Janes Capital Partners Quarterly Report

Aerospace & Defense Quarterly Report

Q1 2021 Not affiliated with Jane’s Information Group Aerospace & Defense Quarterly Update Q1 2021

In this issue EXECUTIVE SUMMARY

1 Executive Summary  There were 141 A&D deals announced in Q1 2021, which was an increase from the number of deals announced during Q4 2020. 2 About Janes Capital Partners  Year-over-year quarterly transaction volume increased by 38.2% 3 Top 5 M&A Deals compared to the 102 deals announced during Q1 2020. 4 M&A Deal Volume  Average disclosed deal size during the quarter increased to $1256 5 A&D Transaction Multiples million compared to $463 million during Q4 2020. 6-7 Public Valuation Summary  The most active segments in terms of number of M&A deals were: 8 Buyer Spotlight – Government Services, IT Services and Software (20 deals) 9 Deal Spotlight – Cybersecurity, Intelligence Services and Homeland Defense (18 deals) 10-18 All M&A Transactions – Defense Electronics (18 deals) – Components & Subsystems (14 deals) – MRO & Logistics (12 deals)  The top 3 segments in terms of disclosed transaction values were: – Government Services, IT Services and Software ($13,522 million) – Defense Electronics ($12,087 million) – Sensors & C4ISR ($7,987 million)

Number of Deals by Quarter 160 141 135 140 118 115 120 109 109 107 110 101 102 94 100 82 77 100 80 68 87 73 74 77 63 74 79 60 64 75 Number of Deals 62 40 58 53 20 38 38 41 30 35 31 36 28 36 27 10 15 0 18-1Q 18-3Q 19-1Q 19-3Q 20-1Q 20-3Q 21-1Q Disclosed Not Disclosed

Note: Disclosed deals shown include transactions that disclose price, multiple or both 1 Aerospace & Defense Quarterly Update Q1 2021

Contact Information About Janes Capital Partners Janes Capital Partners specializes in Mergers & Acquisitions (M&A) for middle market Stephen Perry Aerospace & Defense companies. Our clients are Aerospace & Defense companies with Managing Director & CEO enterprise values between $25 million and $500 million. The team at Janes Capital Office: (949) 769-3323 Ext. 6901 Partners has completed over 75 transactions within the Aerospace & Defense Mobile: (949) 233-0665 industry. Through this M&A experience, we provide our clients with unparalleled access [email protected] to potential acquirers in the aerospace and defense industry along with in-depth knowledge of the industry and its dynamics. Our clients receive high touch service from accomplished professionals with extensive A&D transaction and industry experience. Jason Kimball Director Janes Capital Partners is a member of Oaklins, the world’s most experienced mid- Office: (949) 769-3323 Ext. 6903 market M&A advisor, with over 850 professionals globally and dedicated industry Mobile: (949) 632-1704 teams in more than 45 countries. We have closed 1,700 transactions in the past five [email protected] years. Recent Transactions Ken Fukumoto Director Acted as Financial Advisor to ActedActed as as Financial Financial AdvisorAdvisor to to Acted as Financial Advisor to Office: (949) 769-3323 Ext. 6904 Mobile: (831) 920-7667 [email protected] on its sale to

on its sale to on its sale to

Chris Reinecke a platform formed by Vice President Office: (949) 769-3323 Ext. 6905 GC Atlas Holdings Mobile: (714) 856-9989 [email protected]

Acted as Financial Advisor to ActedActed as as Financial Financial AdvisorAdvisor to to Acted as Financial Advisor to

on its sale to on its sale to on its acquisition of

Janes Capital Partners gathers its data from sources it considers reliable; however, it does not guarantee the accuracy or completeness of the information provided within this publication. The material presented reflects information known to the authors at the time this presentation was prepared, and this information is subject to change. Janes Capital Partners makes no representations or warranties, expressed or implied, regarding the accuracy of this material. Securities offered through JCP Securities, Inc., a Registered Broker/Dealer and Registered Investment Advisor; Member FINRA and SIPC. Janes Capital Partners, Inc. and JCP securities, Inc. are affiliated companies. No portion of this report may be reproduced in any form without the express written permission of Janes Capital Partners. Janes Capital Partners is a federally registered U.S. trademark. Copyright 2021, Janes Capital Partners, Inc. All rights reserved.

19200 Von Karman Avenue, Suite 340, Irvine, California 92612 T: (949) 769-3323 F: (949) 769-3327 www.janescapital.com 2 Aerospace & Defense Quarterly Update Q1 2021

Top 5 M&A Deals this Quarter

Valuation Metrics

Announced Implied TEV TEV/ TEV/ Target Target Description Acquiror Deal Type(s) Date ($M) Revenue EBITDA

FLIR Systems designs, develops, markets and distributes advanced sensors and integrated sensor systems that enable the gathering, measurement and analysis of critical information through a wide variety of applications in industrial, government and commercial markets. The Company offers a broad range of infrared, also known 01/04/21 $7,986.8 4.2x 17.1x PU as thermal, imaging solutions, with products ranging from professional-use thermal camera smartphone accessories to highly advanced aircraft-mounted imaging systems for military and search and rescue applications.

Perspecta is a provider of end-to-end enterprise IT services to government customers. The Company's enterprise offerings and solutions help government customers implement modern collaborative workplaces, hybrid cloud platforms and integrated 01/27/21 $7,273.7 1.6x 11.3x PU PB digital systems of engagement with their enterprise management systems. Reportable segments for the Company are Defense and Intelligence as well as Health Care.

Coherent designs, manufactures, services and markets lasers, laser tools, precision optics and related accessories. The Company's products are used in microelectronics, materials processing, 02/12/21 $7,008.8 5.7x nm PU original equipment manufacturer components and instrumentation and scientific research as well as government programs.

Signature Aviation provides flight support services to the business and general aviation markets. The Company operates a fixed base operation network that offers service support for business and general aviation travel, including fueling, ground handling, passenger 02/05/21 $5,580.0 2.5x 16.0x PU PB I and pilot services, storage and technical support including line and heavy maintenance, inspection and aircraft on ground services. The Company was formerly known as BBA Aviation and changed its name to Signature Aviation in November 2019.

McAfee's Enterprise business is a provider of device-to-cloud cybersecurity solutions. The business provides endpoint and cloud security and threat intelligence via its MVISION suite. The Enterprise 03/08/21 $4,000.0 3.1x na PS PB business is a trusted partner for 86% of the Fortune 100 firms around the world and realized $1.3 billion in net revenue in fiscal year 2020.

PU Public Seller PR Private Seller PS Private Equity Seller PB Private Equity Buyer I International Deal

Source(s): CapIQ, Dacis, Company reports, press releases

3 Aerospace & Defense Quarterly Update Q1 2021

M&A Deal Volume

. Average deal size increased over last quarter from $463M to $1,256M . The most active segments ranked by total – Total disclosed deal volume totaled $51.5B, a increase of more than number of deals were: $33.9B from Q4 2020 – Government Services, IT Services and Software . There were 141 A&D deals announced in Q1 2021, which was an increase – Cybersecurity, Intelligence Services and from the 115 deals announced during Q4 2020 and a year-over-year Homeland Defense increase of 38.2% from Q1 2020 – Defense Electronics – Components & Subsystems Number of Deals by Quarter Number of Deals by Segment (last 13 quarters) (Q1 2021) Government Services, IT Services and… 20 160 Cybersecurity, Intelligence Services and… 18 141 Defense Electronics 18 135 Components & Subsystems 14 140 MRO & Logistics 12 118 Satellite, Satellite Services & Space… 10 115 Specialty Defense Systems and Services 7 120 109 109 107 110 101 102 Unmanned Vehicles 7 94 Electronics Manufacturing (EMS) &… 6 100 Machined & Cast Parts 6 82 77 100 Distribution 4 Aerostructures 3 80 68 87 77 Connectors 3 63 74 73 74 79 75 Engineering and Project Management 3 60 64 Sensors & C4ISR 3 Number of Deals Composites 2 62 40 Test & Measurement 2 58 Controls & Systems 1 53 Land Systems 1 41 Simulation & Training Systems 20 38 35 31 36 36 38 1 30 28 27 Aircraft Interiors – 10 15 0 Engines & Engine Systems – Navy/Maritime – 18-1Q 18-3Q 19-1Q 19-3Q 20-1Q 20-3Q 21-1Q Prime Defense Contractors – Disclosed Not Disclosed 0 6 12 18 24 Number of Deals Average Size of Disclosed Deals and Total Disclosed Volume Volume of Deals by Segment (last 13 quarters) (Q1 2021) Government Services, IT Services and… $13,522 $4,500 $80 Defense Electronics $12,087 Sensors & C4ISR $7,987 $4,000 $70 MRO & Logistics $5,837 Cybersecurity, Intelligence Services and… $4,037 $3,500 $60 Controls & Systems $2,830 Satellite, Satellite Services & Space… $2,224 $3,000 Simulation & Training Systems $1,050 $50 Unmanned Vehicles $457 $2,500 Land Systems $400

$2,094 $40 Engineering and Project Management $380 $2,000 Specialty Defense Systems and Services $324 Electronics Manufacturing (EMS) &… $272 $30 Machined & Cast Parts $86 $1,278 $1,500 $1,256 Connectors $9 $1,026 $20 Distribution $4 Average Deal Average Deal Size ($M) $1,000 Aerostructures - $546 $544 $540 $463 Total Volume Disclosed ($BN) Aircraft Interiors - $390

$331 $10 $249 $500 $241 Components & Subsystems - $91 Composites - $0 $0 Engines & Engine Systems - 18-1Q 18-3Q 19-1Q 19-3Q 20-1Q 20-3Q 21-1Q Navy/Maritime - Prime Defense Contractors - Test & Measurement - Average Deal Size Total Disclosed Value $0 $4,000 $8,000 $12,000 $16,000 Source(s): CapIQ, Dacis, Company reports, press releases Total Disclosed Volume ($M) 4 Aerospace & Defense Quarterly Update Q1 2021

Quarterly TEV / EBITDA Transaction Multiples

. The average TEV / EBITDA transaction multiple over the last 13 quarters across all A&D transactions was 11.5x . Of the over 1300 deals tracked by Janes Capital Partners over this period, only 91 reported TEV / EBITDA multiples . As expected, multiples vary widely by segment with Cybersecurity, Intelligence Services and Homeland Defense (15.5x), Sensors & C4ISR (11.8x) and Machined & Cast Parts (7.1x) comprising the highest, median and lowest segments

TEV / EBITDA A&D Transaction Multiples by Quarter TEV / EBITDA Transaction Multiples by Segment (last 13 quarters) (last 13 quarters)

Cybersecurity, Intelligence Services and Homeland Defense 4 15.5x

21-1Q 11 13.7x Connectors 1 14.6x

Controls & Systems 1 14.0x 20-4Q 6 11.5x Simulation & Training Systems 1 13.0x

Defense Electronics 9 12.5x 20-3Q 6 10.6x Government Services, IT Services and Software 16 12.2x

20-2Q 1 7.6x Distribution 2 12.2x Prime Defense Contractors 2 12.1x

20-1Q 8 12.8x Engines & Engine Systems 1 12.1x

Sensors & C4ISR 4 11.8x 19-4Q 12 11.2x Components & Subsystems 13 11.8x

Unmanned Vehicles 1 11.7x 19-3Q 8 12.8x MRO & Logistics 6 11.6x

Specialty Defense Systems and Services 5 11.2x 19-2Q 10 12.2x Navy/Maritime 1 10.4x

19-1Q 3 8.8x Test & Measurement 1 10.0x

Aerostructures 3 9.8x

18-4Q 7 10.4x Satellite, Satellite Services & Space Systems 8 9.4x

Electronics Manufacturing (EMS) & Harnessing 4 8.8x 18-3Q 5 9.7x Composites 1 8.5x

Machined & Cast Parts 7 7.1x 18-2Q 6 8.3x Aircraft Interiors - 0

Engineering and Project Management - 0 18-1Q 8 11.8x Land Systems - 0 0x 4x 8x 12x 16x 0x 5x 10x 15x 20x

Number of Deals with Reported TEV / Number of Deals with Reported TEV / TEV / EBITDA N EBITDA Multiples TEV / EBITDA N EBITDA Multiples

Note: Excludes TEV / EBITDA transaction multiples over 30.0x Source(s): CapIQ, Dacis, Company reports, press releases

5 Aerospace & Defense Quarterly Update Q1 2021

Aerospace & Defense Public Valuations Public Valuations by A&D Segment LTM LTM EBITDA Market % of TEV / LTM LTM LTM EBITDA Market % of TEV / LTM ($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA ($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA Aerostructures Machined and Cast Parts CPI Aerostructures $85 0.7% $54 64.9% $88 NM Howmet Aerospace $5,259 23.5% $13,932 97.5% $17,590 14.2x Ducommun 629 12.8% 710 94.6% 992 12.3x ATI 2,982 6.6% 2,679 92.1% 3,792 19.1x FACC 645 NM 488 75.7% 772 NM Barnes Group 1,124 21.9% 2,509 85.9% 3,164 12.9x Hexcel 1,502 15.1% 4,689 86.4% 5,581 24.5x Lisi 1,505 12.9% 1,553 99.0% 1,826 9.4x Kaman 784 15.6% 1,422 85.8% 1,525 12.4x Senior 1,002 NM 633 89.6% 914 NM Latécoère 505 2.6% 208 60.3% 419 NM SIFCO 112 11.0% 75 82.0% 113 9.2x Magellan 584 9.9% 474 87.9% 478 8.3x Median 12.9% 12.9x Spirit AeroSystems 3,405 NM 5,130 90.7% 7,204 NM Triumph 2,096 9.5% 1,011 94.8% 2,615 13.2x MRO Median 9.9% 12.4x AAR $1,631 4.9% $1,455 91.6% $1,623 20.3x Signature Aviation 1,414 24.9% 4,611 90.8% 6,796 19.3x Commercial Airframes HEICO 1,699 25.7% 16,027 89.0% 16,551 NM Airbus $61,054 8.5% $88,803 92.8% $89,145 17.2x MTU Aero Engines 4,865 14.1% 12,550 90.8% 13,597 19.8x Boeing 58,158 NM 148,665 91.4% 188,251 NM ST Engineering 5,416 13.8% 9,026 94.9% 10,245 13.7x Bombardier 6,487 NM 1,910 99.0% 13,226 NM Median 14.1% 19.6x Embraer 3,782 NM 1,825 92.7% 3,764 NM Textron 11,596 9.3% 12,726 98.0% 15,302 14.2x Defense Electronics, Sensors & C4ISR Median 8.9% 15.7x AeroVironment $394 12.6% $2,841 80.8% $2,480 NM Cubic 1,466 14.1% 2,368 95.4% 3,243 15.7x Components & Subsystems Elbit 4,663 12.4% 6,254 90.0% 7,190 12.5x Ametek $4,540 29.8% $29,480 98.9% $30,854 22.8x FLIR 1,924 24.3% 7,399 99.3% 7,879 16.9x CIRCOR 773 12.5% 702 80.6% 1,174 12.1x Hensoldt 1,476 14.9% 1,614 82.6% 2,306 10.5x Crane 2,937 16.7% 5,475 97.9% 6,225 12.7x Kongsberg Gruppen 2,988 13.0% 4,110 99.2% 3,900 10.0x Meggitt 2,299 17.0% 5,118 92.7% 6,173 15.8x Kratos 748 9.1% 3,368 80.0% 3,390 NM RBC Bearings 635 27.1% 4,830 95.2% 4,686 NM KVH Industries 159 1.7% 234 82.9% 211 NM Teledyne 3,086 21.3% 15,314 98.8% 15,561 23.6x L3Harris Technologies 18,194 20.7% 41,664 96.6% 48,273 12.8x Timken 3,513 19.7% 6,166 92.3% 7,548 10.9x Mercury Systems 842 19.4% 3,966 73.4% 4,102 NM TransDigm 4,746 40.4% 32,153 93.9% 47,738 24.9x OSI Systems 1,101 15.8% 1,727 95.5% 1,970 11.4x Woodward 2,313 18.4% 7,605 94.3% 8,256 19.4x QinetiQ 1,538 15.8% 2,457 91.5% 2,316 9.5x Median 19.7% 17.6x Smiths 3,371 15.7% 8,396 95.6% 10,011 18.9x Thales 20,782 12.6% 21,167 98.8% 24,596 9.4x Controls & Systems Ultra 1,174 16.3% 1,984 79.8% 2,101 11.0x Astronics $503 5.5% $558 92.2% $715 NM Median 14.9% 11.4x Curtiss-Wright 2,391 22.6% 4,853 95.1% 5,884 10.9x Eaton 17,858 15.7% 55,086 97.8% 62,633 22.4x Prime Defense Contractors Heroux-Devtek 457 15.2% 496 99.1% 644 9.3x BAE $26,319 12.6% $22,379 89.7% $28,402 8.6x Honeywell 32,637 24.4% 150,972 98.8% 159,212 20.0x General Dynamics 37,925 14.4% 51,886 98.5% 63,794 11.7x ISSC 22 15.2% 109 76.7% 103 NM Huntington Ingalls 9,361 13.1% 8,296 98.0% 9,664 7.9x Moog 2,814 11.2% 2,665 95.4% 3,624 11.5x Leonardo 16,404 12.4% 4,661 86.2% 8,976 4.4x Parker-Hannifin 13,505 20.0% 40,716 98.0% 47,338 17.5x Lockheed Martin 65,398 15.9% 102,984 88.5% 113,131 10.9x Median 15.4% 14.5x Northrop Grumman 36,799 16.1% 53,957 90.6% 65,659 11.1x Raytheon Technologies 56,587 12.6% 116,681 83.8% 143,421 20.1x Engines & Engine Systems Median 13.1% 10.9x General Electric $73,022 9.4% $115,342 91.1% $166,981 24.4x Rolls Royce 16,143 NM 12,081 24.7% 17,538 NM Safran 20,344 17.5% 58,150 91.1% 62,486 17.5x Median 13.4% 21.0x

Note: Trading metrics as of 3.31.21. Valuation multiples based on LTM financial data converted at the historical exchange rate as of each fiscal period end date, and excludes multiples above 25.0x and under 0.0x. Source(s): CapIQ

6 Aerospace & Defense Quarterly Update Q1 2021

Aerospace & Defense Public Valuations (continued) Public Valuations by A&D Segment (continued) LTM LTM EBITDA Market % of TEV / LTM LTM LTM EBITDA Market % of TEV / LTM ($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA ($ in millions) Revenue Margin Cap 52-Wk Hi TEV EBITDA Satellites, Satellite Services and Space Systems Engineering and Construction Aerojet Rocketdyne $2,073 14.2% $3,702 87.7% $3,219 11.0x AECOM $13,318 7.9% $9,470 96.6% $11,531 11.0x Ball Corporation 11,781 17.1% 27,800 82.5% 34,591 17.2x Babcock 5,644 8.9% 1,592 50.6% 3,813 7.6x Comtech 581 13.0% 647 81.7% 878 11.6x Fluor 15,668 2.7% 3,252 93.1% 3,238 7.6x Gilat Satellite 166 NM 590 46.1% 510 NM Jacobs Engineering 13,589 9.7% 16,816 99.7% 18,215 13.8x Maxar Technologies 1,723 25.9% 2,710 64.4% 5,365 12.0x Median 8.4% 9.3x ViaSat 2,252 19.5% 3,294 78.4% 5,196 11.8x Median 17.1% 11.8x Government, IT Services & Software Booz Allen $7,849 11.5% $11,089 80.3% $12,494 13.9x Specialty Systems and Services CACI 5,889 12.7% 6,224 92.6% 8,012 10.7x Axon Enterprise $681 3.7% $9,084 67.1% $8,547 NM CGI Group 9,519 18.8% 20,618 99.1% 22,732 12.7x CAE 2,405 18.6% 8,349 90.8% 9,839 22.0x ICF 1,507 11.7% 1,650 93.5% 2,099 11.9x Chemring 521 18.7% 1,034 83.3% 1,097 11.2x KBR 5,767 9.8% 5,407 99.0% 6,889 12.2x MSA Safety 1,348 22.0% 5,864 86.8% 6,001 20.2x Leidos 12,297 11.8% 13,609 84.6% 18,632 12.8x SAAB 4,314 5.9% 3,624 81.4% 3,611 14.3x ManTech 2,518 10.7% 3,522 85.8% 3,606 13.3x Median 18.6% 17.2x MAXIMUS 3,589 14.5% 5,472 98.7% 5,540 10.6x SAIC 7,056 10.4% 4,854 80.4% 7,579 10.3x Serco Group 5,304 7.2% 2,296 80.2% 2,920 7.7x Vectrus 1,396 8.4% 625 88.6% 757 6.5x VSE 662 12.7% 500 89.2% 780 9.3x Median 11.6% 11.3x

Market Performance Summary Performance Dashboard TEV / EBITDA Valuation Trend by Sector (by TEV / EBITDA Valuation) (last 5 years) Top 10 Bottom 10

NYSE:TDG 24.9x BIT:LDO 4.4x 18.0x 16.1x 16.0x NYSE:HXL 24.5x NYSE:VEC 6.5x 14.0x NYSE:GE 24.4x NYSE:FLR 7.6x 12.8x 12.0x 10.7x NYSE:TDY 23.6x LSE:BAB 7.6x 10.0x

NYSE:AME 22.8x LSE:SRP 7.7x 8.0x TEV / EBITDA 6.0x 11% NYSE:ETN 22.4x NYSE:HII 7.9x 11% 4.0x 11% TSX:CAE 22.0x TSX:MAL 8.3x 2.0x

NYSE:AIR 20.3x LSE:BA. 8.6x 0.0x

NYSE:MSA 20.2x AMEX:SIF 9.2x Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

NasdaqGS:V NYSE:RTX 20.1x 9.3x SEC Commercial Aerospace Defense Government & IT

7 Aerospace & Defense Quarterly Update Q1 2021

Deal Spotlight Teledyne Technologies Acquires FLIR Systems, Inc.

FLIR Key Figures ($M) Transaction Summary On January 4th, 2021, Teledyne Technologies (NYSE: TDY) entered Headquarters Wilsonville, OR into a definitive agreement to acquire FLIR Systems, Inc. (NasdaqGS: FLIR) for $28.00 per share in cash and 0.0718 shares Employees 4,179 of Teledyne common stock for each FLIR share, which implies a total purchase price of $56.00 per FLIR share based on Teledyne's LTM 12/31/20 Revenue $1.9 billion 5-day volume weighted average price as of December 31, 2020. This reflects a 40% premium for FLIR stockholders based on LTM 12/31/20 EBITDA $452 million FLIR's 30-day volume weighted average price as of December 31, 2020s . To complete the transaction Teledyne, has arranged a $4.5 billion 364-day credit commitment for funding. Teledyne expects the acquisition to be immediately accretive to earnings with near-term pretax CEO & President James J. Cannon synergies of $40 million per year, growing to $80 million per year over time. Deal Summary ($M) Pro Forma Revenue Breakdown Structure 50% Cash 50% Stock Pro Forma Total Enterprise Value $8.0 billion Sales: $3.1B Sales: $1.9B Sales: $5.0B Revenue Multiple 4.2x 8% 21% EBITDA Multiple 17.1x 13% 36% 12% Announced Date January 4th, 2021 19% 100% Status Pending 59% Price per Share $28.00 32%

FLIR Overview FLIR Systems, designs, develops, markets and distributes advanced sensors and integrated Complementary Infrared Capabilities sensor systems that enable the gathering, measurement and analysis of critical information through a wide variety of applications in industrial, Space government and commercial markets worldwide. The company offers the broadest range of infrared, Airborne Imaging also known as thermal, imaging solutions in the world, with products that range from professional- use thermal camera smartphone accessories to Land, Maritime and Soldier Systems highly advanced aircraft-mounted imaging systems Infrared Imaging for military and search and rescue applications, Commercial Thermography with products in between serving a multitude of Ecosystem markets, customers and applications. Automotive, Consumer and Security Strategic Rationale for Acquisition

Perfectly complementary technologies and Commentary from the CEOs markets with minimal overlap Earl Lewis, Chairman of FLIR, stated: "FLIR's commitment to innovation spanning multiple sensing technologies has allowed our company to grow into the multi-billion-dollar company it is today. With our new Sensors based on different semiconductor partner's platform of complementary technologies, we will be able to continue this trajectory, providing our technologies for different wavelengths employees, customers and stockholders even more exciting momentum for growth. Our Board fully supports this transaction, which delivers immediate value and the opportunity to participate in the upside Serving respective markets and customers with potential of the combined company.” Jim Cannon, President and CEO of FLIR, stated: "We could not be more different sensors, cameras and sensor systems excited to join forces with Teledyne through this value-creating transaction. Together, we will offer a uniquely complementary end-to-end portfolio of sensory technologies for all key domains and applications Business portfolios balanced among commercial across a well-balanced, global customer base. We are pleased to be partnering with an organization that and government markets and geographies shares our focus on continuous innovation and operational excellence, and we look forward to working closely with the Teledyne team as we bring our two companies together to capitalize on the important Sources: CapIQ, Dacis, Company presentations and website opportunities ahead."

8 Aerospace & Defense Quarterly Update Q1 2021

Buyer Spotlight CAE Inc. (TSX: CAE) Share Price Performance Description $50 5 Headquartered in Saint-Laurent, Quebec and 4.5 4 founded in 1947, CAE Inc. provides integrated 3.5 training solutions and advanced simulation and 3 controls technologies to civil aviation, military $25 2.5 CAE Highlights (CAD) and healthcare industry customers. The 2

company operates in business groups serving Share Price 1.5 Headquarters Saint-Laurent, Quebec three primary markets. The Defense and 1 Volume (in millions) (in Volume Founded 1947 Security segment serves defense forces, OEMs, 0.5 $0 0 Employees ~10,000 government agencies and public safety Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 organizations worldwide. The Civil Aviation Trad. Vol. CAE S&P 500 (rebased) Acquisitions 52 segment covers major commercial and regional Market Cap $10,317 airlines, business aircraft operators, civil helicopter operators, aircraft OEMs, third-party Total Debt $2,440 training centers, flight training organizations, MRO providers and aircraft finance leasing companies. Its Revenue $3,065 Healthcare segment serves hospital and university simulation centers, medical and nursing schools, paramedic organizations, defense forces, medical societies and OEMs. The company has been highly EBITDA $528.5 acquisitive since inception, with 52 total acquisitions and 10 in the last three years. TEV / EBITDA 21.4x CAE Financial History (1) Market data as of 3.17.21 LTM financial data as of 12.31.20 (CAD in Millions) FY 2016 FY 2017 FY 2018 FY 2019 LTM 12/31 M&A Strategy Revenue 2,705 2,824 3,304 $3,623 $3,065 EBITDA $507 $534 $596 $702 $529 Management has continued to expand upon the EBITDA Margin 18.7% 18.9% 18% 19.4% 17.2% company’s key strategic focus on training and TEV / LTM Revenue 2.5x 2.6x 2.9x 1.9x 3.9x simulation in commercial and military segments. TEV / LTM EBITDA 11.9x 13.1x 15.9x 9.2x 19.7x Commercial acquisitions are focused on expanding Cash & ST Investments $505 $612 $446 $947 $620 the coverage of the pilot ecosystem of training Note: Fiscal year ends March 31st individuals to become airline pilots and providing Historical Third Quarter Fiscal Revenue Mix recurring training throughout their career. Military market acquisitions are focused on accelerating Q3 2019 Q3 2020 Q3 2021 defense and security growth to align with DoD Healthcare 3% Healthcare priorities and create an end to end suite of 4% capabilities in military air training and simulation. Healthcare Notable A&D Acquisitions Civil Aviation 15% Civil Aviation Civil Aviation Training Date Target TEV Description Defence and Training Defence and Training Solutions Solutions Security Security Solutions 49% 41% 56% 36% 60% Defence and Leading providers of Security May 21’ $1.0B military training solutions 36% in the US.

Civil aviation crew management and Dec 20’ $25M optimization software Q3 Sales: $816M Q3 Sales: $924M Q3 Sales: $832M company. Transaction Highlight Manufacturer of flight simulators, aviation Nov 20’ $40M CAE to Acquire L3Harris Military Training Business training products and related services. On March 1st, 2021, CAE announced the acquisition of L3Harris Technologies, Military Training Business, one of the leading providers of military training Provider of total training solutions in the United States. The acquisition will expand CAE's position as a Nov 20’ $83M solutions as well as instructor provisioning. platform-agnostic training systems integrator by diversifying CAE's training and simulation leadership in the air domain, complementing land and naval training Institution which utilizes solutions and enhancing CAE's training and simulation capabilities in space and simulator-based training Aug 19’ ND cyber. CAE’s CEO , Marc Parent, stated “the proposed acquisition represents a to provide advanced significant value creation opportunity for all CAE stakeholders. It accelerates aviation training. our growth strategy in Defense and Security and is highly complementary to our Sources: CapIQ, Dacis, Company presentations and website core military training business, broadening our position in the United States." 9 Aerospace & Defense Quarterly Update Q1 2021

All Transactions – Value Disclosed

Valuation Metrics Announced Implied TEV TEV/ TEV/ Target Acquiror Segment Deal Type(s) Date ($M) Revenue EBITDA

01/04/21 InterTronic Solutions Inc. Calian Group Ltd. $19.2 na na Defense Electronics PR I

01/04/21 FLIR Systems, Inc. Teledyne Technologies Incorporated $7,986.8 4.2x 17.1x Sensors & C4ISR PU

Electronics Manufacturing 01/04/21 SMTC Corporation H.I.G. Capital, LLC $272.4 0.7x 9.2x PR PB I (EMS) & Harnessing

01/04/21 HHB Systems, LLC Vectrus, Inc. $15.5 na na MRO & Logistics PR

01/13/21 rms Connectors, Inc. Bel Fuse Inc. $8.5 na na Connectors PR

01/13/21 Arcturus UAV, Inc. AeroVironment, Inc. $409.9 4.9x 11.7x Unmanned Vehicles PR

01/15/21 Jet East Corporate Aviation, LLC Gama Aviation Plc $11.9 0.4x na MRO & Logistics PR I

01/27/21 MicaSense, Inc. AgEagle Sensor Systems, Inc. $22.9 na na Unmanned Vehicles PU I

Government Services, IT 01/27/21 Perspecta Inc. Peraton Corporation $7,273.7 1.6x 11.3x PU PB Services and Software

Cobham Mission Systems Wimborne 02/01/21 Eaton Corporation plc $2,830.0 na 14.0x Controls & Systems PS I Limited

02/05/21 Signature Aviation plc The Blackstone Group Inc. $5,580.0 2.5x 16.0x MRO & Logistics PU PB I

Veritas Capital Fund Management, 02/08/21 Cubic Corporation $3,405.2 2.3x 16.5x Defense Electronics PU PB L.L.C

Integration Solutions Division of Magal Specialty Defense Systems 02/08/21 Aeronautics Ltd. $35.0 na na PU I Security Systems, Ltd and Services

Government Services, IT 02/10/21 NIC Inc. Tyler Technologies, Inc. $2,102.8 4.6x 19.3x PU Services and Software

Specialty Defense Systems 02/11/21 Colt Defense LLC CZG - Ceská zbrojovka Group SE $256.2 na na PR I and Services

02/12/21 Coherent, Inc. II-VI Incorporated $7,008.8 5.7x nm Defense Electronics PU

Government Services, IT 02/16/21 Whitney, Bradley and Brown, Inc. Serco Group plc $295.0 1.4x 10.2x PS I Services and Software

02/16/21 Domo Tactical Communications, Inc. Codan Limited $104.0 na na Defense Electronics PR I

PU Public Seller PR Private Seller PS Private Equity Seller PB Private Equity Buyer I International Deal

Source(s): CapIQ, Dacis, Company reports, press releases Note: Deals shown only include transactions with disclosed multiples

10 Aerospace & Defense Quarterly Update Q1 2021

All Transactions – Value Disclosed (Continued)

Valuation Metrics Announced Implied TEV TEV/ TEV/ Target Acquiror Segment Deal Type(s) Date ($M) Revenue EBITDA

Engine Repair and Overhaul (ERO) business 02/17/21 StandardAero, Inc. $230.0 na na MRO & Logistics PU PB of Signature Aviation plc

Government Services, IT 02/22/21 Starboard Value Acquisition Corp. Cyxtera Technologies, Inc. $3,400.0 4.9x 16.0x PR I Services and Software

Engineering and Project 02/22/21 TerraTech Engineers, Inc. NV5 Global, Inc. $0.0 na na PR Management

Engineering and Project 02/23/21 Gibbs & Cox, Inc. Leidos Holdings, Inc. $380.0 na na PR Management

ATM voice communications and arrival Government Services, IT 02/23/21 Frequentis AG $20.1 na na PU I management product business of L3Harris Services and Software Cybersecurity, Intelligence 02/24/21 Intelligent Systems Group AeroVironment, Inc. $36.0 3.6x na Services and Homeland PR Defense Combat Propulsion Systems and related 03/01/21 Renk Aktiengesellschaft $400.0 1.7x na Land Systems PU PB I businesses of L3Harris

L-3 Link Simulation & Training / AMI Simulation & Training 03/01/21 CAE USA, Inc. $1,050.0 2.1x na PU I Instruments / L3 Doss Aviation, Inc. Systems

ScioTeq and TREALITY Simulation Visual 03/01/21 OpenGate Capital, LLC $200.0 1.5x na Defense Electronics PU PB I Systems businesses of TransDigm

03/01/21 Sky Sapience Ltd. COMSovereign Holding Corp. $11.1 na na Unmanned Vehicles PR I

03/01/21 Linwave Technology Ltd. Alaris Investment Holdings UK Limited $4.2 na na Distribution PR I

Government Services, IT 03/01/21 Federal division of Attain, LLC MAXIMUS Federal Services, Inc. $430.0 3.3x na PR Services and Software

Satellite, Satellite Services & 03/01/21 Spire Global, Inc. NavSight Holdings, Inc. $1,600.0 na na PR Space Systems

03/01/21 Sky Sapience Ltd. COMSovereign Holding Corp. $12.7 na na Unmanned Vehicles PR I

03/05/21 Senior Operations LLC PCX Aerostructures, LLC $74.0 na na Machined & Cast Parts PU PB I

Specialty Defense Systems 03/08/21 Blackbox Biometrics, Inc. AirBoss Defense Group $27.0 na na PR I and Services Cybersecurity, Intelligence 03/08/21 McAfee Corp. STG Partners, LLC $4,000.0 3.1x na Services and Homeland PS PB Defense

03/22/21 Abaco Systems Inc. AMETEK, Inc. $1,350.0 4.2x na Defense Electronics PS

PU Public Seller PR Private Seller PS Private Equity Seller PB Private Equity Buyer I International Deal

Source(s): CapIQ, Dacis, Company reports, press releases Note: Deals shown only include transactions with disclosed multiples

11 Aerospace & Defense Quarterly Update Q1 2021

All Transactions – Value Disclosed (Continued)

Valuation Metrics Announced Implied TEV TEV/ TEV/ Target Acquiror Segment Deal Type(s) Date ($M) Revenue EBITDA

Satellite, Satellite Services & 03/25/21 RedWire, LLC Genesis Park Acquisition Corp. $615.0 3.8x 9.6x* PU PB Space Systems Cybersecurity, Intelligence 03/29/21 Aurora Systems Consulting, Inc. Plurilock Security Corp. $1.5 0.1x na Services and Homeland PR I Defense Specialty Defense Systems 03/30/21 RVision, Inc. COMSovereign Holding Corp. $5.4 na na PR and Services

03/31/21 Enginetics Corporation Enjet Aero, LLC $11.5 na na Machined & Cast Parts PU PB

Satellite, Satellite Services & 03/31/21 Omnisys Instruments AB AAC Clyde Space AB (publ) $8.6 2.1x nm PR I Space Systems

PU Public Seller PR Private Seller PS Private Equity Seller PB Private Equity Buyer I International Deal

Note: Deals shown only include transactions with disclosed multiples Source(s): CapIQ, Dacis, Company reports, press releases *Multiple calculated off 2023 forward EBITDA

12 Aerospace & Defense Quarterly Update Q1 2021

All Transactions – Value Not Disclosed

Announced Date Target Acquiror Segment Deal Type(s)

01/01/21 Advanced Electronics Company Limited Saudi Arabian Military Industries (SAMI) Defense Electronics PU PB I

Government Services, IT Services and 01/04/21 Systems Engineering Group, Inc. QuantiTech LLC PS PB Software

01/04/21 Jonathan Manufacturing Corporation JLL Partners Components & Subsystems PS PB

Autonomy Business of Spatial Integrated Systems, 01/04/21 Huntington Ingalls Industries, Inc. Unmanned Vehicles PR Inc.

Government Services, IT Services and 01/04/21 MSE Group, LLC Montrose Environmental Group, Inc. PR Software

Satellite, Satellite Services & Space 01/04/21 Innoflight Holdings, LLC The Jordan Company, L.P. PR PB Systems

01/04/21 Assets of Impresa Aerospace, LLC Crestview Aerospace Machined & Cast Parts PS PB

01/05/21 TMC Design Corporation LinQuest Corporation Defense Electronics PR PB

01/05/21 Cristek Interconnects, Inc. Hermetic Solutions Group LLC Connectors PR PB

01/05/21 Ward Leonard Fairbanks Morse, LLC Components & Subsystems PR PB

01/06/21 Able Aerospace Adhesives GracoRoberts Distribution PR PB

01/06/21 Des Moines Flying Service Inc Muncie Aviation Company Distribution PR

01/06/21 Sigma Defense Systems LLC Sagewind Capital LLC Sensors & C4ISR PR PB

Cybersecurity, Intelligence Services and 01/07/21 StackRox, Inc. Red Hat, Inc. PR Homeland Defense

Government Services, IT Services and 01/07/21 Knowledge Link Inc. Axiologic Solutions, LLC PR Software

Electronics Manufacturing (EMS) & 01/07/21 Ohmega Technologies, Inc. Arcline Investment Management LP PR PB Harnessing

Electronics Manufacturing (EMS) & 01/08/21 Spartronics Williamsport, Inc. Spartronics, LLC PR PB Harnessing

Technical, Engineering, Advisory, and Management Cybersecurity, Intelligence Services and 01/11/21 System High Corporation PU PB Support Business of Booz Allen Hamilton Homeland Defense

PU Public Seller PR Private Seller PS Private Equity Seller PB Private Equity Buyer I International Deal

Source(s): CapIQ, Dacis, Company reports, press releases

13 Aerospace & Defense Quarterly Update Q1 2021

All Transactions – Value Not Disclosed (continued)

Announced Date Target Acquiror Segment Deal Type(s)

Government Services, IT Services and 01/11/21 Datastrong LLC Smartronix, Inc. PR PB Software

01/12/21 Safe Flight Instrument Corporation Loar Group, Inc. Components & Subsystems PR PB

Satellite, Satellite Services & Space 01/13/21 ITC Global Inc. Marlink SA PU PB I Systems

01/13/21 TRM Microwave Quantic Components & Subsystems PR PB

Cybersecurity, Intelligence Services and 01/14/21 Intelligent Shift LLC VTG PR PB I Homeland Defense

Cybersecurity, Intelligence Services and 01/14/21 HyTrust, Inc. Entrust Corporation PR Homeland Defense

Specialty Defense Systems and 01/15/21 SecurAmerica, LLC Allied Universal Security Services LLC PR PB Services

Satellite, Satellite Services & Space 01/19/21 Oakman Aerospace, Inc. RedWire, LLC PR PB Systems

Test & Simulation Business of MTS Systems 01/19/21 Illinois Tool Works Inc. Test & Measurement PU Corporation

Cybersecurity, Intelligence Services and 01/19/21 Echo Analytics Group Quiet Professionals LLC PR Homeland Defense

01/20/21 Comprod Inc. Kairos Capital Management LLP Components & Subsystems PR PB I

Government Services, IT Services and 01/20/21 Presage Security Inc. Tracker Capital Management, LLC PR PB Software

Cybersecurity, Intelligence Services and 01/25/21 Emerett, LLC BlackHorse Solutions, Inc. PR Homeland Defense

Cybersecurity, Intelligence Services and 01/25/21 Substantially all the assets of Root9B LLC Deloitte & Touche LLP PS Homeland Defense

01/26/21 AMRO Fabricating Corp. Karman Missile & Space Systems Composites PR PB

01/28/21 Uavfactory Ltd. AE Industrial Partners, LP Unmanned Vehicles PR PB I

01/28/21 ETA Global, Inc. AeroMed Group, LLC MRO & Logistics PR

01/28/21 313Aerospace, LLC Aero-Mach Labs, Inc. Components & Subsystems PR

PU Public Seller PR Private Seller PS Private Equity Seller PB Private Equity Buyer I International Deal

Source(s): CapIQ, Dacis, Company reports, press releases

14 Aerospace & Defense Quarterly Update Q1 2021

All Transactions – Value Not Disclosed (continued)

Announced Date Target Acquiror Segment Deal Type(s)

Cybersecurity, Intelligence Services and 02/01/21 IST Research, LLC/Two Six Labs, Inc. The Carlyle Group Inc. PR PB Homeland Defense

Cybersecurity, Intelligence Services and 02/01/21 CybatiWorks IntelliGenesis, LLC PR Homeland Defense

Satellite, Satellite Services & Space 02/01/21 Tiger Innovations Inc. General Atomics Electromagnetic Systems Inc. PR Systems

Government Services, IT Services and 02/01/21 Geographic Information Services, Inc. Continental Mapping Consultants, LLC PR PB Software

Government Services, IT Services and 02/01/21 Alethix, LLC IntelliBridge, Inc. PR PB Software

02/02/21 Associated Aircraft Group, Inc. OneSky Network, LLC MRO & Logistics PU

Satellite, Satellite Services & Space 02/02/21 Holicity Inc. Astra Space, Inc. PR Systems

Cybersecurity, Intelligence Services and 02/03/21 Digital Defense, Inc. HelpSystems, LLC PR Homeland Defense

02/03/21 IJ Research, Inc. Superior Technical Ceramics Corp. Components & Subsystems PR PB

Government Services, IT Services and 02/04/21 INT Technologies, LLC ettain group Inc. PR PB Software

02/09/21 AAG Defence Services Atlantic Aviation Institute Limited MRO & Logistics PR I

02/09/21 American Automated Engineering, Inc. Karman Missile & Space Systems Composites PR PB

02/09/21 Infinite Electronics, LLC Warburg Pincus LLC Connectors PR PB

02/10/21 Millennium Engineering and Integration Company, Inc. QuantiTech LLC Engineering and Project Management PR PB

02/10/21 Red Oak Texas Operations Arlington Management Employees, LLC Machined & Cast Parts PU PB

aviation maintenance services operations of Flybe 02/10/21 Atlantic Aviation Group Limited MRO & Logistics PR I Group PLC

02/16/21 Stevens Manufacturing Company, Inc. Essex Industries, Inc. Machined & Cast Parts PS

02/16/21 CALCULEX, Inc./Argon Corp./FDS Avionics Corp. Vance Street Management LLC Defense Electronics PR PB

PU Public Seller PR Private Seller PS Private Equity Seller PB Private Equity Buyer I International Deal

Source(s): CapIQ, Dacis, Company reports, press releases

15 Aerospace & Defense Quarterly Update Q1 2021

All Transactions – Value Not Disclosed (continued)

Announced Date Target Acquiror Segment Deal Type(s)

Cybersecurity, Intelligence Services and 02/17/21 Bridges Consulting, Inc. Applied Insight, LLC PR PB Homeland Defense

Satellite, Satellite Services & Space 02/18/21 Osprey Technology Acquisition Corp. BlackSky Global LLC PR Systems

02/18/21 International Rubber Products, Inc. Integrated Polymer Solutions Group Components & Subsystems PR PB

02/18/21 Ampaire Inc. Surf Air Mobility Corporation Aerostructures PR

02/18/21 Horizon Aircraft, Inc. Astro Aerospace Ltd. Aerostructures PR I

Satellite, Satellite Services & Space 02/23/21 Deployable Space Systems, Inc. RedWire, LLC PR PB Systems

Government Services, IT Services and 02/24/21 DECO, Inc./GovSource IDS International Government Services LLC PR Software

03/01/21 HAECO Special Services, LLC VSE Corporation MRO & Logistics PU

03/01/21 SR Technics Malaysia Sdn Bhd SIA Engineering Company Limited MRO & Logistics PR I

03/02/21 SE-IR Corp. Senseeker Engineering, Inc. Test & Measurement PR

Government Services, IT Services and 03/02/21 GreenZone Solutions Inc. Ambit Group, LLC PR PB Software

Government Services, IT Services and 03/02/21 Realm Consulting, Inc. Criterion Systems, Inc. PR Software

03/02/21 Ramco Electric Motors, Inc. Arnold Magnetic Technologies Corporation Components & Subsystems PR

Electronics Manufacturing (EMS) & 03/02/21 Infinity Fiber LLC Horizon Telcom, Inc. PR PB Harnessing

Cybersecurity, Intelligence Services and 03/02/21 QOMPLX, Inc. Tailwind Acquisition Corp. PR Homeland Defense

Defense Laser Rangefinder Business of Saab AB 03/03/21 Lumibird SA Defense Electronics PU I (publ)

03/03/21 Corry Micronics, Inc. Quantic Defense Electronics PR PB

03/03/21 DynamicSignals LLC Vitrek Corporation Defense Electronics PR PB

PU Public Seller PR Private Seller PS Private Equity Seller PB Private Equity Buyer I International Deal

Source(s): CapIQ, Dacis, Company reports, press releases

16 Aerospace & Defense Quarterly Update Q1 2021

All Transactions – Value Not Disclosed (continued)

Announced Date Target Acquiror Segment Deal Type(s)

Government Services, IT Services and 03/03/21 AT&T Government Solutions, Inc. Tyto Athene, LLC PU PB Software

03/04/21 LISI AEROSPACE SAS RAFAUT SASU Components & Subsystems PU PB I

03/04/21 Pulse Power and Measurement Ltd BAE Systems plc Defense Electronics PR I

03/04/21 Sil-Mid Limited GracoRoberts Distribution PR PB I

03/08/21 Planar Monolithics Industries, Inc. Quantic Defense Electronics PR PB

03/06/21 Aeroco Group International Ltd Management Components & Subsystems PR I

03/08/21 Discovery Technology International, Inc. Piezo Motion Corp. Components & Subsystems PR

03/08/21 Business and Assets of Pyramid Semiconductor LLC HEICO Corporation Defense Electronics PR

Specialty Defense Systems and 03/08/21 Business assets of TerraGroup Corporation HDT Global, Inc. PR PB Services

03/09/21 The Young Engineers, Inc. Novaria Holdings LLC Components & Subsystems PR PB

03/09/21 Oasis Materials Company LP Lockwood Industries, Inc. Machined & Cast Parts PR PB

03/10/21 Cuberg, Inc. Northvolt AB Defense Electronics PR I

Electronics Manufacturing (EMS) & 03/10/21 Varitron Technologies Inc. East West Manufacturing, LLC PR PB I Harnessing

Cybersecurity, Intelligence Services and 03/10/21 Sentar, Inc. QOMPLX, Inc. PR Homeland Defense

Cybersecurity, Intelligence Services and 03/15/21 LGL Systems Acquisition Corp. IronNet Cybersecurity, Inc. PR Homeland Defense

Electronics Manufacturing (EMS) & 03/15/21 Altron Inc. VirTex Enterprises LP PR PB Harnessing

Cybersecurity, Intelligence Services and 03/18/21 Hyperion Gray, LLC QOMPLX, Inc. PR Homeland Defense

Government Services, IT Services and 03/19/21 Pangiam Holdings, LLC veriScan Product Line AE Industrial Partners, LP PR PB Software

PU Public Seller PR Private Seller PS Private Equity Seller PB Private Equity Buyer I International Deal

Source(s): CapIQ, Dacis, Company reports, press releases

17 Aerospace & Defense Quarterly Update Q1 2021

All Transactions – Value Not Disclosed (continued)

Announced Date Target Acquiror Segment Deal Type(s)

03/22/21 Togs Aircraft, LLC sage-popovich, inc. MRO & Logistics PR

03/22/21 Device-Alab Photonis Technologies SAS Sensors & C4ISR PR PB I

Systems Engineering Associates Corporation 03/23/21 Roy Kapani Defense Electronics PR (SEACORP)

Specialty Defense Systems and 03/24/21 Tactical & Survival Specialties, Inc. Noble Sales Co., Inc. PR Services

Government Services, IT Services and 03/25/21 Prime Government Solutions, LLC Rock Solid Technologies, Inc. PR PB Software

03/29/21 Duer/Carolina Coil, Inc. MW Industries, Inc. Components & Subsystems PR PB

03/30/21 Wärtsilä EUROATLAS GmbH Mimir Capital AB Defense Electronics PU PB I

03/30/21 Lilium GmbH Qell Acquisition Corp. Aerostructures PU I

03/31/21 Trillium Engineering, LLC J.F. Lehman and Company, LLC Unmanned Vehicles PR PB

03/31/21 Fokker Services B.V. and Fokker Techniek B.V. Panta Holdings B.V. MRO & Logistics PU I

PU Public Seller PR Private Seller PS Private Equity Seller PB Private Equity Buyer I International Deal

Source(s): CapIQ, Dacis, Company reports, press releases