#1KAMAN INVESTOR PRESENTATION June 1, 2022 EXTEND YOUR REACH. KAMAN#2CAUTIONARY STATEMENT ΚΑΜΑΝ > > 1945 FORWARD LOOKING STATEMENTS This presentation includes "forward looking statements" within the meaning of the federal securities laws relating to management's current expectations or plans for the Company's future operating and financial performance. Such forward looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax payments and rates, research and development spending, cost savings, other measures of financial performance, potential future plans, strategies or transactions, credit ratings and net indebtedness, other anticipated benefits resulting from the Company's planned acquisition (the "Transaction") of the Aircraft Wheel & Brake Division of Parker Hannifin-Corporation ("Parker"), the Transaction, including the benefits of the Transaction, the anticipated timing of the Transaction, and the expected performance and future operations of Kaman, and can be identified by the use of words such as "will," "expect," "poise," "believe," "plans," "strategy," "prospects," "estimate," "seek," "target," "anticipate," "intend," "future," "likely," "may," "should," "would," "could," "project," "opportunity," "will be," "will continue," "will likely result," and other words of similar meaning in connection with a discussion of the Transaction or future operating or financial performance or events. These statements are based on assumptions currently believed to be valid but involve significant risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those expressed in the forward looking statements. Such risks and uncertainties include, among others, (i) the ability of the parties to satisfy the conditions precedent and consummate the Transaction; (ii) the risk that audited financial statements for the acquired business may not be able to be prepared in a timely manner or at all; (iii) the risk that all required approvals under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other applicable competition and foreign investment laws will not be received in a timely manner or at all; (iv) Kaman's ability to arrange financing to complete the Transaction; (v) the risk that the consummation of the Transaction will not be completed in a timely manner or at all (including as a result of the European Commission not requiring Parker to divest the acquired business as a condition to its approval of the Meggitt acquisition or such acquisition not otherwise closing), which may result in Kaman incurring significant costs and expenses and otherwise adversely affect the price of Kaman's securities; (vi) the possibility that the Transaction will result in adjustments to the capped call arrangements Kaman entered into in connection with its convertible senior unsecured notes due May 2024 that will have a negative impact to Kaman and its current stockholders; (vii) the effect of the announcement or pendency of the Transaction on the business relationships and operating results of Kaman and the acquired business generally; (viii) the outcome of any legal proceedings that may be instituted against Kaman or Parker related to the purchase agreement or the Transaction; (ix) following consummation of the Transaction, Kaman's ability to enforce and protect intellectual property related to the acquired business; (x) risks that the Transaction disrupts the current plans and operations of Kaman or the acquired business; (xi) the representations and warranties provided by Parker and Kaman's rights to recourse are extremely limited in the purchase agreement and, as a result, the assumptions on which its estimates of future results of the acquired business have been based may prove to be incorrect in a number of material ways, which could result in an inability to realize the expected benefits of the Transaction or exposure to material liabilities; (xii) the inability of Kaman to successfully integrate the operations of the acquired business and realize anticipated benefits of the Transaction; (xiii) the inability of Kaman or the acquired business to profitably attract new customers and retain existing customers; (xiv) the ability to implement the anticipated business plans following closing and achieve anticipated benefits and savings; and (xv) future and estimated revenues, earnings, cash flow, charges and expenditures. The foregoing list of factors is not exhaustive. Additional risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward looking statements are identified in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. The forward looking statements included in this report and any exhibits filed or furnished herewith are made only as of the date of this release. Readers are cautioned not to put undue reliance on forward looking statements, and Kaman does not undertake any obligation to update the forward looking statements to reflect subsequent events or circumstances. NON-GAAP FINANCIAL MEASURES Management believes that the Non-GAAP financial measures (i.e. financial measures that are not computed in accordance with Generally Accepted Accounting Principles) used in this presentation or in other disclosures provide important perspectives into the Company's ongoing business performance. The Company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures. Other companies may define the measures differently. Reconciliations from GAAP measures to the Non-GAAP measures are presented at the end of the presentation. KAMAN.COM | 2#3EXTEND YOUR REACH. KAMAN $1.3 B ENTERPRISE VALUE 2,800+ EMPLOYEES Note: Data as of December 31, 2021 52 CONSECUTIVE YEARS OF DIVIDEND PAYMENTS SALES IN 50+ COUNTRIES ΚΑΜΑΝ >> 1945 KAMAN.COM | 3#4OUR VISION To propel our customers forward by imagining and delivering highly-engineered solutions Ο RE MARINES KAMAN.COM | 4#5OUR SEGMENTS O 44449 O SEARINES ΚΑΜΑΝ > > 1945 Provides sophisticated, proprietary bearings and components; super precision, miniature ball bearings; and proprietary spring energized seals, springs and contacts. ENGINEERED PRODUCTS Provides precision safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; manufacture, restoration, modification and support of our helicopter programs including K-MAX®, SH-2G and KARGO UAV unmanned aerial system. PRECISION PRODUCTS Provides sophisticated complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft, and medical imaging solutions. STRUCTURES KAMAN.COM 5#6KEY MESSAGES ΚΑΜΑΝ > > 1945 • INNOVATION & GROWTH . • • Announced definitive agreement to purchase Parker-Hannifin Aircraft Wheel & Brake - May 23, 2022 Investing in automation for Kamatics, Bal Seal and GRW businesses • Providing innovative technology such as miniature bearings for Turbo Molecular Pumps Growing aftermarket opportunities in Structures by expanding FAA Part 145 certification On target for demonstration of the full scale KARGO UAV unmanned aerial system in 2H 2022 DRIVERS FOR 2022 PEFORMANCE • Strong medical and industrial demand • Rebounding commercial, business and general aviation markets • Backlog increase in Engineered Products with a 23% increase in 1Q22 Quarterly cadence impacted by JPF sales timing KAMAN.COM | 6#7PARKER AIRCRAFT WHEEL & BRAKE ACQUISTION MEETS KAMAN VALUE CREATION CRITERIA ($) Expands our highly engineered product portfolio Business with a technical leadership position Increased exposure on aerospace & defense platforms Attractive financial profile with strong margins and cash flows Accretive investment Significant increase in high-margin aftermarket ΚΑΜΑΝ > > 1945 KAMAN.COM | | | 7#8PARKER AIRCRAFT WHEEL & BRAKE ~$70 M 2021 REVENUE • • LEADING PORTFOLIO • Trusted provider of mission critical wheel & brake technology products ESTABLISHED & PREDICTABLE BUSINESS Best in class margins and strong cash flow Long standing customer relationships with global reach Solutions integrated into 100+ platforms worldwide Installed base of ~450,000 aircraft globally serviced Scalability for short-term and long-term growth ~40% 2021 EBITDA MARGIN 80% SINGLE SOURCED CONTRACTS 1 CENTRALIZED LOCATION AVON, OH • Customized propriety designs protected by intellectual property Experienced leadership team Note: All data including but not limited to Revenue and EBITDA Margin is LTM December 31, 2021 as provided by Parker and has not been audited. See full presentation for acquisition published on May 23, 2022 at www.kaman.com/investors/investor-presentations. 75+ CUSTOMERS KAMAN.COM | 8#9PARKER AIRCRAFT WHEEL & BRAKE COMPREHENSIVE SUITE OF PRODUCTS SERVING COMMERCIAL & DEFENSE PLATFORMS WHEEL ASSEMBLIES BRAKE ASSEMBLIES BRAKE HYDRAULICS ΚΑΜΑΝ > > 194#10COMBINATION CREATES VALUE 2021 Revenue 2021 Adjusted EBITDA Margin Global Manufacturing Sites Number of Employees Revenue by End Market Revenue by Manufacturer KAMAN $709 M 13.5% 13 ~2800 Parker Aerospace (1) COMBINED Aircraft Wheel & Brake Division ~$70 M ~40% 1 ~90 $779 M ~16% 14 ~2900 (2) Ind. & Other 11% Ind. & Other 10% Medical Medical 12% Defense 51% Defense 11% Defense 46% Com., Bus., GA 26% Com., Bus., GA Com., Bus., GA 50% 54% 29% AM 14% AM OEM 33% 19% AM OEM 86% 67% (1) Unaudited financial information provided by Parker, rounded to the nearest whole number. There are no adjustments for Parker for EBTIDA margin. (2) Combined business calculated as sum of Kaman FY 2021 results and Aircraft Wheel & Brake LTM December 31, 2021. OEM 81% ΚΑΜΑΝ > > 1945 KAMAN.COM | 10#11SEGMENT OUTLOOK & STRATEGY OUTLOOK ENGINEERED PRODUCTS GROWING MISSION Grow organically and through M&A PRECISION PRODUCTS TRANSFORMING Pivot to new technologies and markets STRUCTURES IMPROVING Strengthen margin STRATEGY Win new business Improve new product introduction Benefit from rebounding commercial aviation market Develop new products Advance autonomous technologies Launch next generation fuzing systems Win higher margin programs Improve quality and on-time delivery Drive operations excellence KAMAN.COM ΚΑΜΑΝ > > 1945 | 11#12ENGINEERED PRODUCTS PROVIDING A BROAD RANGE OF PREMIER PRODUCTS FOR DIVERSE END MARKETS O Self Lubricating Bearings Traditional Airframe Bearings Flexible Drive Systems High Precision Miniature Bearings Engine Aftermarket Components High Precision Seals, Springs & Contacts Karon® Self Patented and Custom design Lubricating Machinable Liner capability proprietary technology Proprietary design, machining & assembly FAA parts manufacturing authorization Proprietary design, machining & assembly ΚΑΜΑΝ > > 1945#13PRECISION PRODUCTS PROVIDING UNMATCHED PRECISON, VERSATILITY AND EFFICIENCY SAFE & ARM DEVICES Supporting U.S. & Allied militaries Joint Programmable Fuze JASSM ATACMS MK54 AMRAAM SLAM-ER Harpoon Tomahawk ΚΑΜΑΝ > > 1945 MEMORY & MEASUREMENT Supporting mission & flight critical applications Ruggedized avionics modules Advanced sensor technology Signal Conditioning electronics DIVERSE AERIAL SYSTEMS Supporting heavy & medium lift applications SH-G2 K-MAX® K-MAX TITAN KARGO UAV unmanned aerial system KAMAN.COM | 13#14STRUCTURES PROVIDING KEY STRUCTURAL COMPONENTS ACROSS CRITICAL END MARKETS Black Hawk Cockpit Sikorsky multi-year contract awarded in Dec 2021 AH-1Z Bell blade skin to core structural components A-10 Thunderbolt Boeing wing assemblies contract through 2030 ROLLS R Medical Imaging Tables Partnership with Mirion Technologies in Jan 2022 اس ROYCE ΚΑΜΑΝ > > A350ADUS Commercial Engine OEM 1945 KAMAN.COM | 14#15CONSISTENT PERFORMANCE DIVERSE PORTFOLIO POISED TO CAPTURE REBOUNDING COMMERCIAL AEROSPACE ΚΑΜΑΝ >> 1945 Adjusted EBITDA USD, millions 120 100 80 60 40 20 Adjusted EBITDA Margin |||| 2018 2019 2020 2021 1Q22 LTM PORTFOLIO TRANSFORMATION - Record JPF deliveries 2019 - Peak commercial aerospace volumes 15% 14% 2020 - Acquired Bal Seal 13% 12% 11% 10% Adjusted EBITDA -Adjusted EBITDA Margin - Pandemic impacts 2021 - Divested U.K. composites business - Improving outlook for commercial aerospace - Implemented operations excellence model - Segmented our portfolio 2022 - Announced definitive agreement to acquire Parker-Hannifin Aircraft Wheel & Brake KAMAN.COM | 15#161Q 2022 SALES BY END MARKET 15% 12% 30% 43% CONSOLIDATED SALES ~85% OEM ~15% Aftermarket COMMERCIAL, BUSINESS, & GENERAL AVIATION 50% 40% Defense 30% ■Commercial, Business & General Aviation 20% Medical 1Q20 3Q20 1Q21 3Q21 1Q22 Industrial & Other -Boeing & Airbus ΚΑΜΑΝ >> 1945 KAMAN.COM | 16#172022 MARKET OUTLOOK PLATFORM/END MARKETS 2022 vs. 2021 Defense Commercial, Business & General Aviation Medical ↑ Industrials ↑ FULL YEAR EXPECTATIONS Improved performance in defense offerings to offset lower JPF volume Benefiting from strong order rates, improved performance and market share wins Benefiting from strong order rates, improved performance and adoption of new technologies Benefiting from strong order rates, improved performance and expansion into new markets ΚΑΜΑΝ > > 1945 KAMAN.COM | 17#18DISCIPLINED CAPITAL ALLOCATION DIVIDEND 1 FROM OPERATING ACTIVITIES 2022 PLAN CAPEX INORGANIC INVESMENTS & SHARE REPURCHASES ~$25 M 2 3 DIVIDEND Committed to a strong dividend ΚΑΜΑΝ CAPEX Capital investments to grow our assets > > 1945 INORGANIC INVESTMENTS & SHARE REPURCHASES Value-creating inorganic growth Return cash through share repurchases KAMAN.COM | 18#19DISCIPLINED APPROACH TO M&A OUR STRENGTHS AREAS OF INTEREST VALUE • • • • . • Product innovation Engineering and manufacturing expertise Helping customers solve complex problems Businesses with a technical leadership position Exposure to high-growth end markets Attractive financial profile with strong margins and cash flows Markets and technologies we know well High return investment Meaningful synergy opportunities Long term leverage target of 2x-3x CRITERIA ● ΚΑΜΑΝ >> 1945 KAMAN.COM | 19#20FOCUSED ON TOP QUARTILE PERFORMANCE GROWTH THROUGH INNOVATION M&A AND CAPITAL ALLOCATION OPERATIONAL EXCELLENCE Accelerate internal investments in our products, facilities and people Expand capabilities through accretive M&A Maintain a disciplined approach to shareholder returns Drive significantly improved operating and financial performance EBITDA MARGIN FREE CASH FLOW RETURN ON CONVERSION INVESTED CAPITAL ΚΑΜΑΝ > > 1945 KAMAN.COM | 20#21APPENDIX#221Q 2022 FINANCIAL RESULTS ΚΑΜΑΝ > > 1945 Net earnings $158 M NET SALES 32% GROSS MARGIN $4.0 M Adjusted EBITDA $12.2 M Adjusted EBITDA margin 7.7% $50 M 1Q22 LTM CASH FLOW FROM OPERATING ACTIVITIES 1Q22 LTM FREE CASH FLOW $30 M Diluted EPS $0.14 Adjusted diluted EPS $0.15 KAMAN.COM | 22#231Q 2022 SEGMENT RESULTS ENGINEERED PRODUCTS PRECISION PRODUCTS STRUCTURES Net Sales $81 M Operating Income $11.0 M Adjusted EBITDA $17.3 M Net Sales $48 M Operating Income $3.4 M Adjusted EBITDA Net Sales $29 M Operating Income -$0.6 M Adjusted EBITDA $0.3 M ΚΑΜΑΝ > > 1945 $4.4 M Adjusted EBITDA Margin 21.2% Adjusted EBITDA Margin 9.3% Adjusted EBITDA Margin 1.0% KAMAN.COM | 23#24FOCUSED ON INNOVATION HIGH PRECISION MINIATURE BEARINGS FOR TURBO MOLECULAR PUMPS SOLUTION FOR APPLICATIONS WITH: High vacuum High vibration Limited thermal dissipation Low drive power USED IN HIGH-TECH, ULTRA-CLEAN MARKETS: Semiconductors Solar Panels Laboratory Equipment Surface Coatings 164#25FOCUSED ON INNOVATION KARGO UAV, unmanned aerial system, a purpose built autonomous medium lift logistics vehicle for a wide range of defense and commercial applications 554 ΚΑΜΑΝ >> 1945 Designed for easy transport and deployment Lifting capacity of 800 lbs A Self-deploys with no payload up to 523 nautical miles Flight testing of scaled model - Completed 3Q21 Flight testing of full-scale vehicle - 2022 KAMAN.COM | 25#26FUTURE COMMERICAL AIRCRAFT APPLICATIONS KARGO N1CKX NTC KARGO OFFSHORE SUPPORT HUMANITARIAN AID & DISASTER RELIEF URBAN DELIVERY ΚΑΜΑΝ > > 1945 KAMAN.COM | 26#27NON-GAAP RECONCILIATIONS ΚΑΜΑΝ > > 1945 For Kaman: Adjusted EBITDA and Adjusted EBITDA Margin - Adjusted EBITDA for the consolidated company results is defined as net earnings before interest, taxes, other expense (income), net, depreciation and amortization and certain items that are not indicative of the operating performance of the Company for the periods presented. Adjusted EBITDA for the segments is defined as operating income before depreciation and amortization. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percent of Net sales. Management believes Adjusted EBITDA and Adjusted EBITDA margin provide an additional perspective on the operating results of the organization and its earnings capacity and helps improve the comparability of our results between periods because they provide a view of our operations that excludes items that management believes are not reflective of operating performance, such as items traditionally removed from net earnings in the calculation of EBITDA as well as Other expense (income), net and certain items that are not indicative of the operating performance of the Company for the period presented. Adjusted EBITDA and Adjusted EBITDA margin are not presented as an alternative measure of operating performance, as determined in accordance with GAAP.. Adjusted Net Earnings and Adjusted Diluted Earnings Per Share - Adjusted net earnings and adjusted diluted earnings per Share are defined as GAAP "Net earnings" and "Diluted earnings per share", less items that are not indicative of the operating performance of the business for the periods presented. These items are included in the reconciliation below. Management uses adjusted earnings from continuing operations and adjusted diluted earnings per share to evaluate performance period over period, to analyze the underlying trends in our business and to assess its performance relative to its competitors. We believe that this information is useful for investors and financial institutions seeking to analyze and compare companies on the basis of operating performance. Free Cash Flow - Free cash flow is defined as GAAP "Net cash provided by (used in) operating activities from continuing operations" in a period less "Expenditures for property, plant & equipment" in the same period. Management believes free cash flow from continuing operations provides an important perspective on our ability to generate cash from our business operations and, as such, that it is an important financial measure for use in evaluating the Company's financial performance. Free cash flow should not be viewed as representing the residual cash flow available for discretionary expenditures such as dividends to shareholders or acquisitions. Management uses free cash flow internally to assess overall liquidity. For Parker: EBITDA and EBITDA Margin - EBITDA and EBITDA margin for Aircraft Wheel and Brake represent unaudited financial information provided by Parker. EBITDA is defined as earnings before interest, taxes, net depreciation. EBITDA margin is defined as EBITDA as a percent of Net sale. EBITDA and EBITDA Margin are indicative of the operating performance of the Company for the periods presented. Management believes EBITDA and EBITDA margin provide an additional perspective on the operating results of the organization and its earnings capacity and helps improve the comparability of results between because they provide a view of operations that excludes items that management believes are not reflective of operating performance. EBITDA and EBITDA margin are not presented as an alternative measure of operating performance, as determined in accordance with GAAP. KAMAN.COM | 27#28NON-GAAP RECONCILIATIONS Table 1. Enterprise Value (unaudited) Thousands of U.S. dollars, except share data Common shares outstanding Closing Price Market Capitalization Long-term debt, excluding current portion, net of debt issuance costs 2021 December 31, 27,860,373 $ 43.15 1,202,175 189,421 Cash and cash equivalents Net Debt Enterprise Value (140,800) 48,621 $ 1,250,796 ΚΑΜΑΝ >> 1945 KAMAN.COM | 28#29NON-GAAP RECONCILIATIONS Table 2. Adjusted EBITDA and Adjusted EBITDA Margin (unaudited) ΚΑΜΑΝ >> 1945 Thousands of U.S. dollars Sales from continuing operations December 31, 2018 Twelve Months Ended December 31, Three Months Ended 2019 $ 735,994 $ 761,608 $ December 31, 2020 784,459 December 31, October 1, December 31, July 2, 2021 April 1, 2022 2021 2021 2021 $ 708,993 $ 182,394 $ 179,836 $ 175,147 $ 158,048 $ Twelve Months Ended April 1, 2022 695,425 Earnings (loss) from continuing operations, net of tax 15,877 56,446 (70,434) 43,676 11,856 14,667 9,169 4,028 39,720 Interest expense, net 20,046 17,202 19,270 16,290 4,335 3,646 4,058 2,481 14,520 Income tax expense (benefit) 9,259 (15,859) (7,730) 16,832 5,502 4,447 6,676 1,307 17,932 Non-service pension and post retirement benefit income (12,127) (396) (16,250) (26,229) (6,577) (6,612) (6,397) (5,263) (24,849) Income from TSA (3,673) (8,439) (931) (442) (14) (456) Other expense (income), net (92) (309) (728) (142) 158 (172) (417) 504 73 Operating income (loss) $ 32,963 $ 53,411 $ (84,311) $ 49,496 $ 14,832 $ 15,962 $ Depreciation and amortization 27,875 25,854 43,899 36,654 9,182 9,083 13,089 9,180 $ 3,057 8,832 $ 46,940 36,277 Non-cash, non tax goodwill impairment charge 50,307 Impairment on assets held for sale Restructuring and severance costs 36,285 7,353 1,558 8,359 6,154 1,516 2,611 675 169 4,971 Non-cash intangible asset impairment charge 10,039 Non-cash write-off of inventory 709 Employee tax-related matters in foreign countries 3,040 Cost associated with corporate development activities 1,081 10,090 4,539 1,198 415 136 647 128 1,326 Bal Seal acquisition costs 8,506 Cost of acquired Bal Seal retention plans 22,814 Inventory step-up associated with Bal Seal acquisition 2,355 Costs from transition services agreement 4,673 12,515 1,728 999 24 1,023 Senior leadership transition 280 Reversal of employee tax-related matters in foreign operations (1,859) Reversal of environmental accrual at GRW (264) Loss (gain) on sale of business Loss on sale of assets and liabilities of Engineering Services Gain on the sale of land 5,722 661 3,739 (493) 234 (1,520) Other Adjustments Adjusted EBITDA Adjusted EBITDA margin $ $ 54,960 $ 87,923 $ 11.9% 45,914 $ 187,243 $ 45,968 $ 99,325 $ 13.0% 102,932 $ 13.1% 95,464 $ 13.5% 12,112 $ 26,944 $ 14.8% 11,854 $ 27,816 $ 15.5% 10,502 $ 9,129 $ 43,597 23,591 $ 13.5% 12,186 $ 90,537 7.7% 13.0% KAMAN.COM | 29#30NON-GAAP RECONCILIATIONS Table 3. Adjusted EBITDA and Adjusted EBITDA Margin (unaudited) Thousands of U.S. dollars Three Months Ended April 1, 2022 Engineered Consolidated Products Precision Products Structures Corp/Elims** Net sales Net earnings Interest expense, net Income tax expense (benefit) Non-service pension and post retirement benefit income Other expense (income), net Operating income (loss) Depreciation and amortization 158,048 $ 81,452 $ 47,549 $ 29,047 $ 4,028 2,481 1,307 (5,263) 504 $ 3,057 $ 8,832 11,042 $ 6,227 3,409 $ 1,031 (617) $ 906 (10,777) 668 Restructuring and severance costs 169 169 Cost associated with corporate development activities 128 128 Other Adjustments $ 9,129 $ Adjusted EBITDA $ Adjusted EBITDA margin 12,186 7.7% 17,269 21.2% 6,227 $ $ 1,031 $ 906 $ 965 4,440 289 (9,812) 9.3% 1.0% **Corp/Elims Operating income (loss) represents the Corporate office expenses and $0.2 million of unallocated expenses that are shown on the Consolidated Statement of Earnings as their own line items. ΚΑΜΑΝ >> 1945 KAMAN.COM | 30#31NON-GAAP RECONCILIATIONS Table 4. Adjusted net earnings and Adjusted Diluted Earnings per Share (unaudited) Thousands of U.S. dollars (except share data) Net earnings Adjustments: Pre-Tax $ 5,335 Three Months Ended April 1, 2022 Tax-Effected Diluted EPS 4,028 0.14 Restructuring and severance costs 169 128 0.01 Costs associated with corporate development activities 128 97 Costs from transition services agreement Income from transition services agreement Tax benefit on sale of UK operations Loss on sale of business Adjustments Adjusted net earnings $ 297 $ 225 $ 0.01 $ 5,632 $ 4,253 $ 0.15 Diluted weighted average shares outstanding 28,082 ΚΑΜΑΝ >> 1945 KAMAN.COM | 31#32NON-GAAP RECONCILIATIONS Table 5. Free Cash Flow (unaudited) Thousands of U.S. dollars Net cash provided by (used in) operating activities Expenditures for property, plant & equipment Free cash flow December 31, Twelve Months Ended July 2, 2021 October 1, 2021 April 1, 2022 April 1, 2022 2021 (12,308) 28,846 $ 34,575 (1,017) (3,424) $ (15,732) (3,262) 25,584 $ (6,166) (6,877) 28,409 $ (7,894) 50,096 (19,729) 30,367 ΚΑΜΑΝ >> 1945 KAMAN.COM | 32#33NON-GAAP RECONCILIATIONS Table 6. Parker Aircraft Wheel & Brake EBITDA and EBITDA Margin (unaudited) Twelve Months Ended Millions of U.S. dollars Net Sales EBIT Depreciation and amortization EBITDA December 31, 2021 $ $ $ $ 70 27 1 28 EBITDA margin 40.0% NOTE: Unaudited financial information provided by Parker, rounded to the nearest whole number. ΚΑΜΑΝ >> 1945 KAMAN.COM | 33