August 2019 a Note from SCOTT-MACON

SCOTT-MACON, LTD August 2019 A note from SCOTT-MACON

We are pleased to present you with the August 2019 Edition of the Scott-Macon Aerospace, Defense and Government Services monthly newsletter! Our team strives to provide industry professionals such as yourself with the critical market information necessary to execute your strategic goals and initiatives. Please let us know if you would like to discuss any of the emerging trends presented in this review and how they can potentially impact your firm. Our team can help you with the following services: ➢ Mergers and Acquisitions - Sale of company - Acquisition of target companies ➢ Private Debt and Equity Financing ➢ Dividend Recapitalization We look forward to speaking to you soon!

Best,

Michael

Michael N. Papazis Managing Director Aerospace, Defense & Government Services Office: (212) 755-8200 Fax: (212) 583-9262 [email protected]

Section 2 Public Trading Comparables 6 List of operating metrics and valuation multiples for public companies in selected sub-segments of the Aerospace, Defense & Government Services (ADG) sectors Section 3 M&A Transactions 9 List of relevant transactions with disclosed values which occurred in the last month segmented by Aerospace, Defense or Government Services Section 4 Recent Contracts 17 List of selected major government contracts that have been awarded in the last month

Section 5 Key Aerospace & Defense Stats 21 Review of key trends in the aerospace and defense sectors

Section 6 About Scott-Macon 24 Brief overview on Scott-Macon and their ADG investment banking practice

Prepared by SCOTT-MACON, LTD. SECTION 1: MARKET SNAPSHOT

Prepared by SCOTT-MACON, LTD. Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 Market Snapshot

Monthly as of August 2019 LTM as of August 2019 Share Price Performance Share Price Performance

105.0 119.0 -1.0 % 103.0 # 0.9 % 114.0 101.0 109.0 $ -4.0 % -8.3 % 99.0 104.0 97.0 $ -2.5 % 99.0 -3.1 % 95.0 94.0 $ -2.0 % -9.2 % 93.0 89.0 91.0 84.0 89.0 79.0

87.0 74.0

8/7/2019 8/1/2019 8/3/2019 8/5/2019 8/9/2019

1/4/2019 2/1/2019 3/1/2019 6/7/2019 7/5/2019 8/2/2019

8/11/2019 8/13/2019 8/15/2019 8/17/2019 8/19/2019 8/21/2019 8/23/2019 8/25/2019 8/27/2019 8/29/2019

6/21/2019 8/31/2018 9/14/2018 9/28/2018 11/9/2018 12/7/2018 1/18/2019 2/15/2019 3/15/2019 3/29/2019 4/12/2019 4/26/2019 5/10/2019 5/24/2019 7/19/2019 8/16/2019 8/30/2019

10/12/2018 10/26/2018 11/23/2018 12/21/2018

S&P 500 Aerospace Government Services Defense S&P 500 Aerospace Government Services Defense

Trading Valuation (TEV / LTM EBITDA) Trading Valuation (TEV / LTM EBITDA)

15.5x 16.0x 15.0x # 6.1 % # 11.3 % 14.5x 15.0x

14.0x 14.0x # 1.5 % -6.4 % 13.5x $ 13.0x 13.0x 12.5x $ -2.5 % 12.0x $ -6.3 %

12.0x 11.0x 11.5x 10.0x 11.0x

10.5x 9.0x

9/6/2018 4/4/2019 6/6/2019 8/8/2019

8/16/2018 9/27/2018 11/8/2018 1/10/2019 1/31/2019 2/21/2019 3/14/2019 4/25/2019 5/16/2019 6/27/2019 7/18/2019 8/29/2019

10/18/2018 11/29/2018 12/20/2018

Aug-01-2019 Aug-11-2019 Aug-21-2019 Aug-03-2019 Aug-05-2019 Aug-07-2019 Aug-09-2019 Aug-13-2019 Aug-15-2019 Aug-17-2019 Aug-19-2019 Aug-23-2019 Aug-25-2019 Aug-27-2019 Aug-29-2019

Aerospace Government Services Defense Aerospace Government Services Defense

M&A Transactions M&A Transactions

90 900 78 80 800 757

70 700 638 136 23 # 360.0 % # 40.2 % 60 600 97 50 # 27.3 % 500 # 17.3 % 39 333 40 28 400 284

5 # 125.0 % # 12.1 % Number of Dealsof Number 30 Dealsof Number 300 22 20 200 27 257 288 10 100 12 0 0 31-Aug-18 31-Aug-19 LTM-Aug-18 LTM-Aug-19

Aerospace Defense Government Services Aerospace Defense Government Services

Prepared by SCOTT-MACON, LTD. Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 Public Comparables

Aerospace Public Comparables

% of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA Aerospace OEMs Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year Airbus SE $137.86 93.6% $107,183.7 $110,815.5 14.2 x -2.1% 15.7% 1.4 x -3.1% 14.9% Boeing Company 364.09 81.6 204,877.1 215,983.1 NM 6.3 NM 2.3 8.4 12.9 Bombardier Inc. 1.29 35.9 3,087.5 12,122.5 11.5 -1.0 -13.9 0.8 -2.7 -18.9 Embraer S.A. 4.34 77.7 3,194.9 2,285.2 8.3 -19.7 -68.1 0.5 -7.8 -58.3

Median 79.7% $55,189.3 $61,469.0 11.5 x -1.0% -45.2% 1.1 x -2.5% -3.1% Mean 72.2% $79,585.8 $85,301.6 11.3 x -6.7% -46.1% 1.3 x 0.9% -4.1% % of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA Aerospace Systems / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year AAR Corp. $42.96 83.4% $1,483.6 $1,604.0 10.4 x 3.1% -11.3% 0.8 x 5.2 -21.9% AMETEK, Inc. 85.93 93.1 19,621.8 21,710.0 15.9 -2.7 7.7 4.3 -1.4 2.1 Astronics Corporation 27.51 62.0 903.0 1,036.2 10.6 -13.8 -26.9 1.3 -19.5 -38.9 CAE Inc. 26.20 94.5 6,976.1 8,774.4 17.4 -4.2 20.9 3.4 -2.2 26.1 Crane Co. 76.24 76.1 4,570.5 5,325.1 9.0 -7.7 -2.9 1.6 -6.7 -22.4 HEICO Corporation 144.67 97.8 16,651.4 17,437.3 NM 1.2 38.4 8.8 1.1 30.6 Héroux-Devtek Inc. 13.16 86.2 478.5 680.0 11.3 -11.5 20.9 1.7 -12.1 5.2 Meggitt PLC 7.54 99.5 5,817.9 7,187.7 16.6 14.6 46.0 2.7 -1.2 2.0 Moog Inc. 81.25 82.5 2,837.0 3,574.1 10.0 -0.8 -6.9 1.3 1.6 -4.7 MTU Aero Engines AG 273.10 98.8 14,134.7 15,249.0 16.7 8.9 19.7 3.0 8.3 43.9 Textron Inc. 45.00 61.8 10,355.6 13,950.6 8.8 -6.6 -12.0 1.1 -4.7 -25.5 TransDigm Group Incorporated 538.32 96.9 28,732.7 43,076.5 19.8 -2.6 14.2 8.8 -8.1 10.1 Woodward, Inc. 107.85 90.5 6,670.1 7,802.2 14.6 -8.8 0.1 2.7 -8.5 -4.0

Median 90.5% $6,670.1 $7,802.2 13.0 x 1.4% -6.7% 2.7 x -1.7% 30.2% Mean 86.4% $9,171.7 $11,339.0 13.4 x 2.0% -0.7% 3.2 x -3.9% 14.1%

% of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA as OF Aerospace Structures Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year CPI Aerostructures, Inc. $8.09 84.7% $95.8 $131.4 12.7 x -0.1% 10.8% 1.4 x 0.0% 5.5% Ducommun Incorporated 41.18 79.1 474.9 720.3 9.5 -8.1 -16.4 1.1 -5.1 -9.8 RBC Bearings Incorporated 159.53 93.0 3,917.4 3,937.5 NM -3.2 10.2 5.6 -0.6 3.7 Hexcel Corporation 84.15 98.3 7,159.7 8,297.4 15.0 2.5 12.7 3.6 3.0 11.8 Kaman Corporation 58.39 84.9 1,634.0 1,950.0 12.2 -6.7 -0.8 1.0 -2.3 -8.4 Latécoère S.A. 4.20 89.8 398.4 454.9 9.7 0.0 NA 0.6 -0.3 -2.0 Magellan Aerospace Corporation 11.61 80.2 675.8 716.3 6.2 -8.0 -7.9 0.9 -10.5 -16.8 Senior plc 2.47 62.1 1,025.2 1,352.1 8.3 4.6 -4.1 1.0 5.6 -31.7 Spirit AeroSystems Holdings, Inc. 80.60 80.3 8,341.5 9,237.6 7.7 4.4 -16.3 1.2 6.1 -18.9 Triumph Group, Inc. 20.78 79.9 1,040.2 2,530.5 11.7 35.5 -13.4 0.8 -4.6 -0.1

Median 82.5% $1,032.7 $1,651.1 9.7 x 0.0% -18.3% 1.1 x -6.0% -2.5% Mean 83.2% $2,476.3 $2,932.8 10.3 x 2.0% -30.8% 1.7 x -1.2% 5.0% Total Aerospace Median 84.7% $3,917.4 $5,325.1 11.4 x -1.7% -14.2% 1.4 x -5.7% -1.5% Total Aerospace Mean 83.1% $17,123.7 $19,183.0 12.0 x 1.4% -18.3% 2.4 x -2.8% 9.8% Government Services Public Comparables

% of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA 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. $75.51 99.4% $10,587.9 $12,416.9 18.1 x 8.3% 35.7% 1.8 x 8.0% 27.0% CACI International Inc 222.29 99.6 5,530.9 7,136.3 15.0 -1.4 33.0 1.4 -2.7 10.0 CGI Inc. 78.52 98.4 21,086.6 22,866.2 14.9 2.6 14.6 2.5 2.2 11.9 Cyient Limited 5.89 51.3 647.3 567.9 6.9 -10.1 -33.3 0.9 -3.2 -52.6 ICF International, Inc. 84.66 98.0 1,590.7 2,019.1 15.6 -1.2 18.1 1.4 2.1 0.4 Leidos Holdings, Inc. 87.36 98.9 12,563.1 15,425.1 14.7 5.2 35.1 1.5 3.8 9.1 ManTech International Corp. 70.28 97.7 2,810.6 2,976.9 17.3 1.6 25.3 1.5 -1.9 2.3 MAXIMUS, Inc. 76.94 95.2 4,909.6 4,842.9 13.2 0.6 12.4 1.8 -2.0 9.7 Navigant Consulting, Inc. 27.87 98.8 1,072.0 1,090.1 15.4 1.1 NA 1.5 10.0 17.4 Parsons Corp. 34.02 87.6 3,382.8 3,698.3 16.8 11.6 NA 1.0 -20.4 NM QinetiQ Group plc 3.52 89.0 1,972.8 1,745.8 9.1 -0.2 -8.7 1.6 1.4 5.0 Science Applications International Corp. 88.01 95.8 5,091.6 7,110.6 17.1 2.2 22.1 1.4 2.5 34.5 Serco Group plc 1.78 97.9 2,169.4 2,429.7 12.6 -0.9 -20.9 0.7 -0.8 44.7 Vectrus, Inc. 40.46 87.0 465.5 486.9 8.8 -1.9 42.3 0.4 -3.5 12.4 VSE Corp. 31.84 81.5 349.3 657.5 8.0 3.2 13.1 0.9 4.9 7.2

Median 97.7% $2,810.6 $2,976.9 14.9 x 2.6% 30.0% 1.4 x 2.7% 28.3% Mean 91.7% $4,948.7 $5,698.0 13.6 x 1.9% 20.6% 1.3 x 0.2% 25.2% % of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA as OF Engineering & Construction Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year AECOM $35.48 92.9% $5,596.1 $8,809.5 9.3 x -4.8% 1.9 0.4 x 1.5% -1.7% Fluor Corp. 17.67 29.2 2,472.5 2,677.6 NM NM NM 0.2 -40.9 -63.3 Jacobs Engineering Group Inc. 88.86 99.9 12,040.4 12,338.1 11.6 -11.7 -5.0 0.7 -8.3 -16.6 KBR, Inc. 25.52 95.1 3,612.5 4,501.5 10.1 -2.6 21.0 0.8 1.3 1.4 Tetra Tech, Inc. 81.12 93.7 4,433.1 4,668.5 19.4 3.6 43.1 2.0 5.4 7.7

Median 93.7% $4,433.1 $4,668.5 10.8 x 4.5% 18.8% 0.7 x -10.1% 9.8% Mean 82.1% $5,630.9 $6,599.0 12.6 x 7.7% 26.1% 0.8 x -4.0% 19.3% Total Government Services Median 95.5% $3,497.6 $4,099.9 14.7 x 8.5% 30.3% 1.4 x 17.3% 30.9% Total Government Services Mean 89.3% $5,119.2 $5,923.3 13.3 x 3.5% 22.4% 1.2 x -0.6% 24.2%

Defense Public Comparables % of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA Defense Primes Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year BAE Systems plc $6.65 84.8% $21,284.7 $25,497.0 9.6 x -0.4% 2.4% 1.2 x -1.9% -0.4% Boeing Company 364.09 81.6 204,877.1 215,983.1 NM 6.3 NA 2.3 x 8.4 12.9 General Dynamics Corporation 191.27 92.1 55,115.8 69,700.8 13.0 2.3 12.3 1.8 3.4 -14.9 Leonardo S.p.a. 12.24 94.0 7,037.0 11,765.3 6.5 0.5 0.4 0.8 0.1 6.8 Lockheed Martin Corporation 384.11 99.3 108,471.7 121,987.7 13.4 5.4 21.2 2.1 5.1 6.3 Northrop Grumman Corporation 367.87 97.5 62,242.9 77,162.9 14.5 5.1 21.7 2.3 5.3 -4.2 Raytheon Company 185.32 87.9 51,617.9 55,863.9 13.6 1.5 8.2 2.0 2.9 -12.9 Thales S.A. 115.65 84.5 24,575.4 21,362.6 9.6 3.5 8.6 1.2 3.2 -16.6

Median 90.0% $53,366.9 $62,782.4 13.0 x 2.2% 14.8% 1.9 x 1.9% 10.8% Mean 90.2% $66,902.8 $74,915.4 11.4 x -13.4% 4.2% 1.7 x 3.5% 12.4%

% of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA Defense Systems Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year Aerojet Rocketdyne Holdings, Inc. $52.23 99.2% $4,046.6 $4,000.0 14.0 x 22.6% 23.9% 2.1 x 7.7% 52.3% AeroVironment, Inc. $51.53 42.5% 1,224.4 901.2 NM -7.8% -23.1% 2.9 x -3.3% -57.3 Cobham plc 1.97 94.3 4,688.8 4,871.4 15.0 -2.2 45.6 2.0 -2.6 31.3 Cubic Corporation 69.27 90.0 2,159.7 2,610.3 NM NM NM 1.9 -0.9 31.2 Curtiss-Wright Corporation 122.64 86.8 5,240.4 5,938.9 11.8 -2.5 3.5 2.4 -1.0 -12.7 FLIR Systems, Inc. 49.27 77.1 6,681.3 7,216.9 17.5 -0.7 8.4 4.0 0.5 -14.2 Huntington Ingalls Industries, Inc. 209.00 79.7 8,638.9 10,522.9 9.9 3.5 19.2 1.2 -2.3 -16.8 Kongsberg Gruppen ASA 13.08 72.3 2,354.6 2,579.2 15.3 34.7 -3.2 1.4 27.3 -1.8 Safran SA 145.35 96.3 62,850.9 67,273.4 17.5 1.7 10.2 2.9 1.1 4.0 Textron Inc. 45.00 61.8 10,355.6 13,950.6 8.8 -6.6 -12.0 1.1 -4.7 -25.5

Median 83.2% $4,964.6 $5,405.2 14.5 x 23.5% 28.0% 2.1 x 4.0% 23.8% Mean 80.0% $10,824.1 $11,986.5 13.7 x 5.5% 10.8% 2.2 x 0.6% -2.1%

% of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA as OF Defense Electronics / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year AMETEK, Inc. $85.93 93.1% $19,621.8 $21,710.0 15.9 x -2.7% 7.7% 4.3 x -1.4% 2.1% Chemring Group PLC 2.18 76.5 609.5 711.8 NM -1.4 NA 1.9 0.5 60.4 Comtech Telecommunications Corp. 26.75 72.4 645.7 775.5 9.6 -8.6 0.0 1.2 -8.0 -34.6 Crane Co. 76.24 76.1 4,570.5 5,325.1 9.0 -7.7 -2.9 1.6 -6.7 -22.4 Ducommun Incorporated 41.18 79.1 474.9 720.3 9.5 -8.1 -16.4 1.1 -5.1 -9.8 Elbit Systems Ltd. 154.41 93.1 6,818.9 7,474.9 16.2 -9.4 25.2 1.8 -8.0 8.6 L3Harris Technologies, Inc. 211.41 98.2 47,203.8 50,221.8 NM -13.5 NA 7.4 3.9 NM Héroux-Devtek Inc. 13.16 86.2 478.5 680.0 11.3 -11.5 20.9 1.7 -12.1 5.2 Kratos Defense & Security Solutions, Inc. 19.97 79.6 2,118.9 2,341.9 NM -17.4 31.2 3.5 -5.3 NM Meggitt PLC 7.54 99.5 5,817.9 7,187.7 16.6 14.6 46.0 2.7 -1.2 2.0 Mercury Systems, Inc. 85.63 95.7 4,749.6 4,491.7 NM 5.0 35.6 6.9 7.5 22.7 Moog Inc. 81.25 82.5 2,837.0 3,574.1 10.0 -0.8 -6.9 1.3 1.6 -4.7 OSI Systems, Inc. 105.01 89.6 1,913.2 2,163.4 12.9 -15.8 -0.4 1.8 -7.5 18.0 TE Connectivity Ltd. 91.22 93.1 30,644.0 34,170.0 11.3 -1.1 13.3 2.5 0.2 2.4 Teledyne Technologies Incorporated 308.59 98.5 11,226.3 12,049.7 NM 5.5 29.8 4.0 6.4 19.7 Ultra Electronics Holdings plc 26.54 96.9 1,874.1 2,127.9 14.3 6.8 68.3 2.2 9.9 23.3 Viasat, Inc. 79.33 81.5 4,862.7 6,484.1 NM -15.9 -40.2 3.0 1.9 2.8 Woodward, Inc. 107.85 90.5 6,670.1 7,802.2 14.6 -8.8 0.1 2.7 -8.5 -4.0 Zebra Technologies Corporation 205.03 86.5 11,095.5 12,938.5 14.9 -2.4 4.7 2.9 0.3 4.1

Median 89.6% $4,749.6 $5,325.1 12.9 x -13.3% 13.6% 2.5 x -1.1% 13.1% Mean 87.8% $8,643.8 $9,629.0 12.8 x -27.0% 7.0% 2.9 x -2.2% 24.3%

% of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev. Enterprise Value / EBITDA Homeland Security Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year American Outdoor Brands Corporation 6.01 37.7 $329.5 $531.1 5.9 -13.1 -31.1 0.9 -15.5 -43.6 Drägerwerk AG & Co. KGaA 46.39 61.0 720.2 895.3 5.0 13.0 -20.0 0.3 3.2 -34.3 Elbit Systems Ltd. 154.41 93.1 6,818.9 7,474.9 16.2 -9.4 25.2 1.8 -8.0 8.6 MSA Safety Incorporated 105.63 93.4 4,089.9 4,364.9 15.1 0.2 3.7 3.2 0.7 -0.9 OSI Systems, Inc. 105.01 89.6 1,913.2 2,163.4 12.9 -15.8 -0.4 1.8 -7.5 18.0 Smiths Group plc 20.34 99.1 8,054.8 9,218.4 13.2 1.5 19.1 2.3 0.4 1.9 SPX Corporation 37.95 99.1 1,671.1 2,065.0 16.2 3.6 -11.2 1.4 10.8 6.3

Median 93.1% $1,913.2 $2,163.4 13.2 x -12.5% 2.1% 1.8 x -8.5% 12.9% Mean 81.8% $3,371.1 $3,816.2 12.1 x -4.1% -0.1% 1.7 x -3.6% 3.9%

Total Defense Median 89.6% $5,529.2 $6,835.9 13.2 x -1.1% 16.0% 2.0 x 0.0% 17.0% Total Defense Mean 85.5% $18,893.0 $21,110.3 12.6 x -15.1% 6.1% 2.3 x -1.0% 13.5%

Prepared by SCOTT-MACON, LTD. Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 M&A Transactions with Disclosed Values - LTM as of August 2019 xx xx xx xxx EV / LTM Announced Closed Buyer Target Target Sector EV Rev EBITDA

8/29/2019 Pending CAE Inc. SimCom International, Inc. Aerospace $170 NA NA

8/28/2019 Pending WSP Global Inc. Ecology & Environment, Inc. Government $55 0.6 x NA Services 8/27/2019 Pending China Merchants Industry Holdings AVIC International Maritime Holdings Limited Defense $415 5.3 x 20.5 x Co., Ltd. 8/24/2019 Pending Anhui Fengxing Wear Resistant Kungfu Sci-Tech Co.,Ltd. Defense $42 1.7 x 10.7 x Materials Co., Ltd. 8/22/2019 Pending VMware, Inc. Carbon Black, Inc. Government $2,140 9.3 x NA Services 8/15/2019 8/15/2019 Schaublin SA Swiss Tool Systems AG Aerospace $34 3.0 x NA

8/14/2019 8/14/2019 CAE Inc. Luftfartsskolen AS Aerospace $3 NA NA

8/14/2019 8/14/2019 CAE Inc. Pelesys Learning Systems Inc. Aerospace $10 NA NA

8/12/2019 Pending Groupe Siparex Sintex NP SAS Aerospace $27 NA NA

8/9/2019 Pending Pattonair Limited Wesco Aircraft Holdings, Inc. Aerospace $1,904 1.1 x 13.8 x

8/8/2019 Pending Broadcom Inc. Enterprise Security assets Of Symantec Corporation Government $10,700 4.6 x 30.6 x Services 8/7/2019 Pending Avon Rubber p.l.c. Advanced Ballistic Protection Business of 3M Defense $116 1.4 x 10.7 x

8/7/2019 Pending KPS Capital Partners, LP Esterline Interface Technologies Limited Defense $190 1.0 x NA

8/7/2019 8/7/2019 James Fisher and Sons plc Serviços Marítimos Continental S.A. Defense $13 NA NA

8/6/2019 8/6/2019 Cubic Corporation PIXIA Corp. Defense $250 NA NA

8/6/2019 Pending Femsa Comercio S.A. de C.V. Raízen Combustíveis S.A. Aerospace $282 NA NA

8/5/2019 8/5/2019 PCB Group, Inc. Assets of Endevco Corporation Defense $70 NA NA

8/2/2019 Pending Guidehouse LLP Navigant Consulting, Inc. Government $1,143 1.6 x 16.2 x Services 8/1/2019 7/31/2019 Perspecta Inc. Knight Point Systems, LLC Government $250 NA NA Services 8/1/2019 8/1/2019 Everbridge, Inc. NC4, Inc. Government $87 NA NA Services 7/30/2019 Pending CVC Capital Partners Limited Ontic Engineering and Manufacturing, Inc. Aerospace $1,365 NA 20.1 x

7/30/2019 Pending Volex plc Servatron, Inc. Defense $29 0.8 x NA

7/29/2019 Pending Parker-Hannifin Corporation Exotic Metals Forming Company LLC Aerospace $1,725 NA NA

7/25/2019 Pending Advent International Corporation Cobham plc Defense $5,112 2.1 x 15.4 x

Continued on Next Page

© Copyright 2018 SCOTT-MACON, LTD. 10 Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 M&A Transactions with Disclosed Values - LTM as of August 2019 (Continued) xx xx xx xxx EV / LTM Announced Closed Buyer Target Target Sector EV Rev EBITDA

7/24/2019 Pending Geomni, Inc. Keystone Aerial Surveys, Inc. Aerospace $30 1.6 x NA

7/23/2019 Pending BC Partners Garda World Security Corporation Defense $3,957 1.7 x 14.4 x

7/22/2019 7/31/2019 Parsons Corporation QRC, LLC Defense $215 3.8 x 11.9 x

7/19/2019 7/22/2019 CEVA, Inc. Hillcrest Laboratories, Inc. Defense $11 NA NA

7/18/2019 7/18/2019 IDEX Corporation Velcora Holding AB Defense $180 4.8 x 23.8 x

7/17/2019 Pending XTEK Limited HighCom Armor Defense $3 0.3 x 2.6 x

7/16/2019 Pending Beta Dynamic Limited Gridsum Holding Inc. Government $191 3.7 x NA Services 7/15/2019 7/15/2019 AGIC Capital Farsound Aviation Limited Aerospace $144 NA NA

7/12/2019 Pending Hillenbrand, Inc. Milacron Holdings Corp. Aerospace $2,040 1.7 x 12.5 x

7/11/2019 7/11/2019 Diploma PLC VSP Technologies, Inc. Defense $80 1.8 x NA

7/11/2019 7/11/2019 Motorola Solutions, Inc. WatchGuard, Inc. Defense $271 NA NA

7/10/2019 8/15/2019 Inpixon Canada, Inc. Jibestream Inc. Defense $6 NA NA

7/10/2019 Pending Gol Linhas Aéreas Inteligentes S.A. UPIs A, D, and E of Oceanair Linhas Aéreas, S.A. Aerospace $174 NA NA

7/9/2019 7/9/2019 SMART Global Holdings, Inc. Inforce Computing, Inc. Defense $12 NA NA

7/8/2019 7/9/2019 SMART Global Holdings, Inc. Artesyn Embedded Computing, Inc./Artesyn Defense $90 NA NA Netherlands B.V. 7/8/2019 7/8/2019 Vectrus Systems Corporation Advantor Systems Corporation/ Advantor Systems, Government $44 NA NA LLC Services 7/8/2019 7/3/2019 ITT Inc. Matrix Composites Inc. Defense $29 2.4 x NA

7/5/2019 7/31/2019 Leader Europe Limited PHABRIX Ltd Aerospace $7 1.3 x NA

7/2/2019 Pending Haier Kaaosi IOT Ecosystem Foshan Shunde Haier Intelligence Electronics Defense $81 NA NA Technology Limited Limited 7/2/2019 Pending Hangzhou Yichen Machinery Zhejiang Innuovo Security Technology Co., Ltd. Defense $7 NA NA Equipment Co., Ltd 7/1/2019 7/1/2019 Astronics Corporation Freedom Communication Technologies, Inc. Defense $22 2.0 x NA

7/30/2019 Pending Mercury Systems, Inc. American Panel Corporation Defense $100 NA NA

6/28/2019 Pending Searchlight Capital Partners Latécoère S.A. Aerospace $475 0.6 x 9.8 x

6/26/2019 8/26/2019 Littlejohn & Co. LLC Kaman Industrial Technologies Corporation Aerospace $700 0.6 x 10.6 x

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© Copyright 2018 SCOTT-MACON, LTD. 11 Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 M&A Transactions with Disclosed Values - LTM as of August 2019 (Continued) xx xx xx xxx EV / LTM Announced Closed Buyer Target Target Sector EV Rev EBITDA

6/25/2019 6/25/2019 Ross Precision Manufacturing Inc. Green Island Operations of LAI International, Inc. Aerospace $3 NA NA

6/25/2019 Pending Mitsubishi Heavy Industries, Ltd. Canadair Regional Jet Program of Bombardier Inc. Aerospace $750 NA NA

6/24/2019 6/24/2019 The Lionstone Group 318,182-square-foot Office Building at 777 Aviation Aerospace $170 NA NA Boulevard in El Segundo 6/24/2019 Pending Capgemini SE Altran Technologies S.A. Defense $5,514 1.7 x 13.2 x

6/24/2019 6/24/2019 The 600 Group PLC Control Micro Systems, Inc. Aerospace $10 0.9 x 5.0 x

6/24/2019 8/30/2019 Insight Enterprises, Inc. PCM, Inc. Government $617 NA 10.9 x Services 6/20/2019 7/2/2019 Gunnebo AB COMINFO, a.s. Defense $25 1.7 x NA

6/18/2019 Pending Hangjin Technology Co., Ltd. GuoGuang Electric Co., Ltd. Government $179 2.9 x NA Services 6/17/2019 Pending Sekisui Chemical Co., Ltd. AIM Aerospace, Inc. Aerospace $510 2.9 x NA

6/14/2019 Pending CGI Group Holdings Europe Limited SCISYS Group PLC Government $100 1.4 x 14.5 x Services

6/12/2019 6/12/2019 The Panoply Holdings plc FutureGov Ltd Government $27 3.3 x 13.8 x Services 6/11/2019 Pending Xiamen Xindeco Ltd. XIAMEN XINDECO INFORMATION Defense $39 NA NA TECHNOLOGY INVESTMENT CO.,LTD. 6/11/2019 6/11/2019 Stainless Metalcraft Booth Industries Limited Aerospace $2 NA NA

6/10/2019 6/11/2019 AeroVironment, Inc. Pulse Aerospace, Inc. Aerospace $26 NA NA

6/10/2019 Pending Hanwha Aerospace Co., Ltd. EDAC Technologies Corporation Aerospace $295 2.0 x NA

6/10/2019 6/10/2019 EMCORE Corporation Systron Donner Inertial, Inc. Aerospace $26 1.0 x NA

6/10/2019 6/10/2019 Héroux-Devtek Inc. Alta Precision Inc Aerospace $17 NA NA

6/9/2019 Pending United Technologies Corporation Raytheon Company Defense $91,079 3.3 x 23.1 x

6/5/2019 Pending Elastic N.V. Endgame, Inc. Government $234 11.8 x NA Services 6/4/2019 7/22/2019 WP CPP Holdings, LLC Cast Products business of Allegheny Technologies Defense $127 NA NA Incorporated 6/3/2019 8/1/2019 Macquarie Infrastructure and Real KCOM Group PLC Government $915 2.6 x 16.9 x Assets (Europe) Limited Services 5/30/2019 6/28/2019 Silverfleet Capital Partners Microgen Financial Systems Limited Government $65 2.9 x NA Services 5/29/2019 6/13/2019 Palo Alto Networks, Inc. PureSec Ltd. Defense $47 NA NA

5/27/2019 6/18/2019 The Citadel Group Limited Noventus Pty. Ltd. Defense $4 NA NA

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© Copyright 2018 SCOTT-MACON, LTD. 12 Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 M&A Transactions with Disclosed Values - LTM as of August 2019 (Continued) xx xx xx xxx EV / LTM Announced Closed Buyer Target Target Sector EV Rev EBITDA

5/23/2019 5/23/2019 Héroux-Devtek Inc. Tekalia Aeronautik Aerospace $7 NA NA

5/23/2019 5/23/2019 Nice Systems UK Limited Sira Defence and Security Limited Defense $4 10.0 x NA

5/23/2019 8/1/2019 Serco Inc. Naval Systems Business Unit And Certain Related Defense $225 0.7 x 10.4 x Contracting Entities of Alion Science and Technology

5/21/2019 Pending Crane Co. CIRCOR International, Inc. Defense $1,671 1.5 x 13.2 x

5/20/2019 Pending Marvell Technology Group Ltd. Avera Semiconductor LLC Defense $740 NA NA

5/14/2019 6/24/2019 UMS Holdings Limited JEP Holdings Ltd. Aerospace $74 1.2 x 7.5 x

5/13/2019 Pending Onex Corporation WestJet Airlines Ltd. Aerospace $3,675 1.0 x 9.2 x

5/10/2019 7/10/2019 Mercell Holding AS EU Supply Plc Government $19 2.9 x 22.0 x Services 5/7/2019 8/15/2019 Macnica Chungju Co., Ltd. Answer Technology Co., Ltd. Defense $96 0.7 x 10.7 x

5/6/2019 Pending MERCK Kommanditgesellschaft auf Intermolecular, Inc. Aerospace $49 1.6 x NA Aktien

5/2/2019 5/2/2019 Wärtsilä Oyj Abp Ships Electronic Services Ltd Defense $4 0.3 x NA

5/1/2019 5/1/2019 TP Group plc Sapienza Consulting Holding BV Defense $15 0.7 x NA

5/1/2019 5/1/2019 II-VI Incorporated Redstone Aerospace Corporation Defense $30 NA NA

4/29/2019 Pending Parker-Hannifin Corporation LORD Corporation Aerospace $3,675 3.6 x 16.5 x

4/22/2019 6/11/2019 Jacobs Engineering Group Inc. The KeyW Holding Corporation Government $921 1.9 x 23.8 x Services 4/18/2019 4/18/2019 Mercury Systems, Inc. The Athena Group, Inc./Syntonic Microwave Defense $46 NA NA

4/16/2019 4/17/2019 Celera Motion Ingenia-Cat, S.L. Aerospace $16 NA NA

4/12/2019 4/15/2019 CalAmp Corp. Synovia Solutions, LLC Defense $50 1.8 x NA

4/12/2019 Pending Lakaikorea Repure Unimax Inc. Defense $47 NA NA

4/8/2019 Pending Graph Blockchain Inc. BlockChain Innovations Corp. Government $7 NA NA Services 4/5/2019 Pending Elbit Systems of America, LLC Night Vision business of Harris Corporation Defense $350 NA NA

4/5/2019 4/5/2019 Global Ordnance LLC Chemring Military Products, Inc. Defense $4 NA NA

4/4/2019 Pending Hainan Airlines Holding Co.,Ltd. Hainan Tianyu Flight Training Co., Ltd. Aerospace $104 NA NA

4/3/2019 4/3/2019 Tetra Tech, Inc. Global Tech Inc. Government $50 NA NA Services

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© Copyright 2018 SCOTT-MACON, LTD. 13 Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 M&A Transactions with Disclosed Values - LTM as of August 2019 (Continued) xx xx xx xxx EV / LTM Announced Closed Buyer Target Target Sector EV Rev EBITDA

4/3/2019 4/3/2019 Snap-on Incorporated Power Hawk Technologies, Inc. Defense $8 NA NA

4/3/2019 Pending Hainan Airlines Holding Co.,Ltd. HNA Aviation Technic Co.,Ltd. Aerospace $818 1.5 x NA

4/1/2019 4/1/2019 The Timken Company Diamond Chain Company Inc. Defense $85 1.4 x NA

3/28/2019 Pending ZF Friedrichshafen AG WABCO Holdings Inc. Aerospace $7,345 1.9 x 12.0 x

3/27/2019 Pending Singapore Technologies Engineering Newtec Cy NV Defense $281 2.7 x 14.6 x

3/26/2019 Pending Beijing Aerospace Changfeng Co., Ltd Aerospace Changfeng Chaoyang Power Co., Ltd. Aerospace $187 5.2 x NA

3/26/2019 Pending Shanghai KangDa New Materials Co., Beijing Aerospace Hengrong Electromagnetic Defense $7 NA NA Ltd. Technology Co., Ltd. 3/22/2019 3/22/2019 Cobepa S.A. Scalian SAS Defense $226 0.9 x NA

3/19/2019 Pending Apax Partners LLP Inmarsat Plc Aerospace $5,533 3.8 x 7.6 x

3/15/2019 3/18/2019 Curtiss-Wright Corporation Tactical Communications Group, LLC Defense $50 3.3 x NA

3/12/2019 Pending Mivtach Shamir Holdings Ltd Danya Cebus Ltd Government $144 NA NA Services 3/11/2019 4/3/2019 Times Publishing Limited Print Lab Pte Ltd Government $30 NA NA Services 3/11/2019 Pending Azul S.A. Selected Assets of Avianca Brasil Aerospace $105 NA NA

3/7/2019 4/9/2019 Shenzhen Sunshine Laser & Chengdu Tongyu Aviation Equipment Manufacturing Aerospace $55 10.9 x NA Electronics Technology Co., Ltd. Co., Ltd.

3/6/2019 3/6/2019 STS Aviation Group, Inc. Triumph Aviation Services - NAAS Division Inc. Aerospace $18 0.6 x NA

3/4/2019 7/18/2019 ENAV S.p.A. Air Navigation Division of IDS Ingegneria dei Sistemi Aerospace $46 NA 4.6 x S.p.A. 2/28/2019 3/1/2019 Vesuvius plc CCPI Inc. Aerospace $43 1.2 x 8.0 x

2/18/2019 Pending Kordsa, Incorporated Axiom Materials, Inc. Defense $182 NA NA

2/18/2019 3/4/2019 Magnetic MRO AS Direct Maintenance Holding B.V. Aerospace $9 1.1 x NA

2/13/2019 Pending King-Strong New Material Technology Guangdong Kuanpu Technology Co., Ltd. Defense $104 5.8 x NA Co., Ltd. 2/12/2019 2/12/2019 Advanced Technology Ventures Graticules Limited Defense $4 1.8 x NA Limited 2/11/2019 3/4/2019 FLIR Detection, Inc. Endeavor Robotics Defense $382 4.8 x 47.8 x

2/4/2019 Pending Dynax Semiconductors (Suzhou DenseLight Semiconductors Pte Ltd Defense $30 7.7 x NA Nengxun High Energy Semiconductor Co.) 2/1/2019 2/1/2019 Ansell Limited Ringers Technologies LLC Defense $70 2.1 x NA

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© Copyright 2018 SCOTT-MACON, LTD. 14 Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 M&A Transactions with Disclosed Values - LTM as of August 2019 (Continued) xx xx xx xxx EV / LTM Announced Closed Buyer Target Target Sector EV Rev EBITDA

2/1/2019 2/1/2019 Fondi Italiani per le Infrastrutture SGR Aeroporto Friuli Venezia Giulia SpA Aerospace $68 NA NA SpA 1/31/2019 3/29/2019 NTT DATA Corporation Paygent Co.,Ltd. Government $116 1.7 x NA Services 1/30/2019 3/1/2019 CACI, Inc. - Federal LGS Innovations LLC and Mastodon Design, LLC Government $975 2.0 x 11.9 x Services 1/29/2019 2/7/2019 Pennant International Group plc Aviation Skills Partnership Limited Aerospace $9 NA NA

1/29/2019 1/29/2019 Mercury Systems, Inc. GECO Inc. Aerospace $37 NA 10.4 x

1/28/2019 1/28/2019 ECS Federal, LLC DHA Group Inc. Government $46 0.9 x NA Services 1/28/2019 1/28/2019 FLIR Systems, Inc. Aeryon Labs Inc. Defense $201 NA NA

1/24/2019 3/8/2019 TECT Aerospace, Inc. Metallics Machining Business of Triumph Group Inc. Aerospace $43 0.4 x NA

1/22/2019 2/1/2019 John Bean Technologies Corporation LEKTRO, Inc. Defense $47 NA NA

1/18/2019 2/25/2019 Huntington Ingalls Industries, Inc. Fulcrum IT Services, LLC Defense $194 NA NA

1/16/2019 1/16/2019 Nistec Golan Ltd. Eltek Ltd. Defense $20 0.6 x NA

1/15/2019 2/20/2019 Zix Corporation AppRiver, LLC Defense $269 NA NA

1/15/2019 1/15/2019 GREEN4T Solucoes Ti LTDA. Aceco TI S.A. Government $63 1.5 x 16.8 x Services 1/13/2019 Pending Rafael Advanced Defense Systems Aeronautics Ltd. Defense $237 2.4 x NA Ltd. 1/11/2019 3/11/2019 Connect Airways Limited Flybe Group PLC Aerospace $129 NA 2.5 x

1/11/2019 2/22/2019 Connect Airways Limited Stobart Air Unlimited Company Aerospace $13 NA NA

1/11/2019 Pending MCS Solutions Axxerion B.V. Government $86 NA NA Services 1/10/2019 1/10/2019 VSE Aviation, Inc 1st Choice Aerospace Inc. Aerospace $152 NA NA

1/8/2019 2/28/2019 Comtech Telecommunications Corp. Solacom Technologies, Inc. Defense $31 NA NA

1/8/2019 1/8/2019 Paya, Inc. First Billing Services, LLC Government $58 NA NA Services 1/7/2019 1/7/2019 Parsons Corporation OGSystems, LLC Defense $300 NA NA

12/28/2018 12/28/2018 Cobra Aviation Services LLC Brim Equipment Leasing, Inc. Defense $2 NA NA

12/24/2018 5/14/2019 AS Air Lease Holdings 5T DAC Merah Aviation Asset Holding Limited Aerospace $768 NA NA

12/21/2018 5/15/2019 Hubline Berhad Layang Layang Aerospace Sdn Bhd Aerospace $7 0.9 x NA

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*LGS Innovations transaction multiples based off combined acquisition including Mastodon Design © Copyright 2018 SCOTT-MACON, LTD. 15 LLC from CACI press release Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 M&A Transactions with Disclosed Values - LTM as of August 2019 (Continued) xx xx xx xxx EV / LTM Announced Closed Buyer Target Target Sector EV Rev EBITDA

12/18/2018 4/4/2019 The Carlyle Group L.P. StandardAero, Inc* Aerospace $5,000 1.7 x 12.5 x

12/17/2018 12/17/2018 Spartan Motors, Inc. Strobes-R-Us, Inc. Government $10 NA NA Services 12/17/2018 12/17/2018 Mayville Engineering Company, Inc. Defiance Metal Products Inc. Defense $125 NA NA

12/17/2018 12/17/2018 Dinamika Group S.A.C. JSC Technodinamika Holding Aerospace $280 NA NA

12/14/2018 12/20/2018 Heston Services Ltd Aircraft Maintenance Services Australia Pty Ltd. Aerospace $3 NA NA

12/13/2018 5/29/2019 Kongsberg Defence & Aerospace AS Aerospace Industrial Maintenance Norway AS Defense $18 1.3 x NA

12/12/2018 12/21/2018 Temenos AG Avoka Technologies Pty, Ltd. Government $245 NA NA Services 12/12/2018 12/12/2018 Abdul Razzaq Abdul Hameed Al-Sane New Technology Bottling Company K.S.C.C Defense $72 NA NA & Sons Group 12/7/2018 12/10/2018 Tyler Technologies, Inc. SceneDoc Inc. Defense $6 NA NA

12/3/2018 12/31/2018 Olive Investor, L.P. Navistar Defense LLC Defense $200 NA NA

11/30/2018 2/15/2019 Kitron Inc. API Defence USA, Inc. Defense $16 0.7 x NA

11/28/2018 11/29/2018 AerSale Inc. Avborne Accessory Group, Inc. Defense $22 NA NA

11/27/2018 12/21/2018 Argenbright Holdings I, LLC DAL Global Services, LLC Aerospace $78 NA NA

11/27/2018 Pending MBO Parrot S.A. Defense $9 NA NA

11/21/2018 11/23/2018 MBO Jia Yao Holdings Limited Aerospace $59 0.7 x 9.2 x

11/21/2018 7/31/2018 MBO Atrium Military in Romania and 4 Assets in Hungary Defense $122 NA NA

11/21/2018 11/21/2018 11046896 Canada Inc. Composites and Defence Systems Business of Defense $3 NA NA Morgan Advanced Materials plc

11/9/2018 Pending Bristow Group Inc. Columbia Helicopters, LLC Defense $559 2.0 x 4.8 x

11/9/2018 11/28/2018 VIQ Solutions Inc. Net Transcripts, Inc. Defense $7 NA NA

11/8/2018 6/3/2019 Longview Aircraft Company of Canada All Assets, Intellectual Property and Type Certificates Aerospace $300 NA NA Limited of Dash 8 Series and Q400 Program

11/5/2018 Pending Glarun Technology Co., Ltd. Nanjing Guorui Defense System Co., Ltd. Defense $1,260 NA NA

11/5/2018 11/15/2018 TP Group plc Westek Technology Limited Defense $5 1.0 x NA

11/5/2018 12/27/2018 Nitto Kogyo Corporation Kitagawa Industries Co., Ltd. Aerospace $161 1.5 x 10.8 x

11/1/2018 11/1/2018 Inission AB Simpro Holding AS Defense $5 NA NA

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* StandardAero transaction multiples based off Scott-Macon estimates © Copyright 2018 SCOTT-MACON, LTD. 16 Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 M&A Transactions with Disclosed Values - LTM as of August 2019 xx xx xx xxx EV / LTM Announced Closed Buyer Target Target Sector EV Rev EBITDA

10/30/2018 Pending GMR Hyderabad International Airport Hyderabad Menzies Air Cargo Pvt Ltd. Aerospace $16 NA NA Limited 10/26/2018 12/27/2018 SK Telecom Co.,Ltd SK infosec Co., Ltd. Defense $313 1.7 x 9.6 x

10/24/2018 2/18/2019 Rubis Energie SAS KenolKobil Plc Aerospace $424 NA 11.2 x

10/22/2018 11/20/2018 QinetiQ Group plc Inzpire Group Limited Defense $31 1.8 x 11.8 x

10/22/2018 Pending Hanwha Aerospace Co., Ltd. Aviation Business of Hanwha Corporation Aerospace $147 1.1 x NA

10/19/2018 10/19/2018 Guangzhou Shipyard International Guangzhou Wenchong Dockyard Co., Ltd. Aerospace $72 0.8 x NA Company Limited 10/18/2018 10/1/2018 Supply Technologies Hydrapower Dynamics Limited Defense $8 NA NA

10/14/2018 6/29/2019 Harris Corporation L3 Technologies, Inc. Defense $19,216 1.9 x 13.7 x

10/11/2018 10/17/2018 SolarEdge Technologies, Inc. Kokam Co., Ltd. Defense $137 3.6 x NA

10/11/2018 10/11/2018 Quest Solution, Inc. HTS Image Processing, Inc. Defense $6 NA NA

10/10/2018 3/14/2019 TransDigm Group Incorporated Esterline Technologies Corporation Defense $3,995 2.0 x 13.0 x

10/10/2018 1/10/2019 Thoma Bravo, LLC Imperva, Inc. Defense $1,815 5.2 x NA

10/9/2018 3/7/2019 MBO GD Tech Aerospace $5 NA NA

10/4/2018 10/11/2018 Vaisala Oyj Leosphere, Inc. Aerospace $44 1.4 x NA

10/4/2018 2/19/2019 Smiths Group plc United Flexible, Inc. Aerospace $345 2.3 x 10.5 x

10/3/2018 Pending Kordsa, Incorporated Advanced Honeycomb Technologies Corporation Aerospace $3 NA NA

10/3/2018 10/3/2018 ShotSpotter, Inc. HunchLab Technology of Azavea Inc. Defense $2 NA NA

10/2/2018 11/9/2018 Air Transport Services Group, Inc. Omni Air International, LLC Government $845 NA 5.8 x Services 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, All Assets and Technical Data Rights of NavCom Defense $27 2.1 x NA Inc. Defense Electronics, Inc. 10/1/2018 10/1/2018 AMMO, Inc. SW Kenetics, Inc. Government $7 NA NA Services 9/25/2018 Pending Universal mCloud Corp. Ascent Aerosystems LLC Defense $7 NA NA

9/25/2018 9/25/2018 Guangdong Shenglu Chengdu Chuangxinda Microwave Electronics Co., Defense $85 7.1 x NA Telecommunication Tech. Co., Ltd. Ltd.

9/18/2018 2/21/2019 Prosegur SIS Command Security Corporation Aerospace $46 NA 17.8 x

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© Copyright 2018 SCOTT-MACON, LTD. 17 Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 M&A Transactions with Disclosed Values - LTM as of August 2019 xx xx xx xxx EV / LTM Announced Closed Buyer Target Target Sector EV Rev EBITDA

9/13/2018 4/18/2019 Vision Technologies Aerospace MRA Systems, LLC Aerospace $506 1.2 x 10.0 x Incorporated 9/12/2018 9/12/2018 HEXPOL AB Kirkhill-TA Co. Defense $49 1.1 x NA

9/10/2018 1/14/2019 Science Applications International Engility Holdings, Inc. Defense $2,450 1.3 x 13.7 x Corporation 9/6/2018 9/6/2018 Zhejiang Huazheng New Material Co., Yangzhou Maxi-CUBE Tong Composite Co., Ltd. Aerospace $6 0.4 x 6.3 x Ltd. 9/6/2018 11/7/2018 Polaris Industries Inc. WSI Industries, Inc. Defense $22 0.6 x 8.7 x

9/5/2018 9/5/2018 Ideagen plc InspectionXpert Corporation Defense $7 NA 35.0 x

8/31/2018 8/31/2018 NorthEdge Capital LLP Orbis Protect Limited Defense $18 0.5 x NA

8/22/2018 9/5/2018 Mahindra Engineering Services Inter-Informatics spol. s r.o. Defense $6 0.6 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 Aeronautics Ltd. Defense $124 1.2 x 12.3 x Ltd. 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

Aerospace Median 1.3 x 10.4 x Aerospace Mean 1.8 x 10.6 x

Defense Median 1.7 x 13.0 x Defense Mean 2.3 x 14.9 x

Government Services Median 2.6 x 16.2 x Government Services Mean 3.3 x 16.6 x

Prepared by SCOTT-MACON, LTD. Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 Top 50 Signed Contracts – August 2019

Date Signed Contractor Name Funding Agency Value ($mm) Description of Services

8/23/2019 Lockheed Martin Corp., Lockheed Martin Aeronautics Dept of The Navy $2,426.3 F-35 Lightning Ii Joint Strike Fighter Initial Spares Co.

8/23/2019 General Dynamics National Steel And Shipbuilding Co. Dept of The Navy $1,077.0 Procurement of Detail Design and Construction of Expeditionary Sea Base (Esb) 6 and Esb 7, As Well As Definitization of Esb 6 Long Lead Time Material, Pre- Production and Engineering Support 8/21/2019 The Boeing Co. Dept of The Air Force $999.0 Up To 112 New A-10 Wing Assemblies and Up To 15 Wing Kits

8/23/2019 Raytheon Co. Dept of The Army $534.0 Horizontal Technology Integration Second Generation Forward Looking Infrared (2Gf) Commander’S Independent Thermal Viewer (Citv), Azimuth Drive Assemblies, Azimuth Drive Armor Caps and Rings, Spares, and Engineering Services 8/28/2019 The Boeing Co. Dept of The Air Force $500.0 Qatar Emiri Air Force (Qaef) F-15Qa Aircrew and Maintenance Training

8/6/2019 Lockheed Martin Space Dept of The Navy $405.8 Design, Development, Build and Integration of Large Diameter Rocket Motors, Associated Missile Body Flight Articles, and Related Support Equipment For Army Intermediate Range Conventional Prompt Strike Weapon System Flight Test Demonstrations 8/30/2019 Southwest Range Services Llc Dept of The Army $377.0 Engineering and Technical Expertise For The Operation, Maintenance, Research, Development and Other Support of Testing Facilities, Instrumentation, Systems and Equipment For Test Operations 8/8/2019 Bae Systems Technology Solutions & Services Inc. Dept of The Air Force $369.0 Serviceable Components and Subsystems For Instrumentation Tracking Systems World-Wide For Both Foreign and Domestic Government Agencies To Include Radars, Telemetry and Optical Instrumentation Tracking Systems 8/28/2019 Raytheon Co. Dept of The Navy $349.0 Phase 2 of The Maritime Strike Tomahawk Rapid Deployment Capability For Completion of The Phase 1 Design and Integration Efforts As Well As Test and Evaluation 8/1/2019 Bollinger Shipyards Inc U.S. Coast Guard $297.5 Combat Ships and Landing Vessels

8/8/2019 Je Dunn Dept of The Army $296.0 Design-Build Construction To Replace The Hospital At Fort Leonard Wood, Missouri

8/30/2019 Saic Inc. National Institutes of Health $256.9 Operation of Government-Owned Contractor-Operated R&D Facilities

8/30/2019 Raytheon Dept of The Navy $246.5 Repair, Upgrade, Or Replacement, Required Availability, Required Reliability, Configuration Management, Inventory Management and Obsolescence Management In Support of The Close-In Weapon System, Land-Based Phalanx Weapon System, Rolling Airframe Missile (Ram) and Searam 8/1/2019 Microsoft Corporation Department of State $244.0 Support- Professional: Engineering/Technical

8/15/2019 Giacare And Medtrust Jv Llc Dept of The Army $219.0 Registered Nursing Services

8/28/2019 Bae Systems Land & Armaments Lp Dept of The Army $202.4 Production and Delivery of Explosives and Components At Holston Army Ammunition Plant, Tennessee

8/16/2019 Raytheon Missile Systems Dept of The Navy $199.6 Mk 15 Close-In Weapon System (Ciws) Upgrades and Conversions, System Overhauls, and Associated Hardware

8/12/2019 Birdon America Inc., Dept of The Army $196.9 Acquisition of M30 Bridge Erection Boats, Crew Protection Kits, Stock Lists, Tools, Test Equipment, Service Representative and Support, Training and Storage 8/21/2019 Raytheon Missile Systems Dept of The Navy $190.5 Materials and Spares In Support of Fiscal 2019 Evolved Sea Sparrow Missile (Essm) Block 2 Low-Rate Initial Production Requirements

8/9/2019 Lockheed Martin Corp. Dept of The Navy $176.3 Repair of 1,672 Different Head-of-Family Part Numbers In Support of The Aegis Spy-1 Weapon System

8/7/2019 United Launch Services Dept of The Air Force $156.8 Launch Vehicle Production Services For National Reconnaissance office (Nro) Launch Mission Three

8/20/2019 The Boeing Co. Dept of The Army $154.9 Procurement of New-Build Apache Ah 64E Helicopters

8/20/2019 Akima Intra-Data Llc Dept of The Air Force $152.9 Industrial and Test Security; Security Services; Command, Control, and Communication Functions; Fire and Emergency Services; Environmental; Safety; Occupational and Environmental Health; Base Supply; Cargo Movement, and Vehicle Maintenance At Arnold Engineering Development Complex

8/6/2019 Merck & Co. Inc. Centers For Disease Control and $151.2 Drugs and Biologicals Prevention

8/21/2019 The Boeing Co. Dept of The Army $145.9 Remanufacture of 11 Aircraft and New Build Longbow Crew Trainer and Spares

Date Signed Contractor Name Funding Agency Value ($mm) Description of Services 8/29/2019 S.J. Amoroso Construction Co. Inc. Dept of The Army $143.6 Department of Veteran'S Affairs Palo Alto Healthcare System Construction

8/29/2019 S. J. Amoroso Construction Co. Inc. Dept of The Army $143.6 Construction of Hospitals and Infirmaries

8/9/2019 Pfizer Inc. Centers For Disease Control and $142.8 Drugs and Biologicals Prevention

8/30/2019 J.E. Mcamis Inc. Dept of The Army $140.7 Construction Activities Related To Rehabilitating The South Jetty Located At The Mouth of The Columbia River

8/28/2019 Parsons Government Services Inc. Dept of The Army $139.1 Runway Repair At Bucholz Army Airfield, Kwajalein Atoll, Republic of The Marshall Islands

8/19/2019 Norfolk Dredging Co. Dept of The Army $133.2 Savannah Inner Harbor Dredging

8/5/2019 Zgf-Leo A. Daly Jv Dept of The Army $130.0 Engineering, Architectural, Renovation, Construction of New Specialty Care Building, Construction of A New Parking Garage, Upgrades To Utility and Energy Plant, Demolition of Buildings, Development and Evaluation of Alternatives, Design, and Support During Construction 8/30/2019 Raytheon Missile Systems Dept of The Army $129.8 Procurement of Missiles

8/19/2019 Norfolk Dredging Co. Dept of The Army $124.5 Charleston Harbor Dredging

8/30/2019 The Boeing Co. Dept of The Air Force $122.9 Intercontinental Ballistic Missile Cryptography Upgrade Increment Ii (Icu Ii) Production

8/30/2019 Pae Government Systems Inc. Dept of The Army $122.8 Ground Vehicle Support

8/30/2019 Progeny Systems Corp. Dept of The Navy $115.7 Upgrade To The Mk 48 Mod 7 Common Broadband Advanced Sonar System (Cbass) Heavyweight Torpedo Program, To Include The Following Deliverables For Associated Subsystem Electronic Systems: Detail Design, Engineering Development Models, Proof-of-Design Units, Proof-of-Manufacturing Units, Low- Rate Initial Production Units and Factory Test Equipment

8/15/2019 Honeywell International Inc. Dept of The Army $110.9 Total Integrated Engine Revitalization (Tiger) Hardware To Meet The Anniston Army Depot Production of The Advanced Gas Turbine 1500 Engine For The Abrams Tanks and Tiger Field Repair Site Requirements 8/8/2019 J.F. Taylor Inc. Dept of The Navy $109.0 Engineering and Technical Services In Support of The Integrated Battlespace Simulation and Test Department, Naval Air Warfare Center, Aircraft Division 5.4.3 Simulation Division Laboratories 8/12/2019 Sikorsky Aircraft Corp., A Lockheed Martin Co. Dept of The Navy $107.4 Long Lead ITems For Six Ch-53K Low-Rate Initial Production Lot 4 Aircraft

8/29/2019 Honeywell International Inc. Department of Energy $107.0 Operation of Miscellaneous Buildings

8/27/2019 Safran Transportation Security $103.8 Miscellaneous Alarm, Signal, and Security Detection Systems Administration

8/21/2019 Northrop Grumman Systems Corp. Dept of The Army $101.1 Logistics Support Services

8/19/2019 Radiance Technologies Inc. Dept of The Air Force $100.0 Distributed, Automated and Intelligent Hardware and Software Security

8/14/2019 Advanced Technology International Dept of The Navy $99.0 Navy Manufacturing Technology (Mantech) Center For Innovative Naval Shipbuilding and Advanced Manufacturing

8/13/2019 Lockheed Martin Corp. Dept of The Air Force $99.0 Lifecycle Support For All Efforts Related To The Joint Air-To-Surface Standoff Missile (Jassm) In The Areas of System Upgrades, Integration, Production, Sustainment, Management and Logistical Support 8/29/2019 Jacobs Technology Inc. Dept of The Army $97.8 Test Support Services

8/29/2019 Stanley Consultants Inc. Dept of The Navy $95.0 Architectural Design and Engineering Services For Industrial Type Facilities In The Naval Facilities and Engineering Command (Navfac) Europe, Africa and Southwest Asia (Eurafswa) Area of Responsibility and Also Worldwide 8/8/2019 Hydrogeologic Inc. Dept of The Army $95.0 Hazardous, Toxic and Radioactive Waste Remediation Activities At The Formerly Utilized Sites Remedial Action Program St. Louis Sites

8/15/2019 Lockheed Martin Corporation National Aeronautics and Space $94.5 R&D- Space: Flight (Advanced Development) Administration

Total Top 50 $13,232.4

Total Other Signed in August $13,359.8 Continued on Next Page

Top 20 Agencies Ranked by Total Contract Value Signed in July Rank Funding Agency Contract Value ($mm) # of Contracts 1 Dept of The Navy $ 8,589 151 2 Dept of The Army 5,946 128 3 Dept of The Air Force 4,855 82 4 Department of Veterans Affairs 1,625 1196 5 Department of Energy 1,480 257 6 National Aeronautics and Space Administration 1,411 755 7 Federal Acquisition Service 1,058 367 8 Department of State 1,024 439 9 National Institutes of Health 878 424 10 Centers For Medicare and Medicaid Services 792 197 11 Centers For Disease Control and Prevention 700 311 12 U.S. Coast Guard 551 239 13 Federal Aviation Administration 483 366 14 Agency For International Development 390 199 15 U.S. Customs and Border Protection 346 162 16 Internal Revenue Service 283 200 17 Transportation Security Administration 280 87 18 Office of Procurement Operations 266 160 19 National Oceanic and Atmospheric Administration 239 232 20 Federal Emergency Management Agency 209 107

Total Top 20 by Funding Agency $ 31,405 6,059

Top 20 NAICS Codes Ranked by Total Contract Value Signed in July Rank NAICS Code Description Contract Value ($mm) # of Contracts 1 Commercial And Institutional Building Construction $ 3,996 467 2 Aircraft Manufacturing 2,773 20 3 Other Support Activities For Air Transportation 2,729 71 4 Facilities Support Services 1,838 229 5 Computer Systems Design Services 1,789 678 6 Other Computer Related Services 1,540 1,024 7 Engineering Services 1,357 487 8 Guided Missile And Space Vehicle Manufacturing 1,162 17 9 Administrative Management And General Management Consulting Services 884 776 10 Other Heavy And Civil Engineering Construction 861 56 11 Search, Detection, Navigation, Guidance, Aeronautical, And Nautical System And Instrument Manufacturing 762 42 12 Military Armored Vehicle, Tank, And Tank Component Manufacturing 698 7 13 All Other Professional, Scientific, And Technical Services 674 339 14 Flight Training 658 13 15 Ship Building And Repairing 546 43 16 Research And Development In The Physical, Engineering, And Life Sciences (Except Biotechnology) 499 232 17 Research And Development In The Physical, Engineering, And Life Sciences 362 26 18 Custom Computer Programming Services 348 266 19 Security Guards And Patrol Services 342 198 20 Biological Product (Except Diagnostic) Manufacturing 238 9

Total Top 20 by NAICS Code Description $ 24,058 5,000

Prepared by SCOTT-MACON, LTD. Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 Key Aerospace & Defense Stats

ASM – Global (in thousands) # of Passengers - Global

200,000,000 7.0% 100,000,000 6.0% 180,000,000 6.0% 90,000,000 160,000,000 80,000,000 5.0% 140,000,000 5.0% 70,000,000 4.0% 120,000,000 4.0% 60,000,000 100,000,000 50,000,000 3.0% 3.0% 80,000,000 40,000,000 60,000,000 2.0% 30,000,000 2.0% 40,000,000 20,000,000 1.0% 1.0% 20,000,000 10,000,000

0 0.0% 0 0.0%

Jul-18

Jan-19

Jul-18

Jun-18

Oct-18

Apr-18 Feb-19 Apr-19

Sep-18

Dec-18

Aug-18 Jan-19

Jun-18

Nov-18

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Mar-18 Mar-19

Apr-18 Feb-19 Apr-19

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Dec-18

May-18 May-19

Aug-18

Nov-18

Mar-18 Mar-19

May-18 May-19

ASM MoM Growth % MoM Growth % # of Passengers

RSM – Global (in thousands) Load Factor % - Global

160,000,000 12.0% 100.0% 5.0% 90.0% 140,000,000 4.0% 10.0% 80.0% 120,000,000 3.0% 8.0% 70.0% 100,000,000 60.0% 2.0% 80,000,000 6.0% 50.0% 1.0% 60,000,000 40.0% 4.0% 30.0% 0.0% 40,000,000 20.0% 2.0% -1.0% 20,000,000 10.0%

0 0.0% 0.0% -2.0%

Jul-18

Jan-19

Jun-18

Oct-18

Apr-18 Feb-19 Apr-19

Jan-19

Sep-18

Jun-18

Dec-18

Oct-18

Aug-18

Apr-18 Feb-19 Apr-19

Sep-18

Nov-18

Dec-18

Mar-18 Mar-19

Aug-18

Nov-18

May-18 May-19

Mar-18 Mar-19

May-18 May-19

RPM MoM Growth % Load Factor % MoM Growth %

Commercial Aerospace Orders

LTM as of 7/2019 LTM as of 7/2018 YoY % Change 7/2019 6/2019 5/2019 4/2019 3/2019 2/2019 1/2019 12/2018 11/2018 10/2018 9/2018 8/2018 Narrowbody Unit Orders 901 1,913 -52.9% -37 142 -70 -4 6 -20 20 556 78 66 69 95 Boeing 406 878 -53.8% -37 145 -71 -4 3 1 25 181 41 0 32 90 737 406 878 -53.8% -37 145 -71 -4 3 1 25 181 41 0 32 90 Airbus 495 1,035 -52.2% 0 -3 1 0 3 -21 -5 375 37 66 37 5 A320 495 1,035 -52.2% 0 -3 1 0 3 -21 -5 375 37 66 37 5 Widebody Unit Orders 178 290 -38.6% 59 9 -1 0 77 -61 10 14 10 24 33 4 Boeing 173 207 -16.4% 31 9 -1 0 40 4 18 22 7 6 33 4 787 82 121 -32.2% 21 1 -1 0 20 0 18 0 0 5 15 3 777 57 49 16.3% 10 2 0 0 20 0 0 17 6 1 0 1 767 30 20 50.0% 0 6 0 0 0 4 0 1 1 0 18 0 747 4 17 -76.5% 0 0 0 0 0 0 0 4 0 0 0 0 Airbus 17 83 -79.5% 28 0 0 0 37 -65 -8 4 3 18 0 0 A350 61 42 45.2% 20 0 0 0 37 0 0 4 0 0 0 0 A380 -31 14 NM 0 0 0 0 0 -23 -8 0 0 0 0 0 A330 29 27 7.4% 8 0 0 0 0 0 0 0 3 18 0 0

Source: FAA

Global Business Jet Traffic 6/2019 Global Business Jet Traffic (Flights in Thousands) by Type (391K Flights) 410 402 10% 400 395 393 390 390 389 8% 390 386 380 6% 16% 369 365 367 365 370 361 4% 360 354 350 2% 340 0% 330 84% 320 -2%

Domestic International # of Flights MoM Growth % 2018 Global Business Jet Deliveries Global Business Jet Deliveries By Market (798 Deliveries) 1,317 1,400 4.0% 5.8% 1,200 1,137 10.2% 1,000 887 874 767 798 750 722 718 800 696 672 678 667 676 592 600 518 20.0% 60.0% 400

200

North America Europe Asia-Pacific Latin America Middle East & Africa

U.S. Defense Budget

FY 2019 vs FY 2020 By Appropriation Title ($ in billions) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020* Dollar Δ % Δ Military Personnel $ 135.3 $ 135.4 $ 141.7 $ 150.7 $ 155.8 $ 5.0 3.3% Operation and Maintenance 197.5 197.1 223.3 278.8 292.7 13.9 5.0% Procurement 110.7 110.7 115.0 147.3 143.1 (4.2) -2.9% RDT&E 68.8 69.6 82.7 95.3 104.3 9.0 9.5% Military Construction/Family Housing 6.9 6.5 8.4 11.3 21.1 9.8 87.4% Other 2.5 2.4 3.5 1.7 1.4 (0.2) -12.7% Total $ 521.7 $ 521.8 $ 574.5 $ 685.0 $ 718.3 $ 33.4 19.2%

FY 2019 vs FY 2020 By Military Department ($ in billions) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020* Dollar Δ % Δ Army $ 123.3 $ 122.9 $ 137.1 $ 178.9 $ 191.4 $ 12.5 7.0% Navy 159.3 159.1 171.5 195.6 205.6 9.9 5.1% Air Force 145.7 146.5 165.5 192.9 204.8 11.8 6.1% Defense Wide 93.4 93.3 100.4 117.6 116.6 (0.9) -0.8% Total $ 521.7 $ 521.8 $ 574.5 $ 685.0 $ 718.3 $ 33.4 19.2%

* Base Budget Request Source: GAMA, Office of the Under Secretary of Defense

Prepared by SCOTT-MACON, LTD. Aerospace, Defense & Government Services SCOTT-MACON, LTD August 2019 Overview Michael N. Papazis Managing Director Aerospace, Defense & Government Services Scott-Macon, Ltd. Office: (212) 755-8200 Fax: (212) 583-9262 [email protected] www.scott-macon.com 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).

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

Aerospace Defense & Government Services Coverage

Government Aerospace Defense Services

Defense OEM Intelligence Electronics

Structures Homeland Security Civil / Non-Defense

Components Defense Systems SETA / Engineering

MRO / Aftermarket C4ISR IT Services

About Scott-Macon 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.

Prepared by SCOTT-MACON, LTD Over 40 Years of Senior Level Experience, Attention & Execution in Investment Banking