AEROSPACE, DEFENSE, AND GOVERNMENT SERVICES

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1 AEROSPACE, DEFENSE, AND GOVERNMENT SERVICES QUARTERLY UPDATE 4 TH QUARTER 2014

Market Highlights Defense and Government 2014 brought an improved M&A environment for defense and government services companies, given the passing of budgets, increased award activity, and increased

2 Market Highlights Defense and Government 2014 brought an improved M&A environment for defense and government services companies, given the passing of budgets, increased award activity, and increased buyer appetite to pursue acquisitions M&A activity accelerated in the second half of the year, with strategic and private equity buyers ramping up M&A efforts Traditional strategics continue to acquire specialized assets (Lockheed / SMS, BAE / Eclipse Electronic Systems & SilverSky, Raytheon / Blackbird) with capabilities across ISR, health IT, and cybersecurity Engility s transaction with TASC highlights the types of creative strategies that companies are employing to build scale and position for future growth (all-stock transaction, fueled by significant tax benefits and potential synergies) Private equity activity remains strong, with firms adding specialized capabilities and scale to existing platforms and investing in well-positioned new platforms (Novetta / DRG & Sentinel, PSS / GCS, Bridge Growth / CRGT) Commercial Aerospace Public companies in the commercial aerospace sector enjoyed the fifth consecutive year of a robust valuation environment Despite the overall favorable valuation environment, signs of pressure began to emerge (Bluestone s index of commercial aerospace companies saw annual growth rates decline from a median of 8.3% in 2013 to 5.8% in 2014) 10 of 14 suppliers in Bluestone s commercial aerospace index traded down in 2014 Strategic buyers continue to rely on M&A to supplement top line growth, focusing on adding scale, highly differentiated capabilities, and access to new markets / customers (Triumph / NAAS, Zodiac / Enviro Systems) In light of the strong M&A valuation environment, private equity owners of commercial aerospace businesses have increasingly pursued exit strategies (NAAS / Mangrove, PFI / Vance) History shown that sellers that take advantage of an attractive exit window are rewarded (average valuation multiples decreased nearly 50% during the last down cycle) Selected Industry Leadership Commentary With $55 million in net cash and a $500 million line of credit, ManTech sufficient capability to grow the company through acquisitions. We are actively seeking out companies because we believe in the long-term outlook of federal services contracting and our basic markets. We are most focused on areas where funding is clear and margins are strong, including cybersecurity and healthcare. George Pedersen Chairman & CEO October 29, 2014 we are looking at both organic and inorganic investments to double down on our strategy. And if we find acquisition targets that fit them [set of growth platforms], that makes sense culturally, that are at a good price, we are ready to act and we have now built the internal capability to do so. The speed at which they happen and the size of all of that is really more dictated by what we find and how excited we get about what s there. Horacio Rozanski President & COO October 29, 2014 Since our successful spin-off and through our recent acquisition of DRC, which created substantial benefits for our stockholders, we have built a strong track record of developing and executing integration strategies that drive meaningful top and bottom line synergies. We expect [TASC] to extend our track record and accelerate our growth strategy, which is focused on further diversifying our customer base, adding substantial scale to our business, broadening our capabilities, and increasing our addressable market. Anthony Smeraglinolo President & CEO October 28, 2014 The deal flow is still robust. We are going to remain disciplined in the prices that we will pay for these opportunities. We want to make sure that we re just not out there grabbing growth wherever we can. We want to make sure that we are achieving our strategic objective of the proper balancing of our markets and our segments Jeffry Frisby President, CEO, & Director October 30,

Public Company Valuation Summary Throughout 2014, public companies within the defense and government services industries experienced considerable stock appreciation and continued to outperform the

3 Public Company Valuation Summary Throughout 2014, public companies within the defense and government services industries experienced considerable stock appreciation and continued to outperform the S&P 500 Publicly traded commercial aerospace companies declined 12% in 2014 despite solid revenue and earnings growth, underscoring strong pressure on these businesses to sustain their lofty valuations Indexed Stock Price Performance (LTM) Historical EV / Valuation Trend 40% $1.1 trillion GFY15 budget passed 14.0x 30% 20% 10% 33% 17% 11% 12.0x 10.0x 8.0x 6.0x 10.5x 8.8x 7.6x 6.5x 5.9x 6.0x 9.9x 9.7x 6.6x 6.0x 5.6x 5.6x 11.0x 7.0x 6.3x 8.7x 8.8x 11.7x 0% 4.0x -10% -12% -20% 1/1/2014 3/1/2014 5/1/2014 7/1/2014 9/1/ /1/2014 1/1/2015 S&P 500 Defense Government Services Commercial Aerospace Source: FactSet as of 12/31/2014; historical valuation trend represents annual median values for each index 2.0x 0.0x Defense Government Services Commercial Aerospace 3

4 Illustrative M&A Announcements 4 th Quarter 2014 agreed to acquire Eclipse Electronic Systems Division of $56 million $114.5 million $28 million Provider of IT consulting, custom software development, and application operations and maintenance services Provider of integrated cabin pressure and temperature control systems for commercial and military aircraft Provider of deployable and tactical communications and networking equipment for U.S. military, government, and civilian customers Provider and manufacturer of ISR and signal intelligence solutions, signal processing components, and digital receiver products Illustrates continued strategic interest in diversifying into civilian agencies and in enhancing high-end IT capabilities such as big data and analytics Demonstrates strong strategic interest in acquiring sole or limited source suppliers of aerospace systems and components Represents strategic interest in adding C4ISR capabilities and expanding relationships with specialized defense customers, such as Special Operations Demonstrates strategic interest in expanding ISR capabilities and addressing the advanced technology requirements of U.S. national security and defense customers and and $710 million Providers of enterprise mission IT, cybersecurity, cloud computing, and big data solutions primarily to the Intelligence Community ( IC ) Provider of systems engineering, program and financial management, and acquisition support solutions to the federal government Provider of advanced threat, security, and compliance solutions to government and commercial customers Provider of engineering, design, and manufacturing of flight hardware, ground support equipment, and tooling to space, aerospace, and defense customers Demonstrates continued interest in expanding cybersecurity and big data capabilities and solutions for government customers, particularly within the IC Demonstrates continued private equity interest in using strategic acquisitions to supplement organic growth and expand into new customer sets Demonstrates strong market interest in differentiated cybersecurity assets Illustrates continued private equity interest in using M&A to add capabilities and scale to existing portfolio companies 4

Illustrative M&A Announcements 4 th Quarter 2014 Aerospace Integration Business of Government Solutions Division of $135 million $420 million Provider of turnkey solutions for the design, planning,

5 Illustrative M&A Announcements 4 th Quarter 2014 Aerospace Integration Business of Government Solutions Division of $135 million $420 million Provider of turnkey solutions for the design, planning, and implementation of assembly lines for major aerospace equipment manufacturers Provider of security and fire protection services, facilities operations and maintenance, and training solutions for federal and civilian government agencies Designer, developer, and light manufacturer of cabin electronics for business, commercial, and military aircraft Provider of secure tactical communications, surveillance, and cybersecurity solutions to the Intelligence and Special Operations Communities Demonstrates strategic interest in expanding internationally Illustrates private equity interest in investing in new platform companies in the government market Demonstrates strong buyer interest in wellpositioned suppliers of avionics and cabin management systems Highlights strategic interest in enhancing cybersecurity and ISR capabilities and expanding relationships within the IC and Special Operations Community agreed to acquire and $1,100 million Provider of custom software development and data analytics to federal government agencies Provider of health data analytics, data center operations, and other health IT services and solutions to the federal government, primarily Veterans Affairs ( VA ) customers Professional services provider to national security and civilian government customers Provider of aerodynamic testing and engineering services to jet engine and gas turbine OEMs, MROs, and government customers Demonstrates continued private equity interest in investing in new, well-positioned federal IT platform companies Demonstrates strategic interest in broadening health IT capabilities and expanding access to specific contract vehicles (e.g., T4) Highlights strategic interest in diversifying customer base and adding scale via sizable acquisitions Demonstrates continued private equity interest in well-positioned specialized aerospace businesses 5

Illustrative M&A Announcements 4 th Quarter 2014 Engineered Solutions Division of Healthcare Unit of $232.

kitchens and sanitary equipment, for the U.S.

solutions to the Centers for Medicare & Medicaid Services ( CMS ) Illustrates continued private equity interest in adding scale and new capabilities to existing portfolio companies via targeted

6 Illustrative M&A Announcements 4 th Quarter 2014 Engineered Solutions Division of Healthcare Unit of $232.5 million Provider of complete turnkey machining, welding, fabrication, and manufacturing services for aerospace and oil and gas customers Designs and develops expeditionary systems, such as field kitchens and sanitary equipment, for the U.S. military Provider of cloud-based protection and network security application services and solutions for government, financial services, and healthcare customers Provider of IT and strategy solutions to the Centers for Medicare & Medicaid Services ( CMS ) Illustrates continued private equity interest in adding scale and new capabilities to existing portfolio companies via targeted acquisitions Highlights continued consolidation of vendors in the industrial supply base to maintain capacity and competitiveness in a declining defense budget environment Highlights continued strategic interest in expanding cybersecurity capabilities across both government and commercial markets Demonstrates continued strategic interest in expanding and strengthening health IT capabilities and Provider of strategy and agile enterprise IT and data analytic services and solutions to government clients Industry-leading provider of specialty aviation maintenance, repair, and overhaul services focused primarily on aircraft fuel systems Provider of specialized data and compliance analytics solutions to federal and commercial customers Provider of air charter, aircraft maintenance, flight instruction, and FBO services Illustrates continued buyer interest in obtaining key contract vehicles (e.g., EAGLE II) via acquisitions Highlights strategic interest in expanding portfolios of aftermarket services Represents private equity interest in pursuing differentiated consolidation strategies in the government market Demonstrates private equity interest in pursuing consolidation strategies in fragmented segments of the aerospace market 6

Selected Current Public Company Valuations Defense Total Enterprise Value ( TEV ) / LTM Government Services TEV / LTM 12.0x 10.0x 8.0x 6.0x 11.0x 10.9x 10.9x 10.3x 10.1x 8.1x 6.4x 12.0x 10.0x 8.0x 6.0x 10.4x 10.

7 Selected Current Public Company Valuations Defense Total Enterprise Value ( TEV ) / LTM Government Services TEV / LTM 12.0x 10.0x 8.0x 6.0x 11.0x 10.9x 10.9x 10.3x 10.1x 8.1x 6.4x 12.0x 10.0x 8.0x 6.0x 10.4x 10.4x 10.4x 10.0x 9.9x 9.7x 7.9x 7.1x 5.6x 4.0x 4.0x 2.0x 2.0x 0.0x LLL LMT GD RTN NOC BAE XLS 0.0x SAIC BAH ICFI LDOS CUB CACI MANT EGL NCIT Commercial Aerospace TEV / LTM 20.0x 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x 18.9x 17.1x 12.8x 12.7x 12.0x 11.9x 11.6x 11.5x 11.2x 9.6x 9.5x 8.7x 8.0x 6.2x HEI TDG HXL PCP WWD LMIA COL BA WAIR BBD.B BEAV TGI AIR AIR.FR Source: FactSet as of 12/31/2014 7

8 Public Company Stock Performance Defense Defense ($ in millions, except share price) Market / Enterprise Value EV Multiples Price % of 52 Market Ent. Debt / Revenues Company 12/31/14 Week Hi Cap Debt Cash Value Mkt Cap LTM CY2013 CY2014 LTM CY2013 CY2014 BAE Systems plc $ % $23,904.2 $4,846.2 $3,814.3 $24, % 0.9x 0.9x 1.0x 8.1x 8.1x 7.8x Exelis Inc % 3, , % 0.8x 0.8x 1.1x 6.4x 5.4x 7.4x General Dynamics Corporation % 48, , , , % 1.6x 1.5x 1.6x 10.9x 10.9x 10.8x L-3 Communications Holdings, Inc % 11, , , % 1.2x 1.2x 1.2x 11.0x 10.0x 11.3x Lockheed Martin Corporation % 62, , , , % 1.5x 1.5x 1.5x 10.9x 12.0x 10.1x Northrop Grumman Corporation % 34, , , , % 1.5x 1.5x 1.6x 10.1x 10.2x 10.1x Raytheon Company % 35, , , , % 1.6x 1.5x 1.6x 10.3x 10.5x 9.9x Median: 96.8% 17.2% 1.5x 1.5x 1.5x 10.3x 10.2x 10.1x Mean: 94.7% 18.0% 1.3x 1.3x 1.4x 9.7x 9.6x 9.6x Profitability Revenue Growth Gross Profit GM (%) Margin Company LTM CY2013 CY2014 '12 / '13 '13 / '14 LTM LTM LTM CY2013 CY2014 LTM CY2013 CY2014 BAE Systems plc $ 26,360.0 $ 26,360.0 $26, % (0.5%) $7, % $ 3,090.2 $ 3,090.2 $3, % 11.7% 12.2% Exelis Inc. 4, , ,247.3 (12.8%) (32.6%) % % 13.9% 15.1% General Dynamics Corporation 30, , ,594.2 (0.9%) (2.0%) 5, % 4, , , % 13.9% 14.4% L-3 Communications Holdings, Inc. 12, , ,076.1 (3.9%) (4.4%) 1, % 1, , , % 11.9% 11.0% Lockheed Martin Corporation 44, , ,939.1 (3.9%) (0.9%) 5, % 6, , , % 12.1% 14.6% Northrop Grumman Corporation 24, , ,856.5 (2.2%) (3.3%) 5, % 3, , , % 14.7% 15.3% Raytheon Company 22, , ,762.7 (2.9%) (4.0%) 5, % 3, , , % 14.4% 16.0% Median: (2.9%) (3.3%) 21.8% 13.5% 13.9% 14.6% Mean: (3.8%) (6.8%) 19.7% 13.5% 13.2% 14.1% Source: FactSet as of 12/31/2014 8

9 Public Company Stock Performance Government Services Government Services ($ in millions, except share price) Market / Enterprise Value EV Multiples Price % of 52 Market Ent. Debt / Revenues Company 12/31/14 Week Hi Cap Debt Cash Value Mkt Cap LTM CY2013 CY2014 LTM CY2013 CY2014 Booz Allen Hamilton $ % $3,944.5 $1,645.5 $241.8 $5, % 1.0x 1.0x 1.0x 10.4x 10.0x 10.0x CACI International Inc % 2, , , % 0.9x 0.9x 0.9x 9.7x 10.1x 10.2x Cubic Corporation % 1, , % 0.9x 0.9x 0.9x 9.9x 12.4x 9.7x Engility Holdings, Inc % , % 0.8x 0.8x 0.8x 7.1x 7.0x 8.8x ICF International, Inc % % 0.9x 1.0x 0.9x 10.4x 10.9x 9.5x Leidos Holdings, Inc % , , % 0.9x 0.8x 0.9x 10.0x 12.3x 10.8x ManTech International Corporation % 1, , % 0.6x 0.5x 0.6x 7.9x 6.2x 8.4x NCI, Inc % % 0.3x 0.3x 0.3x 5.6x 5.6x 5.5x SAIC % 2, , % 0.7x 0.7x 0.7x 10.4x 10.6x 10.6x Median: 95.3% 20.1% 0.9x 0.8x 0.9x 9.9x 10.1x 9.7x Mean: 93.7% 23.9% 0.8x 0.7x 0.8x 9.0x 9.5x 9.3x Profitability Revenue Growth Gross Profit GM (%) Margin Company LTM CY2013 CY2014 '12 / '13 '13 / '14 LTM LTM LTM CY2013 CY2014 LTM CY2013 CY2014 Booz Allen Hamilton $5,300.1 $5,547.6 $5,325.6 (4.3%) (4.0%) $1, % $515.2 $533.6 $ % 9.6% 10.0% CACI International Inc. 3, , ,500.6 (3.0%) (3.4%) 1, % % 9.0% 9.1% Cubic Corporation 1, , ,411.1 (0.5%) 3.0% % % 7.3% 9.0% Engility Holdings, Inc. 1, , ,400.4 (15.0%) (0.5%) % % 10.9% 8.7% ICF International, Inc. 1, , % 10.8% % % 9.0% 9.4% Leidos Holdings, Inc. 5, , ,131.9 (9.0%) (11.1%) % % 6.3% 8.0% ManTech International Corporation 1, , ,799.9 (10.5%) (22.1%) % % 7.4% 7.0% NCI, Inc (9.8%) (4.2%) % % 5.9% 6.3% SAIC 3, , ,874.5 NA (6.0%) % % 6.2% 6.6% Median: (6.6%) (4.0%) 14.4% 8.9% 7.4% 8.7% Mean: (6.3%) (4.2%) 19.1% 8.5% 7.9% 8.2% Source: FactSet as of 12/31/2014 9

10 Public Company Stock Performance Commercial Aerospace Commercial Aerospace ($ in millions, except share price) Market / Enterprise Value EV Multiples Price % of 52 Market Ent. Debt / Revenues Company 12/31/14 Week Hi Cap Debt Cash Value Mkt Cap LTM CY2013 CY2014 LTM CY2013 CY2014 AAR Corp. $ % $1,086.2 $635.3 $92.6 $1, % 0.8x 0.8x 0.8x 8.0x 7.0x 7.3x Airbus Group NV % 39, , , , % 0.5x 0.5x 0.5x 6.2x 6.8x 5.6x B/E Aerospace Inc % 6, , , % 2.0x 2.4x 2.4x 9.5x 11.3x 9.1x Boeing Company % 99, , , , % 1.1x 1.1x 1.1x 11.5x 12.0x 10.7x Bombardier Inc % 6, , , , % 0.6x 0.7x 0.6x 9.6x 10.5x 8.2x HEICO Corporation % 4, , % 4.0x 4.4x 3.9x 18.9x 19.9x 17.5x Hexcel Corporation % 4, , % 2.6x 2.8x 2.5x 12.8x 14.3x 12.1x LMI Aerospace, Inc % % 1.1x 1.1x 1.1x 11.9x 9.5x 10.3x Precision Castparts Corp % 35, , , % 4.0x 4.2x 3.9x 12.7x 14.0x 12.2x Rockwell Collins, Inc % 11, , , % 2.7x 2.9x 2.7x 11.6x 12.3x 11.2x TransDigm Group Incorporated % 11, , , % 7.5x 8.8x 7.4x 17.1x 19.2x 16.4x Triumph Group, Inc % 3, , , % 1.4x 1.4x 1.3x 8.7x 8.3x 7.0x Wesco Aircraft Holdings, Inc % 1, , , % 1.7x 2.3x 1.7x 11.2x 11.9x 10.8x Woodward, Inc % 3, , % 2.0x 2.0x 1.9x 12.0x 12.8x 11.6x Median: 89.4% 33.0% 1.9x 2.2x 1.8x 11.5x 11.9x 10.7x Mean: 84.3% 48.0% 2.3x 2.5x 2.3x 11.5x 12.1x 10.7x Profitability Revenue Growth Gross Profit GM (%) Margin Company LTM CY2013 CY2014 '12 / '13 '13 / '14 LTM LTM LTM CY2013 CY2014 LTM CY2013 CY2014 AAR Corp. $1,939.0 $2,077.3 $2,024.9 (1.6%) (2.5%) $ % $203.6 $232.7 $ % 11.2% 11.0% Airbus Group NV 80, , , % (8.4%) 11, % 6, , , % 7.3% 9.6% B/E Aerospace Inc. 4, , , % (0.6%) 1, % % 21.3% 26.6% Boeing Company 90, , , % 3.8% 13, % 8, , , % 9.5% 10.3% Bombardier Inc. 19, , , % 8.7% 2, % 1, , , % 6.5% 7.6% HEICO Corporation 1, , , % 11.7% % % 22.0% 22.3% Hexcel Corporation 1, , , % 10.3% % % 19.2% 20.6% LMI Aerospace, Inc % (3.3%) % % 11.4% 10.9% Precision Castparts Corp. 9, , , % 9.2% 3, % 3, , , % 30.2% 31.6% Rockwell Collins, Inc. 4, , , % 7.5% 2, % 1, , , % 23.3% 23.8% TransDigm Group Incorporated 2, , , % 18.8% 1, % 1, , % 45.6% 45.0% Triumph Group, Inc. 3, , , % 3.3% % % 16.3% 18.7% Wesco Aircraft Holdings, Inc. 1, , , % 40.4% % % 19.7% 15.3% Woodward, Inc. 2, , , % 4.1% % % 15.7% 16.7% Source: FactSet as of 12/31/2014 Median: 8.3% 5.8% 27.1% 16.0% 17.8% 17.7% Mean: 11.7% 7.4% 27.6% 18.0% 18.5% 19.3% 10

About Bluestone Capital Partners Bluestone Capital Partners is a boutique investment banking firm that provides advisory services to middle-market companies on mergers and acquisitions, divestitures,

11 About Bluestone Capital Partners Bluestone Capital Partners is a boutique investment banking firm that provides advisory services to middle-market companies on mergers and acquisitions, divestitures, and other corporate finance transactions. Over the past two decades our firm s principals have advised on more than 150 transactions in the aerospace, defense, and government markets. Our principals believe that to enhance shareholder value in today s rapidly changing market, corporations, business owners, executives, and investors must have trusted, insightful, and unbiased advice and counsel. Our executives are passionate about the industries they serve, and they have a proven track record advising clients through dynamic business cycles. Select Recent Bluestone Transactions Bluestone Capital Partners 1650 Tysons Boulevard, Suite 1530 McLean, Virginia p. (703) f. (703) Firm Leadership been by Debt Financing been by been by John Allen CEO jallen@bluestonecapitalpartners.com Susan Gabay Managing Director sgabay@bluestonecapitalpartners.com Greg Van Beuren Managing Director gvanbeuren@bluestonecapitalpartners.com Provider of technology-based consulting services and solutions primarily to civilian government agencies Provider of cybersecurity, network performance management, and enterprise applications, primarily to healthcare agencies Specialized MRO business providing fuel system maintenance for commercial and military aircraft Manufacturer of military soft shelter systems and environmental weather lining systems Michael Ivey Senior Vice President mivey@bluestonecapitalpartners.com Bob Kwaja Vice President bkwaja@bluestonecapitalpartners.com Garrett Asta Associate Vice President gasta@bluestonecapitalpartners.com 11

Q1 2014: Key Statistics and Market Review

Aerospace & Defense Q1 2014: Key Statistics and Market Review Q1 2014 Aerospace & Defense Outpaces the Broader Market for the Year; 2014 Industry Outlook Positive Aerospace & Defense Annual Sector Highlights