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FUELINGINNOVATION WOODWARD

PROPRIETARY INFORMATION • © 2018 WOODWARD, INC.

v.3.25.19

CAUTIONARYInformation in this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks anduncertainties, including, but not limited to, statements regarding our expectations related to the performance of our segments, our plans and expectationsregarding our recent acquisition of L’Orange, including its expected effects on our business and financial results, our expectations regarding the effects of thechanges in the U.S. tax legislation on our effective tax rate, our future sales, earnings, earnings per share, liquidity, tax rate, and relative profitability, andexpectations regarding our markets. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, andassumptions that are difficult to predict. Factors that could cause actual results and the timing of certain events to differ materially from the forward-lookingstatements include, but are not limited to, a decline in our customers’ business, or our business with, or financial distress of, Woodward’s significant customers; globaleconomic uncertainty and instability in the financial markets; Woodward’s ability to manage product liability claims, product recalls or other liabilities associatedwith the products and services that Woodward provides; Woodward’s ability to obtain financing, on acceptable terms or at all, to implement its business plans,complete acquisitions, or otherwise take advantage of business opportunities or respond to business pressures; Woodward’s long sales cycle, customer evaluationprocess, and implementation period of some of its products and services; Woodward’s ability to implement and realize the intended effects of any restructuring andalignment efforts; Woodward’s ability to successfully manage competitive factors, including prices, promotional incentives, competitor product development,industry consolidation, and commodity and other input cost increases; Woodward’s ability to manage expenses and product mix while responding to salesincreases or decreases; the ability of Woodward’s subcontractors to perform contractual obligations and its suppliers to provide Woodward with materials ofsufficient quality or quantity required to meet Woodward’s production needs at favorable prices or at all; Woodward’s ability to monitor its technological expertiseand the success of, and/or costs associated with, its product development activities; consolidation in the aerospace market and our participation in a strategic jointventure with General Electric Company may make it more difficult to secure long-term sales in certain aerospace markets; Woodward’s debt obligations, debtservice requirements, and ability to operate its business, pursue its business strategies and incur additional debt in light of covenants contained in its outstandingdebt agreements; Woodward’s ability to manage additional tax expense and exposures; risks related to Woodward’s U.S. Government contracting activities,including liabilities resulting from legal and regulatory proceedings, inquiries, or investigations related to such activities; the potential of a significant reduction indefense sales due to decreases in the amount of U.S. Federal defense spending or other specific budget cuts impacting defense programs in which Woodwardparticipates; changes in government spending patterns, priorities, subsidy programs and/or regulatory requirements; future impairment charges resulting fromchanges in the estimates of fair value of reporting units or of long-lived assets; future results of Woodward’s subsidiaries; environmental liabilities related tomanufacturing activities and/or real estate acquisitions; Woodward’s continued access to a stable workforce and favorable labor relations with its employees;physical and other risks related to Woodward’s operations and suppliers, including natural disasters, which could disrupt production; Woodward’s ability tosuccessfully manage regulatory, tax, and legal matters; changes in accounting standards that could adversely impact our profitability or financial position; risksrelated to Woodward’s common stock, including changes in prices and trading volumes; impacts of tariff regulations; risks from operating internationally, includingthe impact on reported earnings from fluctuations in foreign currency exchange rates, and compliance with and changes in the legal and regulatory environmentsof the United States and the countries in which Woodward operates; fair value of defined benefit plan assets and assumptions used in determining Woodward’sretirement pension and other postretirement benefit obligations and related expenses; industry risks, including increases in natural gas prices, unforeseen events thatmay reduce commercial aviation and increasing emissions standards; any adverse effects on Woodward’s operations due to information systems interruptions orintrusions; risks associated with integrating the L’Orange business, including diversion of management time and attention, inability to meet our expectations,unexpected liabilities, loss of employees and difficulties integrating and retaining customers, suppliers and partners; certain provisions of Woodward’s charterdocuments and Delaware law that could discourage or prevent others from acquiring the company; and other risk factors described in Woodward's Annual Reporton Form 10-K for the year ended September 30, 2018.

PROPRIETARY INFORMATION • © 2018 WOODWARD, INC.2

WOODWARDOVERVIEW


WOODWARDWhat we do…

Control system solutions and components for the aerospace and energy markets

Our Technology…Innovative flow, combustion, electrical, and motion control systems help our customers offer cleaner, more reliable, and more efficient equipment

Our Customers…Leading original equipment manufacturers and end users of their products

We are Global…Woodward is a global company with operations in 16 countriesApproximately 8,300 members


ALWAYS INNOVATING FOR A BETTER FUTURE4

SUSTAINABLE TSR* GROWTH


* Total Shareholder Return5

COMPELLING STRATEGY

Leader in niche markets

Partner with industry leaders

Indispensable to our customers

Disciplined capital deployment


COMPELLING STRATEGYLEADER IN NICHE MARKETS


PARTNER WITH INDUSTRY LEADERS


$2.3 Billion FY2018 Sales8

COMPELLING STRATEGYINDISPENSABLE TO OUR CUSTOMERS

Our goal is to be Indispensable to our customers through –

Close collaborationCreative systems solutionsInnovative state of the art technologyWorld-class operational excellence


COMPELLING STRATEGYDISCIPLINED CAPITAL DEPLOYMENT

50% of net earnings to shareholdersDividends (increasing 10-15% annually)Share repurchases

Balance toGrow the coreStrengthen the coreExpand into adjacencies

Inorganic growth opportunitiesGood long-term markets & fundamentals in both aerospace and industrial


Share Repurchases

Dividends

RETURNED TO SHAREHOLDERS FY2014-2018

Returned ~$630M to shareholders

10

L’ORANGE ACQUISITIONLeader in fuel injection technology for industrial applications

Enhances global customer base and strategic relationships

Large installed base supporting profitable aftermarket business

Significant synergy opportunities


Integration on track11

ATTRACTIVE MARKETS POSITIVE GROWTH DRIVERSGlobal infrastructure

Transportation of goods and peoplePower generation and controlEnergy extraction and distribution

Emission reductionsTightening global regulationsShift to cleaner fuels

High performanceEnergy/Fuel efficiencyHarsh conditionsConsistent, safe operation


COMPETITIVE ADVANTAGESWorld-class technology

Leveraged across company

Partnering with market leadersHigh barriers to entry

Certifications – FAA, emissionsSignificant investmentPedigree/field experience

Complex solutions customer valueHighly integrated

Operational excellenceSole source positions


Industry Leading Controls Technology

13

OPERATIONAL EXCELLENCE DRIVING SHAREHOLDER VALUE


Perfect Safety Perfect Quality Perfect Delivery

ProductivityLean PrinciplesCulture of Quality

Significant Initiatives Driving Improved Margins and Working Capital14

TRUE NORTH…

Delivers on Narrowbody ramp upIndustrial recovery

EnhancesMargin improvementCash generation and ROICShareholder value


2011-2015 2016-2020E 2019-2023E

$0.3

$1.3 - $1.5

$2.0

Free Cash Flow(in Billions)

SUPERIOR CASH GENERATION

Generating significant cash flow

Target 2019-2023 ~$2 billion



BOB WEBER ANNOUNCES RETIREMENTJoined WWD as CFO October 2005

Vice Chairman & CFO since 2011

October 1, 2019 – CFO transition

Retirement January 2020


JACK THAYER, VICE CHAIRMAN


Joined WWD January 7, 2019

Vice Chairman of Corporate Operations

October 1, 2019 – becomes CFO as well

WWD board member for last 3 years

CFO since 2012 at Exelon Corporation

CHIEF OPERATING OFFICER


Joined WWD February 19, 2019

Vice Chairman and COO

Responsibility for Aerospace and Industrial segments, as well as Global Supply Chain

Previously Group President at Kohler Power Group

NEAR TERM EXECUTION LONG TERM FOCUSWoodward value model solid

Always innovating for a better futureWinning with industry leaders

Expanding capabilitiesGaining share

Favorable growth dynamicsStrong demand for fuel efficiency and lower emissionsGlobalization of natural gas

Improving operating performanceCash focused



FINANCIALS


FY2018 FINANCIAL HIGHLIGHTS

Sales - $2.3 billion Up 11% from $2.1 billion

Adjusted EPS1 $3.85 per diluted shareUp 22% from $3.16

Free cash flow1 of $172 millionDown from $215 million

Capital expenditures of $127 millionUp from $92 million


SALES AND EARNINGS


CAGR – 3.7% CAGR – 12.9%2014 2015 2016 2017 2018

$2.45 $2.75 $2.85 $3.16

$3.85

Adjusted Earnings per Share

23

2014 2015 2016 2017 2018

1,084 1,161 1,233 1,342 1,558

917 877 790 756 768

Total SalesAerospace Sales Industrial Sales

$ in millions

MARGIN IMPROVEMENTAerospace continued strength

Heavy OEM ramp & share gainsAftermarket + initial provisioningDefense

Industrial return to growthEnhanced opportunities with L’OrangeSales volume leverageLeaner through prior restructuring

WoodwardTrue North operational excellence


Aerospace Industrial

19.4%

10.7%

20%

14%

Segment Margins

FY2018 FY2019E

*

24

* Adjusted Industrial segment margin1

CAPITAL EXPENDITURES

Major facilities completeSufficient capacity for long-term

Utilization rampingAddition of L’Orange


$0

$50

$100

$150

$200

$250

$300

Capital Expenditures

Equip & Maint Facilities

$ in millions

Positive future FCF impact

25

STRONG BALANCE SHEET


0

200

400

600

800

1,000

1,200

1,400

2011 2012 2013 2014 2015 2016 2017 Adj2018

Debt and EBITDA1

EBITDA Debt

$ in millions

2011 2012 2013 2014 2015 2016 2017 Adj2018

1.51.3

1.8

2.22.5

2.3

1.7

2.9

Debt-to-EBITDA Leverage

Target ~2.0x at Sept 30, 2019

26

RETURN ON INVESTED CAPITAL

Investment cycle Return cycle

L’Orange acquisition in FY18

Free cash flow reducing debt


2018 Target

9.6%

15.0%

Adjusted ROIC

27

TOTAL SHAREHOLDER RETURN

Attractive markets

Margin expansion

Cash flow accelerating

Sound capital deployment


TSR 5 Year CAGR = 15%2014 2015 2016 2017 2018

$47.62

$40.70

$62.48

$77.61$80.86

WWD Share Price(Fiscal Year End)

28

FY2019 OUTLOOK

Revenue Between $2.65 and $2.75 billion

Effective tax rate ~21%

Adjusted earnings per diluted share

Between $4.40 and $4.70

Free cash flow ~$300M


2013 2014 2015 2016 2017 2018 2019

$2.10 $2.45

$2.75 $2.85 $3.16

$3.85

Adjusted Earnings per Share$4.40-$4.70

29

WHERE WE ARE GOING 2019 – 2023 OUTLOOKRevenue growth ~8% CAGR

Organic and M&A opportunities

Margin expansionAerospace 20%+Industrial 16%+

Superior cash generationFree cash flow ~$2 billionConversion target 100%


2011-2015 2016-2020E 2019-2023E

$0.3

$1.3 - $1.5

$2.0

Free Cash Flow(in Billions)

30

INDUSTRIAL


STRONG INDUSTRY DRIVERS


PARTNER WITH INDUSTRY LEADERS


62%

12%

26%

33

INDUSTRIAL SALESBY END MARKET


$768 Million FY2018 Sales

WHAT WE DO – INDUSTRIAL


Flow control Motion control Combustion control Electrical

Engine Turbine RPS

Flow control valve

EGR module

Air valve

Fuel valve

Ignition

Flow control valve

Actuation

Engine control

Fuel injector

Fuel pump MW class converters

Actuation Gas valve

Integrated control

Drivers

Distributed control

Switchgear control

Distributed energy control

Centralized control

35

WHERE WE PLAY – GAS ENGINES


Transportation

Residential / back-up

Commercial

Industrial power

Distributed power

Utility plant

Process plant& pipeline compression

Compressor

Power GenerationOil & Gas

Industrial compressor

100 MW

10 MW

< 100 KW

Size

Industrial pump

36

WHERE WE PLAY – DIESEL ENGINES


Transportation Power GenerationOil & Gas

Back-up

Data center/commercial

Industrial power

Distributed power

Utility plant

Fracking/drilling

Compressor

Pump

100 MW

10 MW

<100 KW

Size

37

WHERE WE PLAY – TURBINES*


*Includes gas, steam and wind turbines, and compressors

Compressor train

Compressor package

Utility steam turbine

Utility gas turbine

Peaker gas turbine

Renewables

Transportation Power GenerationOil & Gas

Compressor

Pump1MW

500+ MW

100MW

Size

38

GLOBAL ENERGY PROJECTIONS –FAVORABLE TO WWD

Fossil fuels (Liquids, coal & natural gas) projected to remain largest energy source

Petroleum & liquids, natural gas and renewables fastest growing energy sources


Source: EIA, International Energy Outlook 2018

0

50

100

150

200

250

1990 2000 2010 2020 2030 2040

ProjectionHistory

petroleum and other liquids

coal

natural gas

renewables

nuclear

Quadrillion BTUs

39

WWD

US POWER GEN ADDITIONS - 2018


Source: Exxon Mobil 2018, Outlook for Energy

In 2018, ~60% of U.S. Utility Scale Power Generation Additions were Natural Gas

40

GAS TURBINES BOTTOMING

Woodward orders have stabilized

Significant content gains on new and updated GE and MHI turbines

Growing market share in small industrial gas turbine market with focus on oil and gas


POWER DEMAND OF DATA CENTERS

Global data centers expected to grow rapidly

New concept – kWh/Gigabyte

Most data centers require multiple external power feeds, plus onsite generation


Source; Nature, Sep 2018

Favorable impact on WWD diesel and natural gas product portfolios

42

ELECTRIC VEHICLES (EV)

Not EV market

EV passenger transportationLight duty, short distancesUrban vehicles and small buses


100 MW

10 MW

< 100 KW

Size

TransportationNatural Gas Diesel

EV ra

nge

WWD does not play in these markets

43

OIL AND GAS MARKETOil demand to stay strong

Global supply rose to 100 million bpd in Q3Additional demand driven by developing world Pricing outlook expected to see some volatility into 2019

What is driving the market?Expanding investments in oil & gas explorationProjected increase in global oil & gas capital expenditures mainly driven by North America


OIL AND GASCONTENT ACROSS VALUE CHAIN


ExplorationOn shore / off shore

ProductionOn shore / off shore

Processing & refiningDistribution

LiquefactionRegasificationCompression

45

MARINE RECOVERING

Global economic activity driving increased commerce and freight

Higher utilization of existing fleet

LNG becoming global commodityIncreased number of LNG tankers and terminals

IMO 2020 – new global emissions rulesBoosts LNG as shipping fuel Drives demand for complex fuel injection systemsMarine GHG reduction – 50% by 2050


L’ORANGE INTEGRATIONON TRACKFY19 accretion $0.60

Up from $0.35

FY19 growth 4-8%

Cost synergies$20M annually by 2021

Sales synergies


WWD & L’ORANGE END MARKETS


Industrial Pro FormaIndustrial

Power GenerationTransportation Oil & Gas

L’ORANGE SYNERGIES


SALES SYNERGIES COST SYNERGIES~$20 MILLION*

• Expanded opportunities as an independent fuel system supplier

• OEM customer base and geography leverage

• Aftermarket channel leverage• Complementary product offerings

• Productivity• Supply Chain• Infrastructure

*Estimated annual savings by fiscal year 2021.

CHINA “PROTECT THE BLUE SKY”Truck and bus market

Move to natural gas and EV

Diesel vs. gas spread still favorable for gas

Nat gas proportion of truck production significantly increasing

Infrastructure investment securing natural gas supply

Diesel and gas engine regulations to be implemented in major cities


Regulatory environment favorable for WWD natural gas fuel systems

0%

5%

10%

15%

20%

25%

30%

35%

- 100 200 300 400 500 600 700 800 900

1,000

2014 2015 2016 2017 2018 2019 2020 2021

China Engine Production 7L+ Market Share of Natural Gas Engines

Diesel

Natural Gas

Natural Gas Market Share

High end of range

Low end of range

Thousands of Engines

Market Share Natural Gas

50

CHINA VI

Supports “Protect the Blue Sky” initiative

Driving increased demand for complex fuel systems for natural gas and diesel engines

Drives more WWD content

Implementation target July 2019


Regulatory environment favorable for WWDdiesel and natural gas fuel systems

51

INSTALLED BASE LARGE AND GROWING

Optimizing entitlement levelPartnering with OEMs

Focus on upgrades, reman, repair & overhaul operations

Digital and e-commerce FY19 launch

System and component upgrades

Creating end user pull


FY2019 INDUSTRIAL OUTLOOKSales

Up ~30%• Up ~6% organic

Engine markets recoveringGas and wind turbine bottoming

Adjusted Margins~14%Higher volume


877 790 756 768

Industrial Sales $ in millions

2015 2016 2017 2018 2019E

14.4%

10.4% 10.4% 10.7%

14%

Adjusted Industrial Margins

53

AEROSPACE


AEROSPACE SALES$1.6B FY2018


STRONG MARKETSCommercial

Strong backlogs and deliveriesMAX and neo production rampingIncreasing passenger trafficHigh load factorsParked fleet decreasing

DefenseUS DoD budget favorableGrowing international demandGlobal instability remains

Business and General Aviation (BGA)Utilization increasingNew platforms launching


WHAT WE DO – AEROSPACE


Flow control Motion control Combustion control

Integrated Propulsion Systems

Flight Deck Controls

Aircraft Actuation

Main fuel pump

Fuel metering unit

Actuator TRAS

Air valve

Fuel nozzle Oil management

Side stick

Throttle quadrant Pedals

Flap leverFlap EMA

Rudder trim actuator

APU door motor

Door actuator

Autobrake

57

2018 2019 2020 2021 2022 2023

Single Aisle Deliveries

GROWTH THROUGH SHARE GAINS

A320

A320neo

737

737 MAX

Source: Bernstein, WWD estimates

CFM LEAP

Boeing 737 MAX

Estim

ated

Del

iver

ies


ENGINE CONTENT – NARROWBODY


Geared Turbofan (GTF) Content

AIRFRAME CONTENT – NARROWBODY


Boeing 737 MAX Airbus A320neo

KEY CONTENT – NARROWBODY


737NG

A320

737 MAX

EJets E2

A320neo

CSeriesCRJ

~$125,000 ~$275,000

~$80,000

~$110,000 ~$240,000

~$165,0001~$185,000EJet

~$230,0002

Content may vary based on options selected1 Representative of delivery profile – 70-seat and 90-seat2Content does not include thrust reverser actuation system for new nacelle version

61

ENGINE CONTENT – WIDEBODY


AIRFRAME CONTENT – WIDEBODY


Boeing 777X Airbus A330neo

KEY CONTENT – WIDEBODY


787

A330

747-8

A380

A350

777X

767 ~$210,000

~$40,000A330neo ~$200,0003

~$46,000

~$285,000

~$800,000

~$25,000

~$360,0001

~$430,0003

2

777

Content may vary based on options selected1 GP7200 engine option2 GEnx engine option3 Estimated content

64

COMMERCIAL AFTERMARKET TRENDSLegacy programs (A320, 737, 777) dominate MRO activity

Favorable shop visitsIncreased impact from new narrowbody programs

Initial provisioning salesMRO cycles post 2022

Traffic growth, in-service aircraftDriving MRO


INSTALLED BASELARGE AND GROWING

80% of Woodward commercial programs in ‘Growth’ mode

Accelerating WWD fleet growth Production > retirementsSignificant IP sales

Market share gainsHigher LRUs in service increased MRO


Source: company estimates

2013 2018 2023E

WWD Components In Commercial Service

+50%

+150%

66

DEFENSE MARKET TRENDS

DoD budget rising

Fleet readiness improvement driving upgrades

Ongoing conflicts driving increased activity and foreign military sales


DEFENSEIncreased content on new platforms

F-35 Joint Strike FighterKC-46A tanker

Leader in guided weapon actuation

Well represented across major platforms

Fixed wing and rotorcraftMRO and upgrade programs


KC-46A

Blackhawk Apache

F-35

F-15F/A-18

68

KEY CONTENT – DEFENSE


Content may vary based on options selected

F/A-18

F-16

Black Hawk

F-35

Apache

~$125,000

~$300,000

~$335,000 ~$55,000

~$145,000V-22 ~$645,000KC-46 Tanker ~$545,000

69

BUSINESS & GENERAL AVIATION

Tax legislation changes lifting marketNew platform deliveries to drive growth

Utilization improvingUsed inventory/pricing improving

Platform and content increasesFlight deck controlsEngine fuel systems


Gulfstream G500

Bombardier Global 7000

Cessna Latitude

70

KEY CONTENT – BUSINESS JETS


Content may vary based on options selected

G550

Global Express Global 7000/8000

G650 HondaJet

G500/G600

~$365,000~$230,000

~$185,000

~$210,000

~$180,000

~$90,000

71

SECURING WINS ON NEXT GEN PLATFORMSMilitary aircraft

Boeing 777X

Rotorcraft

Turboprops

NMA


FY2019 AEROSPACE OUTLOOKSales

Up ~10%Narrowbody programs rampingStrong defenseCommercial A/M up single digits

Margin~20%OEM volumes increaseStrong aftermarket and defense


1.161.23

1.34

1.56

Aerospace Sales$ in billions

2015 2016 2017 2018 2019E

16.2%

18.8% 19.2% 19.4% 20.0%Aerospace Margins

73

APPENDIX


NON-U.S. GAAP MEASURES


1Non-US GAAP Measures: EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization) and free cash flow (cash from operations less capital expenditures) are non-US GAAP financial measures. Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted EBIT and EBITDA, adjusted effective tax rate, adjusted Industrial segment margins, and adjusted nonsegment expenses exclude, as applicable, (i) restructuring charges, (ii) move costs associated with the relocation of our Duarte, California operations to the Company’s newly renovated Drake Campus in Fort Collins, Colorado (“Duarte move related costs”), (iii) L’Orange M&A transaction and integration costs and (iv) the transition impacts of the change in U.S. federal tax legislation. Organic financial measures excludes all impacts related to the anticipated L’Orange acquisition. EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization), and free cash flow are financial measures not prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The use of these measures is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America. Securities analysts, investors, and others frequently use EBIT, EBITDA and free cash flow in their evaluation of companies.

75

Industrial Segment Sales $ 767.9

Industrial Segment Earnings 47.9

Purchase accounting impacts 34.4

Adjusted Industrial Segment Earnings $ 82.3

Adjusted Industrial Segment Margin 10.7%

YTD FY 18(mils)

(mils) (mils) (mils) (mils) (mils) (mils) (mils) (mils)Net Earnings $ 180.4 $ 200.5 $ 180.8 $ 181.5 $ 165.8 $ 145.9 $ 141.6 $ 132.2 Income Taxes 39.2 52.2 45.6 59.5 61.4 53.6 56.2 55.3 Interest Expense 31.8 27.4 26.8 24.9 22.8 26.7 26.0 25.4 Interest Income (1.7) (1.7) (2.0) (0.8) (0.3) (0.3) (0.5) (0.5)

EBIT 249.7 278.5 251.2 265.0 249.8 226.0 223.3 212.4

Amortization of Intangibles 44.7 25.8 27.5 29.2 33.6 37.0 32.8 35.0

Depreciation Expense 71.4 55.1 41.6 46.0 43.8 37.3 35.8 40.4

EBITDA as reported $ 365.8 $ 359.4 $ 320.3 $ 340.3 $ 327.1 $ 300.2 $ 291.9 $ 287.8

Restructuring and other charges 57.9 - - - - - - -

EBITDA as adjusted $ 423.7 $ 359.4 $ 320.3 $ 340.3 $ 327.1 $ 300.2 $ 291.9 $ 287.8

YTD FY15 YTD FY14 YTD FY13 YTD FY12 YTD FY11YTD FY 18 YTD FY 17 YTD FY16

Net Earnings Per Share $ 2.82

Non-U.S. GAAP Adjustments

Restructuring charges, net of tax 0.20

Other charges, net of tax* 0.66

Non-U.S. GAAP adjustments 0.86

Transition impact of recent changes to U.S. tax law 0.17

Total non-U.S. GAAP adjustments 1.03

Adjusted net earnings per share $ 3.85

* Includes Duarte move-related costs, the purchase accounting impacts related to

inventory step-up and backlog in connection with our L'Orange acquisition, and M&A

transaction and integration costs.

YTD FY 18

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