Scott-Macon Aerospace, Defense and Government Services (May 2017)

SCOTT-MACON, LTD
May 2017
2© Copyright 2016 SCOTT-MACON, LTD.
We are pleased to present you with the May 2017 Edition of the
Scott-Macon Aerospace, Defense and Government Services
monthly newsletter! Our team strives to provide industry
professionals such as yourself with the critical market information
necessary to execute your strategic goals and initiatives. Please
let us know if you would like to discuss any of the emerging
trends presented in this review and how they can potentially
impact your firm.
Our team can help you with the following services:
 Mergers and Acquisitions
- Sale of company
- Acquisition of target companies
 Private Debt and Equity Financing
 Dividend Recapitalization
We look forward to speaking to you soon!
Best,
Michael
Michael N. Papazis
Managing Director
Aerospace, Defense & Government Services
Office: (212) 755-8200
Fax: (212) 583-9262
mpapazis@scott-macon.com
A note from SCOTT-MACON

Prepared by SCOTT-MACON, LTD.
Table of Contents
Section 1 Market Snapshot
Review of key valuation and deal trends analyzed on
an Monthly and Last Twelve Month (LTM) basis
4
Section 2 Public Trading Comparables
List of operating metrics and valuation multiples for
public companies in selected sub‐segments of the
Aerospace, Defense & Government Services (ADG)
sectors
6
Section 3 M&A Transactions
List of relevant transactions with disclosed values
which occurred in the last month segmented by
Aerospace, Defense or Government Services
9
Section 4 Recent Contracts
List of selected major government contracts that
have been awarded in the last month
18
Section 5 Key Aerospace & Defense Stats
Review of key trends in the aerospace and defense
sectors
22
Section 6 About Scott‐Macon
Brief overview on Scott‐Macon and their ADG
investment banking practice
25

SECTION 1: MARKET SNAPSHOT

SCOTT-MACON, LTD
May 2017
Market Snapshot
Share Price Performance
Trading Valuation (TEV / LTM EBITDA)
M&A TransactionsM&A Transactions
Trading Valuation (TEV / LTM EBITDA)
Share Price Performance
Monthly as of May 2017 LTM as of May 2017
20
14
28
22
9
10
57
46
0
10
20
30
40
50
60
70
31-May-16 31-May-17
NumberofDeals
Aerospace Defense Government Services
321 276
320
288
126
115
767
679
0
100
200
300
400
500
600
700
800
900
LTM-May-16 LTM-May-17
NumberofDeals
Aerospace Defense Government Services
8.50x
9.00x
9.50x
10.00x
10.50x
11.00x
11.50x
12.00x
12.50x
May-01-2017
May-03-2017
May-05-2017
May-07-2017
May-09-2017
May-11-2017
May-13-2017
May-15-2017
May-17-2017
May-19-2017
May-21-2017
May-23-2017
May-25-2017
May-27-2017
May-29-2017
May-31-2017
SM Aerospace SM Government Services SM Defense
 3.9 %
 11.1 %
 -21.4 %
 -30.0 %
 -8.7 %
 -10.0 %
 -14.0 %
87
89
91
93
95
97
99
101
103
105
107
May-01-2017
May-03-2017
May-05-2017
May-07-2017
May-09-2017
May-11-2017
May-13-2017
May-15-2017
May-17-2017
May-19-2017
May-21-2017
May-23-2017
May-25-2017
May-27-2017
May-29-2017
May-31-2017
S&P 500 SM Aerospace
SM Government Services SM Defense
 4.5 %
 2.9 %
 1.0 %
 -0.2 %
74
84
94
104
114
124
134
May-31-2016
Jun-30-2016
Jul-31-2016
Aug-31-2016
Sep-30-2016
Oct-31-2016
Nov-30-2016
Dec-31-2016
Jan-31-2017
Feb-28-2017
Mar-31-2017
Apr-30-2017
May-31-2017
S&P 500 SM Aerospace
SM Government Services SM Defense
 27.7 %
 13.4 %
 28.3 %
 15.5 %
 -0.7 %
 -2.6 %  12.9 %
 14.1 %
 7.3 %
7.50x
8.50x
9.50x
10.50x
11.50x
12.50x
13.50x May-31-2016
Jun-30-2016
Jul-31-2016
Aug-31-2016
Sep-30-2016
Oct-31-2016
Nov-30-2016
Dec-31-2016
Jan-31-2017
Feb-28-2017
Mar-31-2017
Apr-30-2017
May-31-2017
SM Aerospace SM Government Services SM Defense

SECTION 2: PUBLIC COMPARABLES

SCOTT-MACON, LTD
May 2017
Public Comparables
Aerospace Public Comparables*
Government Services Public Comparables*
* As of Monday, October 31, 2016
% of 52 Market Total Enterprise TEV / % Change TEV / LTM EBITDA TEV / % Change TEV / LTM Rev.
Aerospace OEMs Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Airbus SE $82.10 96.1% $63,567.3 $61,851.5 NM NM NM 0.8 x -1.4% 14.7%
Boeing Company 187.63 99.7 113,249.7 114,903.7 12.9 2.8 37.7 1.2 2.8 45.6
Bombardier Inc. 1.81 88.4 3,975.3 11,690.1 20.0 11.3 22.6 0.7 15.2 27.2
Embraer S.A. 4.94 80.3 3,631.1 5,256.7 13.8 51.6 61.3 0.9 22.4 1.8
Median 92.2% $33,771.3 $36,770.8 13.8 x 9.8% 53.9% 0.8 x 9.6% 8.0%
Mean 91.1% $46,105.9 $48,425.5 15.5 x 17.9% 49.2% 0.9 x 8.3% 22.2%
Aerospace Systems / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AAR Corp. $34.94 90.2% $1,170.3 $1,303.0 10.0 x -2.3% -33.3% 0.8 x -2.3 29.0%
AMETEK, Inc. 61.02 99.4 14,041.2 15,885.5 15.6 5.3 28.1 4.1 5.1 23.2
Astronics Corporation 30.60 74.6 887.7 1,018.4 10.4 -2.0 13.4 1.6 -2.1 -1.4
CAE Inc. 16.15 97.8 4,334.6 4,934.9 10.9 -4.6 9.0 2.5 1.7 17.9
Crane Co. 77.58 94.2 4,616.6 4,869.6 10.3 -1.9 21.7 1.8 -1.8 25.4
Esterline Technologies Corporation 97.45 99.7 2,901.5 3,437.1 10.9 -3.5 0.6 1.7 4.0 21.2
HEICO Corporation 74.21 98.7 5,672.7 6,311.2 17.9 2.1 16.5 4.4 2.3 20.4
Héroux-Devtek Inc. 9.66 81.3 349.0 417.1 10.0 5.1 -6.4 1.4 -0.5 -15.4
Meggitt PLC 6.48 99.0 5,017.2 6,536.6 12.2 6.4 4.2 2.5 6.4 3.1
Moog Inc. 70.04 95.9 2,510.6 3,161.5 9.5 0.9 15.4 1.3 0.9 15.5
MTU Aero Engines AG 141.12 93.8 7,247.6 6,833.6 9.7 -4.9 7.2 1.2 -4.9 4.6
Textron Inc. 47.80 93.9 12,795.5 16,052.5 10.5 2.9 24.9 1.2 2.9 17.7
TransDigm Group Incorporated 268.08 91.1 13,946.5 24,096.3 15.4 1.0 -5.9 7.2 2.0 -1.2
Woodward, Inc. 68.12 94.2 4,173.9 4,791.3 14.4 -0.1 11.4 2.3 -0.1 13.1
Zodiac Aerospace 26.49 81.7 7,397.0 8,887.2 NM NM NM 1.5 4.8 4.9
Median 94.2% $4,616.6 $4,934.9 10.7 x -2.4% -0.7% 1.7 x 2.0% 3.5%
Mean 92.4% $5,804.1 $7,235.7 12.0 x 0.5% 5.9% 2.4 x 1.9% 9.8%
Aerospace Structures Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
CPI Aerostructures, Inc. $7.50 73.9% $66.2 $100.8 7.7 x NA NA 1.1 x 6.5% 26.2%
Ducommun Incorporated 31.81 89.4 358.5 513.5 9.8 4.2 18.5 0.9 4.8 62.7
GKN plc 4.52 92.3 7,749.2 8,703.0 6.5 -2.2 1.6 0.8 -2.2 0.5
Hexcel Corporation 51.43 92.0 4,673.5 5,432.6 12.0 0.5 5.6 2.7 0.5 9.4
Kaman Corporation 48.31 90.5 1,313.5 1,719.8 10.5 5.1 -4.9 1.0 3.5 7.9
Latécoère S.A. 4.25 78.7 399.9 449.3 12.8 3.9 24.5 0.6 3.9 -6.4
LMI Aerospace, Inc. 13.93 99.5 188.2 450.7 14.5 16.9 60.6 1.3 7.0 35.0
Magellan Aerospace Corporation 15.58 98.4 907.1 1,009.9 8.8 4.9 4.1 1.4 3.3 3.6
Senior plc 3.04 96.0 1,268.7 1,524.4 10.0 8.0 2.5 1.3 8.0 -1.1
Spirit AeroSystems Holdings, Inc. 54.49 86.6 6,572.6 6,991.6 7.6 -0.1 19.7 1.0 -3.2 4.1
Triumph Group, Inc. 32.60 81.3 1,616.3 2,743.0 6.2 NA NA 0.8 -2.2 -7.6
Median 90.5% $1,268.7 $1,524.4 9.8 x 4.2% 8.9% 1.0 x -3.2% 14.1%
Mean 89.0% $2,283.1 $2,694.4 9.7 x -1.0% 7.6% 1.2 x 2.7% 10.4%
Total Aerospace Median 93.0% $4,074.6 $4,902.2 10.5 x -0.7% 7.3% 1.3 x 2.8% 11.9%
Total Aerospace Mean 91.0% $9,886.6 $11,062.5 11.5 x 1.2% 10.1% 1.7 x 2.5% 10.8%
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. $39.44 99.8% $5,834.0 $7,279.9 13.3 x 4.9% 17.2% 1.3 x 7.5% 18.1%
CACI International Inc 123.10 90.9 3,010.5 4,241.1 11.3 -0.1 -6.6 1.0 -1.3 -12.6
CGI Group Inc. 49.58 99.6 14,479.6 15,612.0 11.6 0.8 3.6 2.0 0.7 3.1
CSRA Inc. 30.16 89.9 4,923.6 7,625.6 8.1 -19.1 -43.3 1.5 3.5 -5.6
Cyient Limited 7.46 85.3 840.2 674.6 9.0 -14.4 -27.3 1.2 -14.4 -21.8
Engility Holdings, Inc. 26.33 67.2 969.1 1,992.7 10.4 -5.6 17.6 1.0 -3.2 11.5
ICF International, Inc. 47.05 79.0 884.5 1,152.2 10.2 3.4 1.3 1.0 3.0 -0.5
KEYW Holding Corp. 9.21 67.9 451.0 465.4 NM NM NM 1.6 -15.2 17.0
Leidos Holdings, Inc. 55.56 99.8 8,391.4 11,468.4 14.4 -15.0 59.3 1.4 -11.4 NM
ManTech International Corp. 38.30 84.1 1,486.1 1,394.4 11.1 4.5 2.3 0.9 4.7 3.8
MAXIMUS, Inc. 62.08 96.6 4,024.2 4,048.8 10.5 -1.2 -18.3 1.6 -0.7 -4.5
Navigant Consulting, Inc. 19.49 70.0 920.9 1,090.1 7.6 -14.6 -3.2 1.1 -15.3 1.4
NCI, Inc. 19.10 96.7 258.8 259.0 9.2 29.8 39.2 0.8 29.6 40.7
QinetiQ Group Plc 4.03 96.7 2,263.8 1,976.6 9.4 -6.7 9.4 2.0 6.0 28.1
Science Applications International Corp. 75.99 84.6 3,321.2 4,158.2 12.4 2.7 17.3 0.9 2.7 20.6
Serco Group plc 1.53 78.6 1,667.9 1,863.7 11.2 2.4 29.1 0.5 2.4 20.4
Vectrus, Inc. 29.50 84.3 322.9 349.4 7.4 9.5 5.9 0.3 10.6 7.7
VSE Corp. 41.84 94.4 453.5 690.5 8.8 -0.5 15.6 0.9 -0.5 -14.9
Median 87.6% $1,577.0 $1,920.2 10.4 x -2.6% 2.8% 1.1 x -2.4% -1.2%
Mean 87.0% $3,028.0 $3,685.7 10.4 x -2.2% 3.5% 1.2 x -1.7% 6.9%
Engineering & Construction Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AECOM $32.11 78.9% $5,000.6 $8,662.2 9.6 x 8.7% 21.8 0.5 x -2.6% -0.6%
Fluor Corp. 44.86 76.9 6,270.6 5,920.2 7.5 -3.1 11.1 0.3 -16.2 -25.1
Jacobs Engineering Group Inc. 52.42 82.7 6,312.7 6,035.6 9.6 -2.7 5.5 0.6 0.0 11.1
KBR, Inc. 13.63 75.9 1,951.2 2,223.2 NM NM NM 0.5 -7.2 NM
Tetra Tech, Inc. 45.95 97.9 2,626.3 2,800.7 13.2 -2.2 25.0 1.4 -3.0 19.3
Median 78.9% $5,000.6 $5,920.2 9.6 x 2.7% 21.8% 0.5 x -7.2% 2.0%
Mean 82.4% $4,432.3 $5,128.4 10.0 x -0.1% 31.4% 0.7 x -4.5% 14.2%
Total Government Services Median 84.6% $2,263.8 $2,223.2 10.2 x -2.6% 12.9% 1.0 x 17.3% 1.1%
Total Government Services Mean 86.0% $3,333.2 $3,999.3 10.3 x -1.8% 8.8% 1.1 x -2.1% 7.8%

SCOTT-MACON, LTD
May 2017
Public Comparables (Continued)
Defense Public Comparables*
* As of Monday, October 31, 2016
Defense Primes Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
BAE Systems plc $8.59 99.5% $27,329.9 $29,468.6 12.0 x 5.7% 19.8% 1.3 x 5.7% 28.4%
Boeing Company 187.63 99.7 113,249.7 114,903.7 12.9 2.8 37.7 1.2 2.8 45.6
General Dynamics Corporation 203.25 100.0 61,317.6 63,038.6 12.9 5.1 35.1 2.0 5.1 40.9
Leonardo S.p.a. 17.62 98.8 10,120.0 14,084.0 6.9 10.5 20.2 1.0 11.4 39.9
Lockheed Martin Corporation 281.13 99.0 81,370.3 93,532.3 14.3 4.1 12.5 2.0 4.1 8.6
Northrop Grumman Corporation 259.22 100.0 45,252.8 50,909.8 13.6 5.4 9.7 2.1 5.4 11.0
Raytheon Company 164.01 100.0 47,738.4 50,839.4 13.3 6.0 3.8 2.1 6.0 19.1
Thales S.A. 110.47 98.6 23,365.2 21,010.5 11.0 2.1 16.3 1.3 2.1 19.8
Median 99.6% $46,495.6 $50,874.6 12.9 x 3.9% 31.7% 1.6 x 4.2% 30.6%
Mean 99.4% $51,218.0 $54,723.4 12.1 x 4.9% 18.1% 1.6 x 5.2% 23.4%
Defense Systems Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Aerojet Rocketdyne Holdings, Inc. $21.90 94.1% $1,631.6 $1,874.3 11.8 x -1.3% 12.8% 2.2 x NM NM
AeroVironment, Inc. $31.04 95.7% $712.9 $518.7 NM NM NM 1.0 x -49.4% -37.2
Cobham plc 1.73 75.4 4,113.5 5,444.3 NM NM NM 1.0 -38.2 -29.1
Cubic Corporation 46.35 83.3 1,256.6 1,520.4 NM NM NM 3.1 NM NM
Curtiss-Wright Corporation 90.03 83.7 3,983.8 4,676.7 11.7 2.9 6.8 3.1 43.1 56.0
FLIR Systems, Inc. 37.89 99.1 5,170.3 5,282.4 14.7 2.5 24.3 1.4 -54.8 -46.9
Huntington Ingalls Industries, Inc. 195.81 88.7 9,011.1 9,683.1 9.6 1.8 25.2 1.1 -18.9 5.3
Kongsberg Gruppen ASA 15.04 88.2 1,797.9 2,026.6 15.8 -0.2 60.9 1.5 30.9 72.5
L3 Technologies, Inc. 168.59 93.7 13,129.3 16,310.3 13.0 -0.6 NA 1.6 6.2 NM
Orbital ATK, Inc. 101.66 99.0 5,867.1 7,216.1 11.6 5.4 8.8 3.7 NM NM
Rockwell Collins, Inc. 109.05 99.9 17,707.5 19,641.5 15.9 4.9 36.3 2.2 -38.4 -18.4
Safran SA 88.54 98.4 36,808.3 39,337.5 9.4 3.4 28.4 2.1 3.4 38.7
Textron Inc. 47.80 93.9 12,795.5 16,052.5 10.5 2.9 24.9 1.2 2.9 17.7
Median 93.9% $5,170.3 $5,444.3 11.8 x 0.8% 12.6% 1.6 x 3.5% 12.3%
Mean 91.8% $8,768.1 $9,968.0 12.4 x 2.1% 20.9% 1.9 x 7.5% 39.3%
Defense Electronics / Equipment Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
AMETEK, Inc. $61.02 99.4% $14,041.2 $15,885.5 15.6 x 5.3% 28.1% 4.1 x 5.1% 23.2%
Chemring Group plc 2.33 86.8 650.5 763.6 8.9 -3.5 -17.2 1.2 -3.5 -13.3
Comtech Telecommunications Corp. 14.43 60.2 339.9 525.6 10.4 0.1 NA 1.0 0.1 29.4
Crane Co. 77.58 94.2 4,616.6 4,869.6 10.3 -1.9 21.7 1.8 -1.8 25.4
Ducommun Incorporated 31.81 89.4 358.5 513.5 9.8 4.2 18.5 0.9 4.8 62.7
Elbit Systems Ltd. 121.68 97.0 5,201.6 5,483.0 13.0 10.2 18.2 1.6 7.9 17.4
Harris Corporation 112.16 98.7 13,673.7 17,584.7 11.1 -0.8 21.7 2.4 -0.3 18.5
Héroux-Devtek Inc. 9.66 81.3 349.0 417.1 10.0 5.1 -6.4 1.4 -0.5 -15.4
Kratos Defense & Security Solutions, Inc. 10.82 96.1 935.3 1,231.2 NM NM NM 1.8 14.2 74.6
Meggitt PLC 6.48 99.0 5,017.2 6,536.6 12.2 6.4 4.2 2.5 6.4 3.1
Mercury Systems, Inc. 39.77 95.9 1,908.7 1,824.6 NM NM NM 4.8 3.3 56.6
Moog Inc. 70.04 95.9 2,510.6 3,161.5 9.5 0.9 15.4 1.3 0.9 15.5
OSI Systems, Inc. 79.19 97.1 1,479.2 1,656.1 14.1 0.6 NA 1.8 0.6 49.2
Teledyne Technologies Incorporated 131.51 96.0 4,640.5 5,883.9 15.8 8.3 43.0 2.7 10.1 51.5
Ultra Electronics Holdings plc 27.52 95.0 1,936.8 2,268.2 12.8 1.7 -1.1 2.2 1.7 7.6
ViaSat, Inc. 65.25 79.4 3,760.4 4,482.3 17.9 5.6 4.8 2.9 2.0 -5.2
Woodward, Inc. 68.12 94.2 4,173.9 4,791.3 14.4 -0.1 11.4 2.3 -0.1 13.1
Median 95.9% $2,510.6 $3,161.5 12.2 x 6.4% 12.4% 1.8 x 0.3% 10.0%
Mean 91.5% $3,858.4 $4,581.1 12.4 x 3.1% 12.9% 2.2 x 3.3% 21.1%
Homeland Security Price Wk High Value Value (TEV) LTM EBITDA 30 Day 1 Year LTM Rev. 30 Day 1 Year
Analogic Corporation 71.90 75.0 898.0 745.0 11.4 -2.2 -28.2 1.4 -2.2 -15.1
Elbit Systems Ltd. 121.68 97.0 5,201.6 5,483.0 13.0 10.2 18.2 1.6 7.9 17.4
MSA Safety Incorporated 81.10 98.8 3,076.9 3,273.4 15.6 3.4 28.3 2.9 3.4 47.3
OSI Systems, Inc. 79.19 97.1 1,479.2 1,656.1 14.1 0.6 NM 1.8 0.6 49.2
American Outdoor Brands Corporation 22.65 72.6 1,276.5 1,390.5 5.3 2.8 -32.9 1.6 2.8 -24.9
Smiths Group plc 20.69 95.1 8,182.2 9,019.9 11.8 -2.0 9.5 2.2 -2.0 15.0
Median 96.1% $2,278.1 $2,464.8 12.4 x 4.0% 13.9% 1.7 x 3.8% -5.3%
Mean 89.3% $3,352.4 $3,594.7 11.9 x 2.1% 8.9% 1.9 x 1.7% 12.4%
Total Defense Median 95.9% $4,628.5 $5,363.3 12.2 x 3.9% 14.1% 1.8 x 3.1% 22.7%
Total Defense Mean 92.7% $13,850.8 $15,154.9 12.3 x 3.0% 15.3% 2.0 x 4.5% 25.0%

SECTION 3: M&A TRANSACTIONS

SCOTT-MACON, LTD
May 2017
M&A Transactions with Disclosed Values - LTM as of May 2017
Continued on Next Page
5/24/2017 Pending CSRA Inc. NES Associates, LLC Defense $105 NA NA
5/18/2017 5/23/2017 New Age Beverages Corporation Premier Micronutrient Corporation Defense $5 NA NA
5/15/2017 Pending Axiata Business Services Sdn
Bhd
Suvitech Co., Ltd. Government
Services
$16 NA NA
5/12/2017 Pending Stellwagen Group ECN Capital Corp., Commercial Aviation
Advisory and Asset Management Business
Aerospace $23 NA NA
5/12/2017 Pending Shanghai Safbon Water Service
Co.,Ltd.
Doosan Hydro Technology, Inc. Government
Services
$7 NA NA
5/8/2017 Pending Federal Signal Corporation Truck Bodies & Equipment International, Inc. Defense $270 1.3 x 7.2 x
5/3/2017 Pending Digital Power Corporation Microphase Corporation Defense $7 1.2 x NA
5/3/2017 Pending Thoma Bravo, LLC Kofax Limited Government
Services
$1,350 NA NA
5/2/2017 5/2/2017 Infinite RF Holdings, Inc. Smiths Interconnect, Inc., Microwave
Telecoms Business
Defense $110 1.1 x NA
5/1/2017 Pending Wave Systems Corp. Jive Software, Inc. Government
Services
$334 1.6 x NA
5/1/2017 4/28/2017 Apollo Aerospace Components
Limited
PolyAero Inc. Defense $11 NA NA
4/26/2017 4/26/2017 Northedge Capital Partners Future Industrial Services Limited Government
Services
$21 0.0 x 0.3 x
4/13/2017 4/5/2017 Kobe Steel, Ltd. Quintus Technologies AB Aerospace $115 1.9 x NA
4/12/2017 5/4/2017 Sivers IMA Holding AB Compound Semiconductor Technologies
Global Ltd
4/12/2017 5/2/2017 Medley Capital Corporation United Road Towing, Inc. Government
Services
$40 NA NA
4/10/2017 Pending Uniti Group Inc. Southern Light, LLC Government
Services
$699 8.3 x 17.1 x
4/6/2017 4/5/2017 Florida Pneumatic Manufacturing
Corporation
Jiffy Air Tool, Inc. Aerospace $8 NA NA
4/3/2017 4/3/2017 Astronics Custom Control
Concepts Inc.
Custom Control Concepts, Inc. Aerospace $11 NA NA
4/3/2017 3/31/2017 AASKI Technology, Inc. CoSo Cloud, LLC Government
Services
$6 NA NA
3/31/2017 3/31/2017 PKC Group Oyj Fortitude Industries, Inc. Defense $9 1.2 x NA
3/31/2017 Pending Huayou International Mining
Holding Limited
Town Mining Co., Ltd. Aerospace $25 NA NA
xx xx xx xxx EV / LTM
Announced Closed Buyer Target Target Sector EV Rev EBITDA

SCOTT-MACON, LTD
May 2017
M&A Transactions with Disclosed Values - LTM as of May 2017 (Continued)
3/29/2017 4/28/2017 Multiheight Scaffolding PTE LTD. Ensure Engineering Pte Ltd Defense $13 NA NA
3/28/2017 5/2/2017 Harlow Aerostructures LLC Aerospace Holdings, Inc. Defense $16 NA NA
3/20/2017 3/20/2017 Patrick Industries, Inc. Medallion Plastics Incorporated Defense $10 0.5 x NA
3/17/2017 Pending Voltaire Capital Investment
Limited
SATS Aerospace $19 NA NA
3/17/2017 Pending PTT Retail Business Co., Ltd Oil Business Unit Of PTT Aerospace $3,499 NA NA
3/16/2017 Pending 3M Company Scott Technologies, Inc. Defense $2,000 3.5 x 12.9 x
3/10/2017 Pending Suzhou Ahno Precision Cutting
Tool Technology Co., Ltd.
Access Precision Tools Pte Ltd Aerospace $16 3.7 x NA
3/8/2017 4/4/2017 The KEYW Corporation Sotera Defense Solutions, Inc. Defense $235 NA NA
3/7/2017 Pending DRS Technologies, Inc. Daylight Solutions, Inc. Defense $150 NA NA
3/2/2017 Pending Shenzhen Fenda Technology
Co., Ltd.
Shenzhen Fortunta Technology Co. Ltd. Defense $420 3.9 x NA
2/22/2017 2/24/2017 Aerojet Rocketdyne, Inc. Aerojet Rocketdyne Coleman Aerospace,
Inc.
Aerospace $15 NA NA
2/21/2017 Pending STG Group, Inc. Preferred Systems Solutions, Inc. Government
Services
$120 NA NA
2/17/2017 Pending Sonaca SA LMI Aerospace, Inc. Defense $430 1.2 x 12.5 x
2/17/2017 Pending LG Hausys Ltd. C2i s.r.o. Aerospace $84 NA NA
2/16/2017 2/16/2017 Vitruvian Partners LLP OAG Aviation Holdings Limited Aerospace $215 NA NA
2/7/2017 Pending Beijing Aerospace Changfeng
Co., Ltd
Foshan Baykee New Energy Technology
Incorporated Company
Aerospace $73 NA NA
2/2/2017 3/1/2017 Carpenter Powder Products Inc. Puris LLC Aerospace $35 NA NA
1/30/2017 1/27/2017 Meyer Tool, Inc. AMK Welding, Inc. Aerospace $6 NA NA
1/27/2017 4/28/2017 Veritas Capital Harris Corporation, Government IT Services
Business
Aerospace $690 0.7 x NA
1/26/2017 1/26/2017 Dunes Point Capital, LLC Power Distribution, Inc. Defense $204 1.8 x NA
1/25/2017 4/10/2017 Wipro Limited InfoSERVER S.A. Defense $9 NA NA

SCOTT-MACON, LTD
May 2017
1/20/2017 2/13/2017 LED Medical Diagnostics Inc. Apteryx, Inc. Government
Services
$10 NA NA
1/19/2017 Pending Safran SA Zodiac Aerospace Aerospace $9,229 1.6 x 34.0 x
1/12/2017 Pending CBS 247 Inc. Scout Media, Inc. Defense $10 NA NA
1/9/2017 1/9/2017 Halma plc FluxData, Inc. Defense $28 5.3 x NA
1/9/2017 1/6/2017 Research Triangle Institute International Development Services Group Defense $24 NA NA
12/22/2016 3/1/2017 Nippon Paint Dunn-Edwards Corporation Government
Services
$608 1.7 x NA
12/22/2016 3/1/2017 Founders Advantage Capital
Corp.
Impact Radio Accessories Inc. Defense $17 NA NA
12/19/2016 Pending Sioen Industries NV Verseidag Ballistic Protection Oy Defense $19 NA NA
12/18/2016 Pending Viva Energy Australia Ltd. Shell Aviation Australia Pty Ltd Aerospace $250 NA NA
12/16/2016 3/22/2017 Harmonic Drive Systems Inc. Harmonic Drive AG Defense $418 4.5 x NA
12/15/2016 12/29/2016 Troax Inc. Folding Guard Corporation Defense $28 1.4 x NA
12/15/2016 Pending Addsino Co., Ltd. Beijing Run Technology Co., Ltd. Aerospace $325 NA NA
12/14/2016 2/1/2017 Corporate Travel Management
Limited
Redfern Travel Ltd. Government
Services
$66 NA NA
12/12/2016 1/18/2017 Electra Ltd Megason LTD. Government
Services
$38 NA NA
12/12/2016 Pending Zhuhai Jinyu Investment
Consulting Co., Ltd.
Deao Import & Export Co., Ltd. Aerospace $7 NA NA
12/9/2016 12/9/2016 Ideagen PLC IPI Solutions Ltd. Defense $7 3.3 x 16.5 x
12/7/2016 1/4/2017 Curtiss-Wright Controls Defense
Solutions
Teletronics Technology Corporation Aerospace $233 NA NA
12/7/2016 2/1/2017 Vista Equity Partners LLC Fidelity National Information Services Inc,
SunGard Public Sector and Education
Government
Services
$850 NA NA
12/7/2016 Pending The Gores Group LLC The Triumph Group Operations, Inc. And
Triumph Engines - Tempe And APU
12/6/2016 12/6/2016 AVIC Electromechanical Systems
Co., Ltd.
Guizhou Fengyang Hydraulic Limited Co.,
Ltd.
12/2/2016 Pending Accipiter Investments Limited CK Capital Limited Aerospace $973 NA NA

SCOTT-MACON, LTD
May 2017
12/1/2016 Pending Maersk Line A/S Hamburg Südamerikanische
Dampfschifffahrts-Gesellschaft KG
Aerospace $4,996 0.8 x NA
11/30/2016 11/30/2016 FLIR Systems, Inc. Prox Dynamics AS Defense $134 NA NA
11/29/2016 Pending Zhonghang Heibao Co., Ltd. AVIC Shenyang Aircraft Corporation Aerospace $1,157 0.6 x NA
11/29/2016 1/24/2017 Booz Allen Hamilton Inc. eGov Holdings, Inc. Government
Services
$250 NA NA
11/28/2016 1/24/2017 1096777 B.C. Ltd. IWG Technologies Inc. Aerospace $10 1.3 x 5.9 x
11/23/2016 Pending SkyNet Group Limited Engineering Services Inc. Defense $13 NA NA
11/22/2016 3/16/2017 Daiichi Kasei Co.,Ltd. Ultrafabrics LLC Aerospace $150 NA NA
11/17/2016 12/14/2016 Hebei Changzheng Automobile
Manufacturing Co., Ltd.
Shanghai Aviation Special Vehicle
Manufacturing Co., Ltd.
Aerospace $5 NA NA
11/16/2016 Pending Chengdu Aerospace Superalloy
Technology Co., Ltd.
Gardner Group Limited Aerospace $406 2.2 x NA
11/15/2016 11/15/2016 GE Digital LLC Bit Stew Systems Inc. Aerospace $153 NA NA
11/14/2016 11/14/2016 Infradata B.V. Nomios SAS Aerospace $54 1.6 x NA
11/14/2016 11/21/2016 Sysorex Government Services,
Inc.
Integrio Technologies, LLC Government
Services
$6 NA NA
11/10/2016 12/22/2016 Med-Eng Holdings ULC Pacific Safety Products Inc. Defense $12 0.8 x 26.5 x
11/8/2016 1/3/2017 Ontic Engineering and
Manufacturing, Inc.
GE Aviation, Avionics business Aerospace $62 NA NA
11/3/2016 11/4/2016 Mercury Systems, Inc. Mercury Mission Systems International S.A. Aerospace $38 1.7 x NA
11/2/2016 11/30/2016 EQT Partners AB CHEP Aerospace Solutions Aerospace $130 NA NA
11/2/2016 12/1/2016 Huntington Ingalls Industries, Inc. Camber Corporation Defense $380 1.0 x 8.6 x
11/1/2016 11/1/2016 Union Electric Steel Corporation ASW Steel Inc. Aerospace $13 NA NA
11/1/2016 10/4/2016 Cummins Inc. Cummins Pacific, LLC Defense $114 NA NA
10/23/2016 4/13/2017 Rockwell Collins, Inc. B/E Aerospace, Inc. Aerospace $8,062 2.8 x 13.3 x
10/22/2016 Pending Lingyun Industrial Corporation
Limited
OLinkStar Co., Ltd. Aerospace $119 10.5 x NA

SCOTT-MACON, LTD
May 2017
10/21/2016 11/22/2016 Celestica Inc. LORENZ,INC. Aerospace $15 NA NA
10/20/2016 3/31/2017 Leonardo - Finmeccanica S.p.a.
(nka:Leonardo S.p.a.)
Avio S.p.A. Aerospace $175 NA NA
10/19/2016 3/31/2017 Nipco Investments Limited Mobil Oil Nigeria plc Aerospace $487 1.6 x 11.9 x
10/11/2016 11/16/2016 DigitalGlobe, Inc. The Radiant Group, Inc. Defense $140 NA NA
10/10/2016 12/21/2016 CIMIC Group Investments No. 2
Pty Ltd
UGL Limited Defense $470 0.3 x NA
10/6/2016 4/4/2017 Avolon Holdings Limited C2 Aviation Capital, Inc. Aerospace $13,356 10.8 x 21.4 x
10/4/2016 Pending Zhejiang Rifa Holding Group Co.,
Ltd.
Airwork Holdings Limited Aerospace $314 2.6 x 6.2 x
10/3/2016 9/30/2016 SL Montevideo Technology, Inc. ElectroMagnetic Enterprise Aerospace $65 1.2 x NA
10/3/2016 9/30/2016 Lanco International, Inc. Manitex Liftking ULC Defense $14 0.8 x 7.0 x
9/30/2016 9/30/2016 Winchester Electronics
Corporation
Tekna Seal, LLC Defense $11 NA NA
9/28/2016 9/28/2016 Piston Automotive, LLC Irvin Automotive Products, Inc. Aerospace $175 0.4 x NA
9/28/2016 1/2/2017 Shinsung Solar Energy Co., Ltd. Shinsung ENG Co. Ltd. Aerospace $22 NA 2.0 x
9/26/2016 10/19/2016 Vista Equity Partners III LLC GovDelivery, Inc. Government
Services
$153 NA NA
9/26/2016 12/15/2016 Edgenta UEMS Pte Ltd Government
Services
$137 2.0 x NA
9/20/2016 9/20/2016 Drone USA, Inc. Howco Distributing Co. Inc. Government
Services
$4 NA 2.0 x
9/16/2016 2/1/2017 Menzies Aviation plc Aircraft Service International Group, Inc. Aerospace $202 0.5 x 6.3 x
9/15/2016 4/28/2017 Ashok Leyland Limited Hinduja Foundries Limited Defense $220 2.4 x NA
9/15/2016 9/14/2016 Fabrinet Exception EMS Ltd. Defense $13 NA NA
9/12/2016 2/24/2017 Renesas Electronics Corporation Intersil Corporation Defense $2,969 5.7 x 31.4 x
9/7/2016 12/21/2016 Groupe ADF SAS LATECOERE Services SAS Defense $67 0.6 x NA
9/4/2016 Pending China Electronics Corporation CEC CoreCast Corporation Limited, Current
Businesses, Assets, and Liabilities

SCOTT-MACON, LTD
May 2017
8/29/2016 8/26/2016 FARO Technologies, Inc. Laser Projection Technologies, Inc. Aerospace $17 NA NA
8/24/2016 Pending Sotech Smarter Equipment Co.,
Ltd.
Chengdu Fujiang Machinery Manufacturing
Co., Ltd.
8/17/2016 8/16/2016 Analog Devices, Inc. Sypris Electronics, LLC, Cyber Security
Solutions Business
Defense $42 NA NA
8/17/2016 Pending CBAir Global Táxi Aéreo Ltda. Aerospace $12 NA NA
8/11/2016 Pending Bohai Financial Investment
Holding Co., Ltd.
Hong Kong International Aviation Leasing
Co., Ltd., Aircraft Leasing Business
Aerospace $34 NA NA
8/8/2016 11/1/2016 Asia Pacific Satellite
Communications Inc.
Asia Pacific Aerospace Incorporated Defense $14 NA NA
8/8/2016 8/8/2016 Provincial Aerospace Ltd. CarteNav Solutions Inc. Defense $13 NA NA
8/1/2016 8/31/2016 Compass Diversified Holdings
LLC
5.11, Inc. Defense $400 1.4 x 10.5 x
7/28/2016 9/30/2016 New Media Investment Group
Inc.
Fayetteville Publishing Company Inc. Defense $18 NA NA
7/27/2016 10/10/2016 Hanwha Techwin Co., Ltd. Hanwha Systems Co., Ltd. Defense $508 0.8 x NA
7/25/2016 8/26/2016 Smith & Wesson Holding
Corporation
Crimson Trace Corporation Defense $95 2.2 x 5.9 x
7/22/2016 7/22/2016 Jiangsu Bao Li Aviation
Equipment Co., Ltd.
Jiangsu Huayu General Aviation Co., Ltd. Aerospace $26 5.6 x NA
7/22/2016 8/16/2016 Guangdong Hongtu Technology Guangdong Baolong Automobile Co., Ltd. Defense $60 5.0 x NA
7/20/2016 8/26/2016 Restore PLC PHS Data Solutions Limited Government
Services
$109 1.8 x NA
7/20/2016 7/21/2016 JSC UFA Engine Industrial
Association
JSC" NPP "Motor" Defense $19 NA NA
7/19/2016 7/18/2016 Air T, Inc. Contrail Aviation Support, Inc. Aerospace $10 NA NA
7/18/2016 8/1/2016 Battenfeld Technologies, Inc. Taylor Brands, LLC Defense $85 2.2 x NA
7/11/2016 7/11/2016 Gooch & Housego plc Kent Periscopes Ltd. Defense $12 NA NA
7/11/2016 7/13/2016 Dnata Aviation Services Ltd Air Dispatch International Limited Aerospace $9 NA NA
7/10/2016 Pending Tamda Ltd. Operations & Data Integrity Ltd. Government
Services
$9 NA NA
7/10/2016 Pending Ontario Steel Investment Limited Essar Steel Algoma Inc. Defense $903 NA NA

SCOTT-MACON, LTD
May 2017
7/5/2016 Pending Empresaria Group plc Rishworth Aviation Limited Aerospace $12 NA NA
7/5/2016 7/5/2016 Nice Group USA Inc. HySecurity Inc. Government
Services
$27 1.2 x 10.8 x
7/4/2016 7/8/2016 Animoca Brands Corporation
Limited
TicBits Ltd Defense $5 4.1 x NA
7/4/2016 7/5/2016 Ennoconn Corporation American Industrial Systems, Inc. Defense $8 NA NA
7/1/2016 7/1/2016 Gama FlyerTech Limited and Aerstream Limited Aerospace $5 2.0 x 5.1 x
6/30/2016 7/22/2016 Forest Fuels Holdings Limited Midlands Wood Fuel Limited Government
Services
$3 0.7 x NA
6/28/2016 6/28/2016 FLIR Systems, Inc. Armasight Inc. Defense $41 NA NA
6/21/2016 6/21/2016 Capita plc Trustmarque Solutions Limited Government
Services
$84 NA 7.8 x
6/21/2016 9/9/2016 OSI Systems, Inc. American Science & Engineering Inc. Defense $188 1.8 x NA
6/20/2016 8/4/2016 RSP Architects Planners &
Engineers
Squire Mech Pte Ltd Government
Services
$15 NA NA
6/17/2016 8/15/2016 Hanover Investors Management
LLP
Hydro International plc Defense $37 0.7 x 9.3 x
6/15/2016 7/6/2016 Daily Internet plc System Professional Ltd. Government
Services
$7 1.0 x 5.4 x
6/12/2016 12/22/2016 DeTai New Energy Group
Limited
Emission Particle Solution Sweden AB Government
Services
$29 NA NA
6/10/2016 6/6/2016 Carlisle Interconnect
Technologies Inc.
Micro-Coax, Inc. Defense $96 2.1 x NA
6/9/2016 9/15/2016 Eco Grandeur Sdn Bhd Eco Ardence Sdn Bhd Defense $150 NA NA
6/7/2016 3/13/2017 Tongding Interconnection
Information Co., Ltd.
Byzoro Network Ltd. Defense $152 11.5 x NA
6/3/2016 6/3/2016 Hexpol AB Berwin Group Limited Aerospace $36 NA NA
Aerospace Median 1.6 x 6.3 x
Aerospace Mean 2.5 x 11.8 x
Defense Median 1.8 x 10.5 x
Defense Mean 2.8 x 13.5 x
Government Services Median 1.6 x 6.6 x
Government Services Mean 2.0 x 7.2 x

SECTION 4: RECENT CONTRACTS

SCOTT-MACON, LTD
May 2017
Top 50 Signed Contracts – May 2017
Date Signed Contractor Name Funding Agency Value ($mm) Description of Services
5/31/2017 National Technology & Engineering Solutions of
Sandia, Llc
Department of Energy $713.3 Operation of Miscellaneous Buildings
5/11/2017 The Boeing Co. Dept of The Army $488.1 Remanufacture of 38 Ah-64 Apache Aircraft, and To
Procure Three Longbow Crew Trainers and
5/18/2017 Chemonics International, Inc Agency For International
Development
$403.8 Support- Professional: Engineering/Technical
5/16/2017 General Atomics - Aeronautical Systems Inc. Dept of The Air Force $400.0 Mq-9 Reaper Production
5/1/2017 Raytheon Co. Dept of The Navy $327.1 First Three Air and Missile Defense Radar Low-Rate
Initial Production Units
5/16/2017 Northrop Grumman Systems Corp. Dept of The Navy $303.9 Procurement of Three Low-Rate Initial Production Lot
2 Mq-4C Triton Unmanned Aircraft
5/25/2017 American Systems Corp. Dept of The Army $249.0 Security Assistance Training In Support of The Army
Security Assistance Training Management
5/31/2017 Northrop Grumman Systems Corp. Dept of The Air Force $243.9 72 Active Electronically Scanned Array Radars,
Spares and Support Services
5/10/2017 General Atomics Aeronautical Systems Inc. Dept of The Army $221.6 Hardware Acquisition For The Extended Range Gray
Eagle Unmanned Aircraft System
5/26/2017 Vectrus Systems Corp. Dept of The Army $212.0 Support of Communications Equipment and
Information Systems
5/19/2017 United Launch Services Llc Dept of The Air Force $208.1 Launch Vehicle Production Services
5/3/2017 The Boeing Co. Dept of The Army $143.4 Saudi Arabia National Guard Ii and Iii Unique
Modifications To 24 Ah-64E Apache Attack
5/23/2017 Pae Government Services Dept of The Army $142.1 Training and Mentoring, and Contractor Logistics
Support For The Afghanistan National Defense
5/19/2017 Lockheed Martin Corp. Dept of The Navy $137.8 Provide Additional Funding For Affordability-Based
Cost Reduction Initiatives In Support of Low-Rate
5/31/2017 Dyncorp International Llc Dept of The Army $124.5 Support Services For Government-Owned Fixed-Wing
Fleets Performing Transport Aircraft Missions
5/31/2017 Trax International Dept of The Army $111.5 Planning, Logistics, Operation, Maintenance,
Research, and Development of Systems
5/30/2017 Philadelphia Gear Corp. Dept of The Navy $98.1 Three Shipsets of Main Reduction Gears (Mrgs) For
Ddg 51 (Arleigh Burke) Class Guided Missile
5/11/2017 Caci Enterprise Solutions Inc. Dept of The Air Force $94.0 Engineering Services
5/11/2017 Oshkosh Defense Llc Dept of The Army $90.9 Family of Heavy Tactical Vehicles Recapitalized
Palletized Load System
5/1/2017 Amsec Llc Dept of The Navy $90.1 Engineering Maintenance Support Services
5/12/2017 Lockheed Martin Corporation National Aeronautics and Space
Administration
$90.0 R&D- Space: Flight (Advanced Development)
5/5/2017 The Boeing Co. Dept of The Army $89.2 Depot-Level Maintenance Support and Sustainment
For The F/A-18 A/B/C/D/E/F and Ea-18G Aircraft
5/18/2017 The Boeing Company National Aeronautics and Space
Administration
$84.6 R&D- Space: Aeronautics/Space Technology (Basic
Research)
5/30/2017 L-3 Communications Vertex Aerospace Llc Dept of The Navy $83.1 Organizational and Depot Level Logistics Services
Required To Support and Maintain The Th-57 Fleet
5/24/2017 Lockheed Martin Rotary And Mission Systems Dept of The Navy $79.9 Provide Technical and Program Management Support
Services
5/9/2017 Rolls-Royce Corp. Dept of The Navy $78.7 Provide Original Equipment Manufacturer Engineering
and Logistics Support For The Kc-130J Aircraft
5/24/2017 Md Helicopters Inc. Dept of The Army $76.7 Logistics Support For The Md 530F Aircraft Fleet
5/30/2017 Uchicago Argonne, Llc Department of Energy $70.4 Operation of Government-Owned Contractor-
Operated R&D Facilities
5/25/2017 The Regents of The University of California
(1741)
Department of Energy $67.9 Operation of Government-Owned Contractor-
5/26/2017 4K Global Inc. Employment and Training
Administration
$59.7 Architect and Engineering- Construction: Other
Administrative Facilities/Service Buildings

SCOTT-MACON, LTD
May 2017
Top 50 Signed Contracts – May 2017 (Continued)
Date Signed Contractor Name Funding Agency Value ($mm) Description of Services
5/25/2017 Ut Battelle Limited Liability Company Department of Energy $56.9 Operation of Government-Owned Contractor-
5/25/2017 Space Exploration Technologies Corp. National Aeronautics and Space
Administration
$56.4 Transportation/Travel/Relocation- Transportation:
Space Transportation/Launch
5/25/2017 Stanford University Department of Energy $56.3 Operation of Government-Owned Contractor-
5/22/2017 Sikorsky Aircraft Corp. Dept of The Navy $55.0 Support of Low-Rate Initial Production Lot Ii For Four
Ch-53K Aircraft
5/30/2017 Bechtel National, Inc Department of Energy $55.0 Construction of Government-Owned Contractor-
5/30/2017 Savannah River Nuclear Solutions, Llc Department of Energy $53.2 Operation of Other Industrial Buildings
5/12/2017 General Dynamics Mission Systems Inc. Dept of The Air Force $53.0 Defense Injection/Reception Emergency Action
Message Command and Control Terminal (Direct)
5/31/2017 Brookhaven Science Associates, Llc Department of Energy $51.4 Operation of Government-Owned Contractor-
5/31/2017 Fermi Research Alliance Limited Liability
Company
Department of Energy $42.3 Operation of Government-Owned Contractor-
5/31/2017 Savannah River Remediation Llc Department of Energy $37.9 Operation of Waste Treatment and Storage Facilities
5/15/2017 California Institute of Technology National Aeronautics and Space
Administration
$36.6 R&D- Space: Science/Applications (Applied
Research/Exploratory Development)
5/23/2017 Science Applications International Corporation Federal Aviation Administration $35.0 Support- Professional: Program Management/Support
5/26/2017 General Dynamics Information Technology, Inc. Department of State $33.3 Support- Management: Logistics Support
5/8/2017 Mercer, Fraser Company Federal Highway Administration $31.5 Construction of Highways, Roads, Streets, Bridges,
and Railways
5/31/2017 Ablevets Llc Department of Veterans Affairs $28.5 IT and Telecom- Other IT and Telecommunications
5/26/2017 Heritage Health Solutions Limited Partnership U.S. Marshals Service $28.1 R&D- Medical: Health Services (Operational Systems
Development)
5/25/2017 Fluor-B&W Portsmouth Llc Department of Energy $27.9 Salvage- Demolition of Structures/Facilities (Other
Than Buildings)
5/26/2017 Messer Construction Co. Public Buildings Service $27.3 Repair Or Alteration of office Buildings
5/3/2017 California Institute of Technology National Aeronautics and Space
Administration
$25.6 R&D- Space: Science/Applications (Applied
Research/Exploratory Development)
5/17/2017 Atk Launch Systems Incorporated National Aeronautics and Space
Administration
$25.1 Space Vehicle Launchers
Total Top 50 $6,399.6

SCOTT-MACON, LTD
May 2017
Contract Overview by Agency and NAICS Code – May *
Top 20 Agencies Ranked by Total Contract Value Signed in May
Top 20 NAICS Codes Ranked by Total Contract Value Signed in May
* Only includes contracts with value greater than $150,000
Rank Funding Agency Contract Value ($mm) # of Contracts
1 Dept of The Army 1,971$ 20
2 Department of Energy 1,684 185
3 Dept of The Navy 1,255 10
4 National Aeronautics and Space Administration 1,105 609
5 Dept of The Air Force 999 5
6 Agency For International Development 605 115
7 Department of Veterans Affairs 576 679
8 Department of State 423 295
9 Federal Acquisition Service 294 338
10 Centers For Medicare and Medicaid Services 278 92
11 Public Buildings Service 207 230
12 Employment and Training Administration 201 67
13 Federal Aviation Administration 190 242
14 Department of Housing and Urban Development 173 42
15 National Institutes of Health 167 208
16 Department of Education 142 48
17 U.S. Marshals Service 140 118
18 U.S. Customs and Border Protection 138 58
19 Centers For Disease Control and Prevention 135 100
20 Departmental Offices 132 134
Total Top 20 by Funding Agency 10,815$ 3,595
Rank NAICS Code Description Contract Value ($mm) # of Contracts
1 Facilities Support Services 1,121$ 200
2 Administrative Management And General Management Consulting Services 866 458
3 Computer Systems Design Services 732 371
4 Research And Development In The Physical, Engineering, And Life Sciences (Except Biotechnology) 577 338
5 Research And Development In The Physical, Engineering, And Life Sciences 429 26
6 Engineering Services 406 272
7 Other Computer Related Services 404 435
8 Commercial And Institutional Building Construction 295 208
9 All Other Professional, Scientific, And Technical Services 292 210
10 Security Guards And Patrol Services 284 227
11 Data Processing, Hosting, And Related Services 153 108
12 Remediation Services 141 74
13 Custom Computer Programming Services 137 136
14 Guided Missile And Space Vehicle Manufacturing 125 10
15 Computer Facilities Management Services 114 58
16 Other Technical And Trade Schools 96 34
17 Highway, Street, And Bridge Construction 85 41
18 Residential Property Managers 85 5
19 Other Activities Related To Credit Intermediation 73 16
20 Other Scientific And Technical Consulting Services 73 72
Total Top 20 by NAICS Code Description 6,488$ 3,299

SECTION 5: KEY AEROSPACE & DEFENSE STATS

SCOTT-MACON, LTD
May 2017
Key Aerospace & Defense Stats
RPK – Global (in millions)
RPK Growth % by Region
(3/2017 vs 3/2016)
Load Factor – Global (%)
RPK Growth % by Region
(LTM 3/2017 vs LTM 3/2016)
Commercial Aerospace Orders
Source: FAA
‐7.0%
‐5.0%
‐3.0%
‐1.0%
1.0%
3.0%
5.0%
7.0%
9.0%
11.0%
13.0%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
RPK ‐ Global MoM Growth %
‐18.0%
7.8%
1.2%
6.2%
2.0%
‐2.7%
‐23.0%
‐18.0%
‐13.0%
‐8.0%
‐3.0%
2.0%
7.0%
12.0%
    North
America
    Europe     Asia Pacific     Central /
South
America
    Middle East Total
72.0%
74.0%
76.0%
78.0%
80.0%
82.0%
84.0%
86.0%
88.0%
90.0%
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
RPK ‐ Global Load Factor ‐ Global (%)
‐7.9%
6.6%
0.2%
‐23.1%
10.6%
‐0.3%
‐28.0%
‐23.0%
‐18.0%
‐13.0%
‐8.0%
‐3.0%
2.0%
7.0%
12.0%
    North
America
    Europe     Asia Pacific     Central /
South
America
    Middle East Total
LTM as of 4/2017 LTM as of 4/2016 YoY % Change 4/2017 3/2017 2/2017 1/2017 12/2016 11/2016 10/2016 9/2016 8/2016 7/2016 6/2016 5/2016
Narrowbody Unit Orders 1,329 1,499 ‐11.3% 13 148 32 9 543 25 28 1 119 195 26 190
    Boeing 753 726 3.7% 13 134 38 8 282 11 13 55 3 67 5 124
        737 753 726 3.7% 13 134 38 8 282 11 13 55 3 67 5 124
    Airbus 576 773 ‐25.5% 0 14 ‐6 1 261 14 15 ‐54 116 128 21 66
        A320 576 773 ‐25.5% 0 14 ‐6 1 261 14 15 ‐54 116 128 21 66
Widebody Unit Orders 222 327 ‐32.1% 2 13 1 19 68 3 72 ‐4 18 18 7 5
    Boeing 153 171 ‐10.5% 2 13 5 18 8 2 72 0 19 6 7 1
        787 77 71 8.5% 2 4 5 2 8 2 47 0 0 6 1 0
        777 21 44 ‐52.3% 0 8 0 1 0 0 11 0 0 0 0 1
        767 40 49 ‐18.4% 0 0 0 15 0 0 0 0 19 0 6 0
        747 15 7 114.3% 0 1 0 0 0 0 14 0 0 0 0 0
    Airbus 69 156 ‐55.8% 0 0 ‐4 1 60 1 0 ‐4 ‐1 12 0 4
        A350 23 18 27.8% 0 0 0 3 8 0 0 0 0 8 0 4
        A380 ‐2 2 ‐200.0% 0 0 0 ‐2 0 0 0 0 0 0 0 0
        A330 48 136 ‐64.7% 0 0 ‐4 0 52 1 0 ‐4 ‐1 4 0 0

SCOTT-MACON, LTD
May 2017
Key Aerospace & Defense Stats
84%
16%
Domestic International
Global Business Jet Traffic
(Flights in Thousands)
4/2017 Global Business Jet Traffic
by Type (375K Flights)
Global Business Jet Deliveries
2016 Global Business Jet Deliveries
By Market (661 Deliveries)
U.S. Defense Budget
* Base Budget Request
Source: GAMA, Office of the Under Secretary of Defense
375
387
344
348346
369
385
373
364
360
366
372
‐2%
0%
2%
4%
6%
8%
10%
320
330
340
350
360
370
380
390
400
Flights (in thousands) MoM Growth %
62.0%
18.8%
7.7%
6.2%
5.3%
North America Europe Asia‐Pacific Latin America Middle East & Africa
518
592
750
887
1,137
1,317
874
767
696 672 678
722 718
661
0
200
400
600
800
1,000
1,200
1,400
By Appropriation Title ($ in billions) FY 2016 FY 2017* FY 2018* Dollar Δ %Δ
Military Personnel 135.3$ 138.8$ -$ 3.5$ 2.6%
Operation and Maintenance 197.5 251.0 - 53.5 27.1%
Procurement 110.7 112.1 - 1.4 1.2%
RDT&E 68.8 71.8 - 3.0 4.3%
Military Construction/Family Housing 6.9 8.2 - 1.3 18.9%
Other 2.5 1.5 - (1.0) -39.5%
Total 521.7$ 583.4$ 639.0$ 61.7$ 11.8%
By Military Department ($ in billions) FY 2016 FY 2017* FY 2018* Dollar Δ %Δ
Army 123.3$ 148.1$ -$ 24.8$ 20.2%
Navy 159.3 165.2 - 5.9 3.7%
Air Force 145.7 167.1 - 21.4 14.7%
Defense Wide 93.4 103.0 - 9.6 10.3%
Total 521.7$ 583.4$ 639.0$ 61.7$ 11.8%
FY 2016 vs FY 2017
FY 2016 vs FY 2017

SECTION 6: ABOUT SCOTT-MACON

SCOTT-MACON, LTD
May 2017
Overview
Michael Papazis has over 15 years of investment banking experience. Prior to joining Scott-Macon, Mr. Papazis
was a Vice President of Aerospace & Defense Investment Banking at Oppenheimer & Co. Before Oppenheimer,
Michael was a Senior Associate within the Aerospace & Defense Investment Banking Group at Jefferies & Company.
Mr. Papazis began his career as an Analyst at Deutsche Banc Alex Brown in Baltimore, Maryland. Throughout his
career, Mr. Papazis has worked on several M&A, equity and debt financing transactions for various Aerospace &
Defense clients including Lockheed Martin, Kratos Defense & Security and Essex Corporation.
Mr. Papazis is a graduate of Dartmouth College with a B.A. in Economics and Government, Cum Laude. He also
holds an M.A. in International Affairs from the Johns Hopkins University School of Advanced International Studies
(SAIS).
Michael N. Papazis
Managing Director
Scott-Macon, Ltd.
Office: (212) 755-8200
Fax: (212) 583-9262
mpapazis@scott-macon.com
www.scott-macon.com
Selected Transaction Experience

SCOTT-MACON, LTD
May 2017
Scott-Macon, Ltd. is one of the oldest independent investment banks in the United States focused on middle market
transactions in the range of $10 million to $500 million. The firm is comprised of senior professionals who have had extensive
transaction experience in the areas of mergers and acquisitions, debt and equity financing, valuations and fairness opinions and
general corporate financial consulting.
Founded in 1973 by Alfred L. Scott, Scott-Macon has remained unique in its commitment to provide clients with senior level
advisors who have had significant investment banking experience as well as, in many cases, direct operating experience. The
firm's philosophy of providing advice, ideas and solutions tempered by the perspective of actual operating experience has
benefited clients over the firm's long history.
Another cornerstone of Scott-Macon’s operating philosophy is a client-oriented approach to investment banking services, in
contrast to today’s transaction-oriented environment. Scott-Macon professionals strive to understand the unique aspects of
each client's operations and will not hesitate to counsel against a transaction if it does not appear to be in the long-term best
interests of a client. The firm’s ownership by its own management team enables and encourages a truly unbiased and
independent perspective; free from the inherent conflicts and cross-selling that can occur when advisory services are integrated
into broader financial services platforms incorporating banking, securities or accounting. The success of Scott-Macon’s client-
oriented approach has been validated over the firm’s history by the high percentage of repeat engagements which the firm has
experienced from its clients.
About Scott-Macon
Aerospace
OEM
Structures
Components
MRO / Aftermarket
Defense
Defense
Electronics
Homeland Security
Defense Systems
C4ISR
Government
Services
Intelligence
Civil / Non-Defense
SETA / Engineering
IT Services
Aerospace Defense & Government Services Coverage
About Scott-Macon
Prepared by SCOTT-MACON, LTD
Over 40 Years of Senior Level Experience, Attention & Execution in Investment Banking

Scott-Macon Aerospace, Defense and Government Services (May 2017)

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