings Limited Northern Aerospace Limited Aerospace $59 NA NA
6/8/2018 Pending EchoStar Corporation Inmarsat Plc Defense $5,879 4.1 x 8.4 x
6/7/2018 6/7/2018 Sichuan Changhong Electric Co.,Ltd. Lingbayi Electronic Group Co., Ltd. Defense $270 2.8 x NA
6/4/2018 6/4/2018 TT Electronics plc Precision, Inc. Aerospace $28 1.3 x NA
5/23/2018 7/12/2018 Zhejiang Tiancheng Controls Co., Ltd. Acro Aircraft Seating Ltd. Aerospace $75 NA NA
5/23/2018 7/2/2018 BBA Aviation plc EPIC Aviation, LLC Defense $88 NA NA
5/18/2018 5/17/2018 PCL EMOSS Mobile Systems B.V. Government
Services
$17 2.4 x NA
5/8/2018 5/8/2018 COMSYS Holdings Corporation SYSKEN Corporation Government
Services
$89 0.3 x 7.4 x
5/8/2018 5/7/2018 Trinity Gate Limited Grandshores Technology Group Limited Government
Services
$88 2.1 x 16.7 x
5/4/2018 5/3/2018 Axon Enterprise, Inc. VIEVU LLC Defense $13 NA NA

5/3/2018 Pending Tata Advanced Systems Limited Defense Business of Tata Motors Limited Aerospace $277 NA NA
5/3/2018 Pending Tata Advanced Systems Limited TAL Manufacturing Solutions Limited Aerospace $94 1.9 x 7.1 x
5/3/2018 7/10/2018 Aviation Links Ltd. Pegasus Tourism Holdings Ltd Aerospace $20 NA NA
5/2/2018 8/20/2018 M.T.I Wireless Edge Ltd. MTI Computers and Software Services Defense $17 0.5 x 6.7 x
5/2/2018 Pending Spirit AeroSystems Holdings, Inc. S.R.I.F N.V. Defense $650 NA NA
5/1/2018 4/30/2018 MSC Industrial Direct Co., Inc. All Integrated Solutions Aerospace $86 1.3 x NA
5/1/2018 6/29/2018 American Industrial Partners L-3 Communications Vertex Aerospace LLC and
Related Assets
Defense $540 NA NA
5/1/2018 4/30/2018 Tyler Technologies, Inc. Sage Data Security, LLC Aerospace $12 NA NA
4/26/2018 9/23/2018 Inypsa Informes y Proyectos, S.A. Carbures Europe, S.A. Defense $126 1.4 x NA
4/24/2018 10/18/2018 QinetiQ Group plc E.I.S. Aircraft Operations of E.I.S. Group Aerospace $86 3.5 x 13.0 x
4/24/2018 4/24/2018 LDC Precision Micro Ltd. Aerospace $31 1.5 x NA
4/24/2018 6/26/2018 CS Communication & Systemes SA Novidy's SAS Aerospace $44 1.1 x NA
4/23/2018 10/11/2018 Saber Serviços Educacionais S.A. Somos Educação S.A. Aerospace $2,161 3.9 x 18.2 x
4/19/2018 5/31/2018 Valiant Integrated Services LLC Cubic Global Defense, Inc. and Omega Training
Group, Inc.
4/18/2018 4/30/2018 Tyler Technologies, Inc. Socrata, Inc. Aerospace $150 6.0 x NA
4/10/2018 10/1/2018 Tenneco Inc. Federal-Mogul LLC Government
Services
$5,400 0.7 x 7.2 x
4/10/2018 5/2/2018 Eagle Enterprises, Inc. Hawker Pacific Airservices Limited Defense $250 NA NA
4/9/2018 6/26/2018 Cognosec AB Advantio Limited Aerospace $11 3.0 x 17.1 x
4/2/2018 4/2/2018 Skyline Domain Sdn Bhd Subang SkyPark Sdn Bhd Defense $19 NA NA
3/29/2018 Pending Tata Advanced Systems Limited Strategic Engineering Division of Tata Power Defense $343 4.2 x NA
3/29/2018 8/7/2018 UMS Holdings Limited Starke Singapore Pte Ltd Aerospace $8 0.4 x NA
3/28/2018 9/9/2018 OJSC "Concern Kalashnikov" Molniya Research and Production Association Joint
Stock Company
Government
Services
$29 NA NA
3/26/2018 2/28/2018 CSG Systems International, Inc. Business Ink, Co. Aerospace $70 NA NA
3/23/2018 4/24/2018 Pacific Energy Limited Contract Power Australia Pty Ltd Aerospace $70 NA NA

3/23/2018 Pending Hainan Airlines Holding Co.,Ltd. 100% of Hainan Sky Plumage and 60.78% of HNA
Aviation Technic and 59.93% of HNA Aviation
3/22/2018 4/11/2018 Elbit Systems Ltd. Universal Avionics Systems Corporation Defense $120 NA NA
3/20/2018 8/29/2018 Ryanair Holdings plc Laudamotion GmbH Government
Services
$82 NA NA
3/19/2018 5/4/2018 Wärtsilä Oyj Abp Transas Marine Defense $259 1.5 x NA
3/19/2018 4/24/2018 TransDigm Group Incorporated Extant Components Group Holdings, Inc. Aerospace $525 NA NA
3/15/2018 3/15/2018 TransDigm Group Incorporated Kirkhill-TA Co. Aerospace $50 0.6 x NA
3/14/2018 Pending Addsino Co., Ltd. Aerospace Kaiyuan Technology Co., Ltd. Aerospace $22 1.0 x NA
3/14/2018 Pending Addsino Co., Ltd. Nanjing Unary Information Technology Co., Ltd. Aerospace $39 4.2 x 12.6 x
3/13/2018 5/7/2018 TCTM Financial FS LLC Wellman Dynamics Corporation Government
Services
$21 NA NA
3/12/2018 3/12/2018 Virtusa Corporation eTouch Systems Corp. Government
Services
$115 1.3 x 9.1 x
3/12/2018 4/4/2018 Patricia Industries Sarnova, Inc. Defense $903 1.6 x NA
3/11/2018 11/25/2018 Elbit Systems Ltd. IMI Systems Ltd. Aerospace $509 NA NA
3/8/2018 Pending Guangxi Guidong Electric Power Co.,
LTD.
Guangxi Guicheng Energy Co., Ltd. Government
Services
$8 NA NA
3/6/2018 3/12/2018 Falanx Group Limited First Base Technologies LLP Defense $4 1.8 x 5.3 x
2/28/2018 6/11/2018 Securitas Electronic Security Inc. Kratos Public Safety & Security Solutions, Inc. Government
Services
$69 0.5 x 15.0 x
2/27/2018 7/2/2018 Héroux-Devtek Inc. Beaver Aerospace & Defense, Inc. Defense $24 0.8 x NA
2/26/2018 5/2/2018 Rakon Limited Centum Rakon India Private Limited Aerospace $11 0.9 x 7.1 x
2/23/2018 4/25/2018 KBRwyle Technology Solutions, LLC SGT, Inc. Government
Services
$355 NA NA
2/23/2018 2/23/2018 St. Cloud Capital, LLC Pipeworks Inc Aerospace $18 1.4 x NA
2/21/2018 2/28/2018 Exchange Income Corporation CANLink Global Inc. Defense $43 NA 7.2 x
2/8/2018 7/31/2018 First Israel Mezzanine Investors Ltd. Aitech Defense Systems, Inc. Defense $30 NA NA
2/6/2018 2/28/2018 Proofpoint, Inc. Wombat Security Technologies, Inc. Defense $225 NA NA
2/1/2018 1/19/2018 AMETEK, Inc. FMH Aerospace Corp. Defense $235 4.7 x NA
1/31/2018 4/2/2018 On Assignment, Inc. ECS Federal, LLC Aerospace $775 NA NA

1/28/2018 Pending Afcon Holdings Ltd. DM Aerospace $16 NA NA
1/26/2018 3/16/2018 Koltsovo Airport Public Stock Company JSC Petropavlovsk-Kamchatski Aerospace $122 NA NA
1/20/2018 1/31/2018 Oil and Natural Gas Corporation
Limited
Hindustan Petroleum Corporation Limited Aerospace $13,957 0.5 x 6.8 x
1/18/2018 2/15/2018 Compass Diversified Holdings LLC Foam Fabricators, Inc Defense $248 2.0 x 8.3 x
1/17/2018 1/17/2018 Onyx Scientific Limited Pisgah Labs, Inc. Government
Services
$10 NA 8.5 x
1/12/2018 4/26/2018 Melrose Industries PLC GKN Limited Defense $12,332 0.9 x 9.3 x
1/9/2018 1/9/2018 NTC Group, Inc. Tenax Aerospace, LLC Aerospace $220 NA NA
1/9/2018 12/21/2017 Hammond, Kennedy, Whitney &
Company Inc.
GCR Inc. Aerospace $124 NA NA
1/3/2018 4/20/2018 Hong Kong Hangxin Aviation
Technology Co., Ltd.
Magnetic MRO AS Aerospace $52 NA NA
1/3/2018 12/28/2017 UAMCO., Ltd. STX Engine Co.,Ltd. Aerospace $442 1.0 x 23.7 x
1/3/2018 Pending Shanghai Hangrong New Energy
Technology Co., Ltd.
Gansu Shanghang Electrical Maintenance Co., Ltd. Defense $54 NA NA
1/2/2018 5/22/2018 Coolisys Technologies, Inc. Enertec Systems 2001 Ltd. Aerospace $9 NA NA
12/27/2017 1/25/2018 Catea Co., Ltd Pantom Co., Ltd. Aerospace $7 0.4 x NA
12/21/2017 2/1/2018 Mercury Systems, Inc. Themis Computer, Inc. Defense $180 NA NA
12/21/2017 1/26/2018 Perusa GmbH SCHROTH Safety Products GmbH Defense $61 NA NA
12/21/2017 12/15/2017 Mistras Group, Inc. West Penn Non-Destructive Testing, LLC Government
Services
$74 NA NA
12/20/2017 1/31/2018 EM-Tech. CO., LTD. BSL Co., Ltd. Aerospace $11 NA NA
12/18/2017 12/15/2017 ConvergeOne, Inc. AOS, a ConvergeOne Company Aerospace $66 NA NA
12/18/2017 12/18/2017 Bain Capital Private Equity, LP Trans Maldivian Airways Defense $500 4.4 x NA
12/13/2017 Pending China Aviation Planning and Design
Institute Co., Ltd.
China Aviation Industry Renewable Energy
Corporation
Aerospace $90 2.7 x NA
12/13/2017 1/9/2018 Sdiptech AB Aviolinx Communication and Services AB Aerospace $5 2.2 x NA
12/13/2017 1/31/2018 LBO France Crouzet Automatismes SAS Aerospace $235 1.5 x NA
12/11/2017 12/12/2017 Nanjing Dingkong Electrical and
Mechanical Technology Co., Ltd.
Yangzhou Shuguang Photoelectric Self-controlled
Co., Ltd.
Aerospace $72 6.9 x NA
12/8/2017 12/20/2017 Soltworks Co., Ltd. Kat Co., Ltd. Defense $13 0.6 x NA

12/7/2017 12/7/2017 Suomen ErillisverkotOy Nordic Cyber Security Oy Defense $6 NA NA
12/4/2017 4/18/2018 TTM Technologies, Inc. Anaren, Inc. Defense $941 4.6 x 21.7 x
Aerospace Median 1.4 x 10.0 x
Aerospace Mean 2.0 x 12.0 x
Defense Median 1.8 x 9.3 x
Defense Mean 2.2 x 11.5 x
Government Services Median 1.0 x 8.8 x
Government Services Mean 1.2 x 10.0 x

Top 50 Signed Contracts – November 2018
Date Signed Contractor Name Funding Agency Value ($mm) Description of Services
11/14/2018 Lockheed Martin Corp., Lockheed Martin
Aeronautics Co.
Dept of The Navy $22,712.9 Production and Delivery of F-35 Aircraft For The U.S.
Services; F-35S For Non-Department of Defense
(Dod) Participants; and F-35S For Foreign Military
Sales Customers
11/20/2018 Ddb Chicago Inc. Dept of The Army $4,000.0 U.S. Army Marketing and Advertising Program
11/27/2018 Oshkosh Defense Llc Dept of The Army $1,698.6 6,107 Vehicles and 22,166 Kits
11/29/2018 Triad National Security Llc Department of Energy $1,204.0 Operation of Miscellaneous Buildings
11/30/2018 Bechtel Plant Machinery Inc. Dept of The Navy $889.9 Naval Nuclear Propulsion Components
11/29/2018 Shi International Corp. Dept of The Navy $528.3 Microsoft Brand Name Perpetual Software Licenses
and Annual Subscriptions For The Department of
Defense (Dod), U.S. Intelligence Community, and
U.S. Coast Guard Activities
11/29/2018 Minburn Technology Group Llc Dept of The Navy $528.3 Microsoft Brand Name Perpetual Software Licenses
11/29/2018 Insight Public Sector Inc. Dept of The Navy $528.3 Microsoft Brand Name Perpetual Software Licenses
11/29/2018 Govconnection Inc. Dept of The Navy $528.3 Microsoft Brand Name Perpetual Software Licenses
11/29/2018 Dell Federal Systems Lp Dept of The Navy $528.3 Microsoft Brand Name Perpetual Software Licenses
11/29/2018 Cdwg Government Llc Dept of The Navy $528.3 Microsoft Brand Name Perpetual Software Licenses
11/19/2018 Northrop Grumman Aerospace Systems Dept of The Air Force $489.9 Japan Global Hawk Program
11/9/2018 Enterprise Services Llc Dept of The Navy $486.0 Next Generation Enterprise Network
11/16/2018 Orbitalatk Inc. Dept of The Air Force $424.0 Suborbital Launch Services and Launch Support
Services For The Sounding Rocket Program-4 (Srp-
4)
11/30/2018 United Technologies Corp., Pratt & Whitney
Military Engines
Dept of The Navy $399.8 Performance Based Logistics Sustainment In
Support of The F-35 Lightning Ii F135 Propulsion
System
11/26/2018 The Boeing Co. Dept of The Air Force $383.4 Protected Tactical Enterprise Service
11/14/2018 Lockheed Martin Corp. Dept of The Navy $382.0 Production and Delivery of Mh-60R Aircraft As Well
As Associated Systems Engineering and Program
Management Support
11/5/2018 Lockheed Martin Corp. Dept of The Air Force $350.0 Joint Air-To-Surface Standoff Missile (Jassm)
Production Support
Aeronautics Co.
Dept of The Navy $348.9 Infrastructure To Support Developmental Laboratory
Facilities and Flight Test Activities In Support of F-35
Development, Production and Sustainment
11/28/2018 Sierra Nevada Corp. Dept of The Air Force $329.1 A-29 Aircraft For The Nigerian Air Force
11/13/2018 Barnard Construction Company Inc. Dept of The Army $324.4 Design and Build of A Pedestrian Fence
Replacement Project
11/16/2018 Lockheed Martin Corp. Dept of The Navy $282.1 Long-Lead-Time Material and Detail Design In
Support of The Construction of Four Multi-Mission
Surface Combatant Ships (Mmsc)
11/5/2018 General Atomics Aeronautical Systems Inc. Dept of The Air Force $263.4 Production of The Mq-9 Reaper Aircraft
11/2/2018 Merck & Co. Inc. Centers For Disease Control and
Prevention
$261.0 Drugs and Biologicals
11/8/2018 Ball Aerospace & Technologies Corp. Dept of The Air Force $255.4 Development and Fabrication of The Weather
System Follow-On Microwave Space Vehicle 1

Top 50 Signed Contracts – November 2018 (Continued)
Date Signed Contractor Name Funding Agency Value ($mm) Description of Services
11/14/2018 Bethel-Garney Federal Jv Dept of The Navy $249.0 New Construction, Renovation, and Repair of Wet
Utilities Projects At Various Government Installations
Located In California, Arizona, Nevada, Utah,
Colorado, and New Mexico
11/29/2018 Vectrus Systems Corp. Dept of The Army $247.9 Operation, Maintenance, and Communications
Services
11/8/2018 Crew Training International Inc. Dept of The Air Force $241.4 Mq-9 Contract Aircrew Training and Courseware
Development Training Program
11/27/2018 Harris Corp. Dept of The Army $217.7 Monitoring, Configuring, and Maintaining of The
Wideband Satellite Communications Operational
Management System Network
11/13/2018 Bae Systems Jacksonville Ship Repair Dept of The Navy $213.0 Docking and Non-Docking Chief of Naval Operations
Scheduled Ship Repair Availabilities
11/21/2018 Stratascor Llc Dept of The Navy $210.0 Command, Control, Communications, and Computer
System Afloat Operations and Sustainment Support
For Capabilities Aboard The Military Sealift Command
11/20/2018 Cb&I Areva Mox Services Llc Department of Energy $200.0 Construction of Production Buildings
11/2/2018 Pfizer Inc. Centers For Disease Control and
Prevention
11/15/2018 Lockheed Martin Corp. Dept of The Air Force $172.1 Long Range Anti-Ship Missiles (Lrasms) Lot 2
Production
11/13/2018 Slsco Dept of The Army $167.5 Border Infrastructure Design and Build
11/2/2018 Glaxosmithkline Plc Centers For Disease Control and
Prevention
Aerospace Co.
Dept of The Navy $130.4 F35 Block 4 Pre-Modernization Phase Ii Effort
11/7/2018 Drs Network & Imaging Systems Llc Dept of The Army $129.2 System Technical Support Services, System
Sustainment Technical Support Services, and Post
Production Software Support Services
11/9/2018 Aecom Energy & Construction Inc. Dept of The Army $117.3 Engineering and Construction Services At Illinois
River Basin, Lagrange Lock and Dam
11/29/2018 Honeywell International Inc. Department of Energy $112.6 Operation of Miscellaneous Buildings
11/2/2018 Sanofi Centers For Disease Control and
Prevention
11/5/2018 Raytheon Company National Oceanic and Atmospheric
Administration
$110.0 IT and Telecom- Integrated
Hardware/Software/Services Solutions,
Predominantly Services
11/9/2018 The Charles Stark Draper Laboratory Dept of The Navy $109.5 Research Into The Applications of Technologies To
Meet Guidance Requirements For Operations On
The Common Missile Compartment For The U.S.
Columbia-Class Program and The United Kingdom
Dreadnought-Class Program, That Will Support The
Navy’S Hypersonic Flight Experiments
11/30/2018 L-3 Communications Vertex Aerospace Llc Dept of The Air Force $97.5 Maintained Base Supply of The Air Education and
Training Command Fleet 178 T-1A Trainer Aircraft
11/30/2018 M1 Support Services Dept of The Air Force $97.4 Aircraft Maintenance On Nellis Air Force Base,
Nevada
11/19/2018 Calibre Systems Inc. Dept of The Navy $96.2 Joint Force Development and Training Support
Services
11/19/2018 Booz Allen Hamilton Inc. Dept of The Navy $96.2 Joint Force Development and Training Support
Services
11/19/2018 General Dynamic Information Technology Dept of The Navy $96.2 Joint Force Development and Training Support
Services
Total Top 50 $43,087.7
Total Other Signed in November $11,355.5

Contract Overview by Agency and NAICS Code – November 2018*
Top 20 Agencies Ranked by Total Contract Value Signed in November
Top 20 NAICS Codes Ranked by Total Contract Value Signed in November
* Only includes contracts with value greater than $150,000
Rank Funding Agency Contract Value ($mm) # of Contracts
1 Dept of The Navy 34,283$ 131
2 Dept of The Army 8,074 59
3 Dept of The Air Force 4,048 46
4 Department of Energy 2,328 134
5 Centers For Disease Control and Prevention 725 20
6 National Aeronautics and Space Administration 706 302
7 Department of Veterans Affairs 467 527
8 Department of Education 307 42
9 Federal Acquisition Service 306 103
10 Federal Aviation Administration 196 171
11 Agency For International Development 175 68
12 Department of State 145 120
13 National Oceanic and Atmospheric Administration 138 29
14 U.S. Citizenship and Immigration Services 132 16
15 Public Buildings Service 124 132
16 National Institutes of Health 123 136
17 Social Security Administration 109 123
18 Office of Procurement Operations 102 64
19 Maritime Administration 95 94
20 Federal Emergency Management Agency 88 68
Total Top 20 by Funding Agency 52,669$ 2,385
Rank NAICS Code Description Contract Value ($mm) # of Contracts
1 Aircraft Manufacturing 24,407$ 21
2 Marketing Consulting Services 4,002 5
3 Computer Systems Design Services 3,476 200
4 Ship Building And Repairing 2,119 37
5 Facilities Support Services 2,026 132
6 Military Armored Vehicle, Tank, And Tank Component Manufacturing 1,759 5
7 Engineering Services 1,644 209
8 Guided Missile And Space Vehicle Manufacturing 1,433 14
9 Commercial And Institutional Building Construction 945 127
10 Professional And Management Development Training 876 30
11 Industrial Nonbuilding Structure Construction 875 9
12 Communication Equipment Repair And Maintenance 765 8
13 Process, Physical Distribution, And Logistics Consulting Services 693 17
14 Commercial And Industrial Machinery And Equipment (Except Automotive And Electronic) Repair And Maintenance 558 21
15 Administrative Management And General Management Consulting Services 440 199
16 Research And Development In The Physical, Engineering, And Life Sciences (Except Biotechnology) 408 129
17 Biological Product (Except Diagnostic) Manufacturing 403 5
18 Search, Detection, Navigation, Guidance, Aeronautical, And Nautical System And Instrument Manufacturing 360 17
19 Research And Development In The Physical, Engineering, And Life Sciences 356 10
20 Other Computer Related Services 249 218
Total Top 20 by NAICS Code Description 47,795$ 1,413

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
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
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
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
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
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%
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Load Factor % MoM Growth %
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
90,000,000
100,000,000
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
MoM Growth % # of Passengers
LTMas of 10/2018 LTMas of 10/2017 YoY % Change 10/2018 9/2018 8/2018 7/2018 6/2018 5/2018 4/2018 3/2018 2/2018 1/2018 12/2017 11/2017 10/2017
Narrowbody Unit Orders 1,932 1,267 52.5% 66 69 95 15 174 33 62 160 22 26 1,022 188 69
Boeing 856 750 14.1% 0 32 90 15 126 24 0 158 2 11 255 143 52
737 856 750 14.1% 0 32 90 15 126 24 0 158 2 11 255 143 52
Airbus 1,076 517 108.1% 66 37 5 0 48 9 62 2 20 15 767 45 17
A320 1,076 517 108.1% 66 37 5 0 48 9 62 2 20 15 767 45 17
Widebody Unit Orders 310 279 11.1% 24 33 4 20 75 35 26 29 29 0 19 16 12
Boeing 225 172 30.8% 6 33 4 12 28 19 47 29 21 0 10 16 12
787 139 97 43.3% 5 15 3 10 0 15 47 24 0 0 7 13 0
777 33 55 -40.0% 1 0 1 2 15 4 0 2 3 0 3 2 12
767 38 15 153.3% 0 18 0 0 13 0 0 3 4 0 0 0 0
747 15 5 200.0% 0 0 0 0 0 0 0 0 14 0 0 1 0
Airbus 85 107 -20.6% 18 0 0 8 47 16 -21 0 8 0 9 0 0
A350 32 48 -33.3% 0 0 0 8 35 15 -22 0 0 0 -4 0 0
A380 14 -2 NM 0 0 0 0 0 0 0 0 14 0 0 0 0
A330 39 61 -36.1% 18 0 0 0 12 1 1 0 -6 0 13 0 0

Key Aerospace & Defense Stats
Global Business Jet Traffic
(Flights in Thousands)
10/2018 Global Business Jet Traffic
by Type (366K Flights)
Global Business Jet Deliveries
2017 Global Business Jet Deliveries
By Market (676 Deliveries)
U.S. Defense Budget
* Base Budget Request
Source: GAMA, Office of the Under Secretary of Defense
63.8%
17.0%
9.9%
5.3%
4.0%
North America Europe Asia-Pacific Latin America Middle East & Africa
518
592
750
887
1,137
1,317
874
767
696 672 678
722 718
667 676
0
200
400
600
800
1,000
1,200
1,400
86%
14%
Domestic International
367
390390
365
376
390
380
396
356354352
384
401
-2%
0%
2%
4%
6%
8%
10%
320
330
340
350
360
370
380
390
400
410
# of Flights MoM Growth %
FY 2018 vs FY 2019
By Appropriation Title ($ in billions) FY 2016 FY 2017 FY 2018 FY 2019* Dollar Δ % Δ
Military Personnel $ 135.3 $ 135.4 $ 141.7 $ 152.9 $ 11.2 7.9%
Operation and Maintenance 197.5 197.1 223.3 283.5 60.3 27.0%
Procurement 110.7 110.7 115.0 144.3 29.4 25.5%
RDT&E 68.8 69.6 82.7 92.4 9.6 11.7%
Military Construction/Family Housing 6.9 6.5 8.4 11.4 3.0 35.9%
Other 2.5 2.4 3.5 1.6 (1.9) -55.6%
Total $ 521.7 $ 521.8 $ 574.5 $ 686.1 $ 111.5 19.4%
FY 2018 vs FY 2019
By Military Department ($ in billions) FY 2016 FY 2017 FY 2018 FY 2019* Dollar Δ % Δ
Army $ 123.3 $ 122.9 $ 137.1 $ 182.0 $ 44.9 32.7%
Navy 159.3 159.1 171.5 194.1 22.6 13.2%
Air Force 145.7 146.5 165.5 194.2 28.7 17.3%
Defense Wide 93.4 93.3 100.4 115.8 15.4 15.4%
Total $ 521.7 $ 521.8 $ 574.5 $ 686.1 $ 111.5 19.4%

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

Scott-Macon Aerospace & Defense Monthly Update (November 2018)

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