#1COMTECH TELECOMMUNICATIONS CORP. IⓇ This presentation reflects information as of June 8, 2021 Investor Presentation Q3 Fiscal Year 2021#2Cautionary Statement Regarding Forward-Looking Statements Certain information in this presentation contains forward-looking statements, including, but not limited to, information relating to Comtech's future performance and financial condition, plans and objectives of Comtech's management and Comtech's assumptions regarding such future performance, financial condition, and plans and objectives that involve certain significant known and unknown risks and uncertainties and other factors not under Comtech's control which may cause its actual results, future performance and financial condition, and achievement of plans and objectives of Comtech's management to be materially different from the results, performance or other expectations implied by these forward-looking statements. Words such as “expects," "anticipates," "intends,” “plans,” “believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. Forward-looking statements could be affected by factors including, without limitation: the possibility that the expected synergies and benefits from recent acquisitions will not be fully realized, or will not be realized within the anticipated time periods; the risk that acquired businesses will not be integrated with Comtech successfully; the possibility of disruption from recent acquisitions, making it more difficult to maintain business and operational relationships or retain key personnel; the risk that Comtech will be unsuccessful in implementing a tactical shift in its Government Solutions segment away from bidding on large commodity service contracts and toward pursuing contracts for its niche products with higher margins; the nature and timing of receipt of, and Comtech's performance on, new or existing orders that can cause significant fluctuations in net sales and operating results; the timing and funding of government contracts; adjustments to gross profits on long-term contracts; risks associated with international sales; rapid technological change; evolving industry standards; new product announcements and enhancements, including the risks associated with expanding sales of Comtech's Heights™ Network Platform ("Heights"); changing customer demands and or procurement strategies; changes in prevailing economic and political conditions; changes in the price of oil in global markets; changes in foreign currency exchange rates; risks associated with legal proceedings, customer claims for indemnification and other similar matters; risks associated with Comtech's obligations under its Credit Facility; risks associated with large contracts; risks associated with the COVID-19 pandemic; and other factors described in this and Comtech's other filings with the SEC. Comtech does not undertake any duty to update any forward-looking statements contained herein. COMTECH LOCATION TECHNOLOGIES 2#3Use of Non-GAAP Financial Measures In order to provide investors with additional information regarding the Company's financial results, this presentation contains "Non-GAAP financial measures" under the rules of the SEC. The Company's Adjusted EBITDA is a Non-GAAP measure that represents earnings (loss) before income taxes, interest (income) and other, write-off of deferred financing costs, interest expense, amortization of stock-based compensation, amortization of intangible assets, depreciation expense, estimated contract settlement costs, settlement of intellectual property litigation, acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs (for next- generation satellite technology), facility exit costs and strategic alternatives analysis expenses and other. The Company's definition of Adjusted EBITDA may differ from the definition of EBITDA or Adjusted EBITDA used by other companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is also a measure frequently requested by the Company's investors and analysts. The Company believes that investors and analysts may use Adjusted EBITDA, along with other information contained in its SEC filings, in assessing the Company's performance and comparability of its results with other companies. The Company's Non-GAAP financial measures for consolidated operating income, net income and net income per diluted share reflect the GAAP measures as reported, adjusted for certain items as described in Appendix II. These Non-GAAP financial measures have limitations as an analytical tool as they exclude the financial impact of transactions necessary to conduct the Company's business, such as the granting of equity compensation awards, and are not intended to be an alternative to financial measures prepared in accordance with GAAP. These measures are adjusted as described in the reconciliation of GAAP to Non-GAAP in Appendix II, but these adjustments should not be construed as an inference that all of these adjustments or costs are unusual, infrequent or non-recurring. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in accordance with GAAP. Investors are advised to carefully review the GAAP financial results that are disclosed in the Company's SEC filings. The Company has not quantitatively reconciled its fiscal 2021 Adjusted EBITDA target to the most directly comparable GAAP measure because items such as stock-based compensation, adjustments to the provision for income taxes, amortization of intangibles and interest expense, which are specific items that impact these measures, have not yet occurred, are out of the Company's control, or cannot be predicted. For example, quantification of stock-based compensation expense requires inputs such as the number of shares granted and market price that are not currently ascertainable. Accordingly, reconciliations to the Non-GAAP forward looking metrics are not available without unreasonable effort and such unavailable reconciling items could significantly impact the Company's financial results. COMTECH LOCATION TECHNOLOGIES 3#4Comtech - Connections that MatterⓇ We are a market leader in the growing secure wireless communications market We are known for solving complex problems ■Over 400+ engineering professionals Actual fiscal 2020 revenues of $616.7 million with $77.8 million of Adjusted EBITDA. We have generated profits and cash flows and paid dividends 44 quarters in a row ■With approximately $1.1 billion of backlog and contracts in place, we have strong visibility into the future We believe our long-term fundamentals remain strong and we are well-positioned for growth Innovative Solutions for Commercial and Government Customers Legacy of Complex Problem Solving COMTECH LOCATION TECHNOLOGIES Note See Appendix II of this presentation for the reconciliation from US GAAP to Adjusted EBITDA, which is a Non-GAAP financial measure. Thought Leader in Secure Wireless Communications 4#5Comtech Participates in Growing Markets ~$400M or 64% of our FY 2020 revenues did not exist in FY 2015 We are Well Positioned to Take Advantage of Key Marketplace Trends Satellite Cellular Backhaul for 3G/4G and 5G Global leader for satellite ground station equipment Ultimate transition to 5G will increase data usage, requiring greater satellite backhaul Comtech offers a complete set of cellular backhaul capabilities and can provide customers with end-to-end solutions 1 911 calling 3 6 Next-Generation 911 Upgrades ~50% market share of wireless 911 calls State and local governments must upgrade existing 911 call handling and next-generation systems Comtech offers state of the art 911 call handling and NG-911 solutions, including precise location Government and Commercial Network Modernization Global leader in mission critical technologies Increased threats of electronic warfare and demand for high-bandwidth communications Comtech has strong relationships with large customers (including the U.S. Government) Expected Growth in LEO / MEO/ HTS & VHTS Satellite Constellations Will Require Significant Investment In Ground Infrastructure and Comtech is Poised to Benefit COMTECH LOCATION RECHNOLOGIES 5#6Exploiting an Inflection Point in the Satcom Industry - March 2021 Acquisition of UHP Networks - Integrate Cost-Effective, Innovative & Disruptive Ground Station Technologies by UHP Networks with Comtech's Strength, Stability and Reliability COMTECH UHP⚫ + NETWORKS TM The Combination Allows Comtech To Connect the Unconnected Complete Solutions Portfolio R&D and Distribution Scale Maximize Long-Term Market Growth Opportunities - Emerging LEO/MEO & 4G/5G Excellent backdrop for extending Comtech's satellite technology leadership, given market dynamics COMTECH LOCATION TECHNOLOGIES 6#7We Deliver the Most Important Call You'll Ever Make Supporting 911 End-to-End from the Caller's Device across an Emergency Network Incident thru the Carrier's Network 22:11 911 NG 911 Solutions 800+ PSAPS 60M+ pop 9 statewide 6 regional Wireless 911 Solutions ABC to the Public Safety Answering Point VOIP 911 Solutions 5,600+ PSAPS 220M+ subs Incident Call Carrier Network Emergency Network → PSAP "Comtech offers the most comprehensive end-to-end in-house technical capabilities in the market and a full portfolio of NG9-1-1 products, services and system integration capabilities." - Frost & Sullivan COMTECH LOCATION TECHNOLOGIES 4,700+ PSAPS 40M+ subs 7#8Our Technologies Support Commercial and Government Networks The Ongoing Proliferation of Connected Devices Requires Network Enhancements for Speed, Accuracy, Safety and Connectibility Network management system MEA network Contro Station V ANNO PR Rumasi Cape Ca Y Aabu Douvala Libreville LATAM work Controllen TDS/TDMA Hub Mic TEMA Inoue Mul CAM SCPE DAMA Wheth ON C MANwok UHP's unique TDMA technology, used in VSAT platforms, has software defined network functionality that offers best-in-class support for very large networks. COMTECH LOCATION TECHNOLOGIES The Heights Networking Platform provides distinct advantages for High Throughput Satellites, scaling from tens to thousands of sites. Proliferation Of Networks We provide premier cybersecurity training and managed services solutions SOLACOM Our NG911 and Location offerings support public safety networks CYBRScore. 63 8#9Comtech's Two Segments Have Common Capabilities We leverage several key competencies, including R&D and engineering, across both segments to deliver superior capabilities to customers Commercial Solutions Fiscal 2020 Results: Revenue $353.7M 57.4% of Total Geography/Customer Type U.S. Government: 14.8% Domestic: International: 58.9% 26.3% Adjusted EBITDA $61.7M 17.4% Adjusted EBITDA Margin Customer Examples verizon L3HARRIS™ INTELSAT EPARTMENT OF THE ARMY ITED STATIC EPARTME UNITED 1775 OF DEFENS STATES OF Secure Wireless Technology Communications Market Leadership Positions Shared Relationships with Blue-Chip Customers Fiscal 2020 Customer Type as a % of Consolidated Revenue Domestic 40.3% 36.2% 23.5% International U.S. Government UNITED Government Solutions Fiscal 2020 Results: Revenue $263.0M 42.6% of Total Geography/Customer Type U.S. Government: 65.0% Domestic: International: 15.2% 19.8% Adjusted EBITDA $25.7M 9.8% Adjusted EBITDA Margin OF Customer Examples ARA OF AMERICA THE 1775 STATES AXA DEPARTMENT OF THE NAVY UNITED STATES ITED STATES OF AMERICA MARINE CORPS BOEING COMTECH LOCATION TECHNOLOGIES 9#10Commercial Solutions Segment - Growth Drivers Satellite Ground Station Technologies High-Performance SCPC Modems Satellite Ground Station Technologies Public Safety and Location Technologies Innovative & Scalable TDMA Modems Solid-State and Traveling Wave Tube Amplifiers Mobile Backhaul Cellular Call Advanced Routing and Location and SCPC & TDMA Solutions For Varying Environments Mapping Growth in LEO / MEO and High-Throughput Satellites Adoption of 4G/5G and Upgrades to HDTV / 4K Next Generation 911 Services SMS Text Messaging used for 911 & Critical Applications 911 Public Safety and Location Technologies Software for Cellular 911 Call Routing and Next Generation 911 Market Size and Growth Rates $2.4 billion¹ Wireless backhaul equipment $836 million² Total NG-911 market $402 million³ Location-based services revenue tttt == Software that Generates the Triangle & Dot for Advanced Location Mapping ~16.5% per year¹ 2018-2028, Wireless backhaul equipment ~11% per year² 2019-2025, Total NG-911 market ~4% per year³ 2016-2018, location- based services revenue COMTECH LOCATION TECHNOLOGIES Notes (1) Northern Sky Research, Wireless Backhaul & 5G via Satellite, 13th Ed., April 2019. Market size for 2018. (2) Frost & Sullivan, Next-Generation 911 - The Future of Public Safety, Forecast to 2025, April 2020. Market size forecast by year 2025. (3) ABI Research, Location Technologies, 2015. World market size forecast by year 2018. 10 10#11- Government Solutions Segment – Growth Drivers Mission-Critical and High-Performance Tactical Satellite-based VSATS U.S. Army SNAP 850+ Systems Deployed Satellite Ground Station Products and Space Components Over-the-Horizon COMET Technologies Microwave Systems Mission-Critical and High-Performance Technologies Tactical Satellite-based VSATS Supply Chain Management of Satellite Ground Station and Space Components Solid State High-Power Amplifiers Used for Electronic Warfare, Jamming, Medical & Aviation Applications Over-the-Horizon Troposcatter Technologies which Transmit Data over Unfriendly or Inaccessible Terrain Market Size and Growth Rates ~$132 billion¹ Global C4ISR market $277 million² Non-line-of-sight Microwave Network Equipment market will reach $834 million by 2020 ~25% per year² Amplifiers for Identification, Friend or Foe and Electronic Warfare Applications XY Antenna ~4% per year¹ 2018-2026, global C4ISR market Microwave Network Equipment market 2015-2020, Non-line-of-sight Notes COMTECH LOCATION TECHNOLOGIES (1) Research and Markets, The Global C4ISR Market 2018-2026 - Market Size and Drivers: Market Profile, 2018. Market size forecast by 2026. (2) IHS Technology "Microwave Network Equipment Quarterly Market Tracker: Regional, Q2 2016". Market size estimated for 2015. 11#12Comtech Has A Proven Track Record of Successful Acquisitions Acquisition Close Date Purch Price Feb 2016 $423.6M Feb 2019 $31.5M Apr 2019 $11.0M Jan 2020 $23.7M Feb 2020 $1.2M Mar 2021 $38.0M Extensive Acquisition Experience with Successful Integrations Recent Successful Transactions TCS is a leading provider of 911 public safety services, trusted location and satellite-based mission critical solutions Solacom is a leading provider of Next Generation 911 solutions for public safety agencies GD NG-911 offers a 911 emergency communications system to state and local government clients CGC is a leading provider of high precision full motion fixed and mobile X/Y satellite tracking antenna and radomes NG-911, Inc. is a pioneer of Next Generation 911 solutions for public safety in the Midwest UHP is a leading provider of innovative and disruptive satellite ground station technology solutions Rationale and Highlights Entry into the 911 public safety and location markets and significantly strengthened our U.S. Government business, created scale and diversified earnings Further expanded presence in growing 911 public safety market and increased recurring revenues Helped secure a five-year $100.0M contract to develop and maintain a cloud-based NG-911 platform for a northeastern state in the U.S. Addresses customer requirements for expected growth in LEO and MEO satellite constellations Allows us to cost-effectively expand sales of our industry leading Solacom Guardian call management solutions Expands our product line in the satellite ground station market, with its growing need for reliable, high-capacity satellite equipment, particularly in the VSAT market COMTECH LOCATION TECHNOLOGIES 12#13Historical Revenue and Adjusted EBITDA Trends (USD in Millions) Revenue (2) Comtech Acquires TCS 2016 to 2019 CAGR: 17.8% Impacted by COVID-19 $ 671.8M $ 616.7M $ 550.4M $ 570.6M $ 411.0M Guidance $580.0M to $590.0M Satellite networking products (Heights TM and UHP), Next Generation 911 systems and important contract awards create strong prospects for future growth Economic reopening from COVID-19 should help Adjusted EBITDA (2) (3) FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021E 2016 to 2019 CAGR: 24.8% Guidance $74.0M $ 93.5M to $ 78.4M $77.8M $76.0M $ 70.7M $ 48.1M FY 2016 ~12% FY 2017 FY 2018 FY 2019 FY 2020 FY 2021E ~13% ~14% ~14% ~13% ~13% COMTECH LOCATION TECHNOLOGIES Continued investments in R&D and marketing to support long-term growth Room for improved margins as we focus on efficiencies and greater scale Adjusted EBITDA supported by strong cash flow generation (2020 GAAP operating cash flows of $52.8M) Notes (1) Comtech's fiscal year end is July 31. (2) See Appendix II of this presentation for the reconciliation from US GAAP to Adjusted EBITDA. 13#14We Have Visibility into ~$1.1 Billion of Future Revenue $440.0M ~ $1.1B $272.0M $403.6M + $636.5M $168.0M $131.6M $504.9M $672.9M Backlog As of April 30, 2021 Commercial Solutions Contracts in Place, Not in Backlog As of April 30, 2021 (1) Revenue Visibility As of April 30, 2021 Government Solutions COMTECH LOCATION RECHNOLOGIES Notes (1) Examples of contracts in place, but not in backlog, include the unfunded portions of the U.S. Marine Corps troposcatter subcontract, U.S. Army GTACS contracts, and Next Generation 911 services contracts for the State of Washington, the State of South Carolina and the Commonwealth of Pennsylvania. 14#15We Believe the Future is Bright for Many Years to Come COMTECH LOCATION TECHNOLOGIES Market Leadership Positions Commitment to Innovation and Engineering Strong Visibility with Growing Markets History of Long-Term Capital Return to Stockholders Experienced Management Team 15#16Appendix I Historical Data and Trends#17Overview of Q3 QTD and YTD FY21 Performance Q3 Quarter to Date Commercial Solutions Revenue $91.4M Adjusted EBITDA $15.9M Adjusted EBITDA 17.4% Government Solutions Revenue $48.0M Adjusted EBITDA $3.0M Adjusted EBITDA 6.3% 65.6% 34.4% % of Revenue Year to Date Commercial Solutions Revenue $261.0M Adjusted EBITDA $46.1M Adjusted EBITDA 17.7% Government Solutions Revenue $174.9M Adjusted EBITDA $13.9M Adjusted EBITDA 7.9% 59.9% 40.1% Sales by Customer Type Domestic Domestic Q3 Financial Performance Q3 FY 2021 Revenue was $139.4 million GAAP Operating Income of $2.4 million includes: - acquisition plan expenses of $5.3 million, - restructuring costs of $0.6 million, - COVID-19 related costs of $0.4 million, - strategic emerging technology costs of $0.3 million, - amortization of $5.3 million, - depreciation of $2.3 million, and -stock-based compensation of $1.2 million Adjusted EBITDA (1) (non-GAAP) of $17.7 million or 12.7% of net sales U.S. Govt 46.6% 33.2% 20.2% Intl COMTECH LOCATION TECHNOLOGIES U.S. Govt 40.4% GAAP diluted net income per share of $0.03 22.5% 37.1% Intl Non-GAAP diluted EPS (2) of $0.26 (1) Adjusted EBITDA represents earnings (loss) before income taxes, interest (income) and other, write-off of deferred financing costs, interest expense, amortization of stock-based compensation, amortization of intangibles, depreciation expense, estimated contract settlement costs, settlement of intellectual property litigation, acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs, facility exit costs and strategic alternatives analysis expenses and other. (2) See Appendix II of this presentation for the reconciliation of GAAP earnings per diluted share to Non-GAAP earnings per diluted share. 17#18$ millions • • • • Comments and Financial Targets for Fiscal 2021 FY 2021 Targets Revenue $580.0M - $590.0M Adjusted EBITDA (1) $74.0M - $76.0M Comments on FY 2021 Targets We expect Commercial Solutions segment net sales to be slightly higher than the amount we achieved in fiscal 2020 We expect Government Solutions segment net sales to be significantly lower than the amount we achieved in fiscal 2020 We expect ongoing higher production, logistic and safety-related costs resulting from COVID-19 We expect our gross margin percentage to approximate 36.0% • • • • Amortization of intangible assets is expected to approximate $21.0M Amortization of stock-based compensation expense is expected to range from approximately $11.0M to $12.0M Interest expense (including amortization of deferred financing costs) is expected to approximate $7.0M (including $1.2M of incremental interest expense in Q1 related to a now terminated financing commitment letter) Our effective income tax rate is expected to approximate 11.5% Adjusted EBITDA margin is expected to approximate 13.0% when using the midpoints of our 2021 targeted range for Net Sales and Adjusted EBITDA COMTECH LOCATION TECHNOLOGIES (1) Adjusted EBITDA represents earnings (loss) before income taxes, interest (income) and other, write-off of deferred financing costs, interest expense, amortization of stock-based compensation, amortization of intangibles, depreciation expense, estimated contract settlement costs, settlement of intellectual property litigation, acquisition plan expenses, restructuring costs, COVID-19 related costs, strategic emerging technology costs, facility exit costs and strategic alternatives analysis expenses and other. 18#19$ in 000s Revenue Recent Quarterly Operating Results Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Commercial Solutions $ 78,311 $ 84,983 81,802 $ 87,825 $ 91,364 Government Solutions 56,810 64,690 53,416 73,467 $ 48,012 Total Revenue $ 135,121 $ 149,673 $ 135,218 $ 161,292 $ 139,376 Net Income (Loss) $ (3,989) $ 1,126 $ (85,840) $ 4,205 792 Adjusted EBITDA $ 12,471 $ 23,532 $ 14,284 $ 18,059 $ 17,730 % of Revenue GAAP Gross Profit 39.2% 33.2% 37.1% 34.5% 38.0% GAAP R&D Expenses 9.1% 7.5% 8.6% 7.9% 9.4% GAAP SG&A Expenses 23.9% 15.8% 20.3% 18.3% 19.4% GAAP Operating Income N/A (1) 1.9% N/A (1) 3.3% 1.7% Net Income N/A ( (1) 0.8% N/A (1) 2.6% 0.6% Adjusted EBITDA (2) 9.2% 15.7% 10.6% 11.2% 12.7% COMTECH LOCATION TECHNOLOGIES Notes (1) Comtech reported an operating loss of $3.1M and a net loss of $4.0M, respectively, for the 3 months ended April 30, 2020 (Q3 2020). Comtech reported an operating loss of $85.7M and a net loss of $85.8M, respectively, for the 3 months ended October 31, 2020 (Q1 2021). (2) See Appendix II of this presentation for the reconciliation of reported Net Income to Adjusted EBITDA. (3) Comtech's fiscal year end is July 31. 19#20Recent Annual Operating Results $ in 000s Revenue Commercial Solutions Government Solutions Total Revenue Net Income (Loss) Adjusted EBITDA % of Revenue GAAP Gross Profit 2016 2017 2018 2019 2020 $ 248,955 162,049 $ 330,867 219,501 $ 345,076 225,513 $ 357,293 314,504 $ 353,730 262,985 $ 411,004 $ 550,368 $ 570,589 $ 671,797 $ 616,715 $ (7,738) $ 15,827 $ 29,769 $ 25,041 $ 7,020 $ 48,062 $ 70,705 $ 78,374 $ 93,472 $ 77,803 41.7% 39.6% 39.2% 36.8% 36.8% GAAP R&D Expenses 10.3% 9.9% 9.4% 8.4% 8.5% GAAP SG&A Expenses (1) 23.1% 21.1% 20.0% 19.1% 19.0% GAAP Operating Income (Loss) (0.1)% 6.7% 6.2% 6.2% 2.5% Net Income (Loss) (1.9)% 2.9% 5.2% 3.7% 1.1% Adjusted EBITDA (2) 11.7% 12.8% 13.7% 13.9% 12.6% GAAP EPS $ (0.46) $ 0.67 $ 1.24 $ 1.03 $ 0.28 2016: Fiscal 2016 impacted by TCS acquisition 2017: Excluding $18.8 million of favorable adjustments (described in our Form 10-K), operating income would have been 3.3% of net sales 2018: Includes $11.8 million, or $0.49 per diluted share, discrete tax benefit ("Tax Gain") primarily due to Tax Reform 2020: Impacted by COVID-19 COMTECH LOCATION TECHNOLOGIES (1) Acquisition plan expenses are presented as a separate line item, and therefore they are not included in the SG&A percentage. (2) See Appendix II of this presentation for the reconciliation of reported Net Income (Loss) to Adjusted EBITDA. (3) Comtech's fiscal year end is July 31. Notes 20 20#21Historical Revenue Results $ in 000s Consolidated Revenue $671,797 $616,715 $570,589 $550,368 $411,004 $435,886 2016 2017 2018 2019 2020 YTD 2021 Commercial Solutions $ in 000s $330,867 $248,955 $357,293 $353,730 $345,076 $260,991 $ in 000s Government Solutions $314,504 $225,513 $219,501 $162,049 ill $262,985 $174,895 2016 2017 2018 2019 2020 YTD 2021 2016 2017 2018 2019 2020 YTD 2021 Note COMTECH LOCATION TECHNOLOGIES (1) Comtech's fiscal year end is July 31. 21 24#22Our Customer Base 30% 28% 26% 25% 24% 23% 35% 29% 39% 40% 40% 39% 41% 40% 33% 36% 36% 37% 2016 2017 U.S. Government COMTECH LOCATION TECHNOLOGIES 2018 2019 2020 YTD 2021 □ Domestic International Notes (1) Comtech's fiscal year end is July 31. (2) Totals may not foot due to rounding. 22 22#23Historical Bookings & Backlog $ in 000s Bookings $451,278 $512,593 $ in 000s Total Backlog $755,054 $724,056 $584,448 $484,005 $454,832 $446,230 $682,954 $630,695 $620,912 $636,460 2016 2017 2018 2019 2020 YTD 2021 2016 2017 2018 2019 2020 YTD 2021 COMTECH LOCATION TECHNOLOGIES Note (1) Comtech's fiscal year end is July 31. 23#24Total Research and Development Expense $ in 000s $59,622 Research and Development Expense $81,310 $70,793 $71,086 $64,103 $48,365 2016 2017 2018 2019 2020 YTD 2021 COMTECH LOCATION TECHNOLOGIES Notes (1) Research and development expense includes company-funded and customer-funded. (2) Comtech's fiscal year end is July 31. 24 24#25Recent Balance Sheet Trends Balance Sheet Apr. 30, $ in 000s 2020 Jul. 31, 2020 Oct. 31, Jan. 31, Apr. 30, 2020 2021 Cash and Cash Equivalents $ 50,634 $ 47,878 $ 32,468 $ 30,934 2021 $ 39,198 Working Capital 116,863 117,385 Total Assets 951,732 929,647 104,995 918,511 102,209 946,595 93,584 998,592 (1) Current and Long-Term Debt $ 159,400 $ 149,500 Stockholders' Equity 545,825 Total Capitalization $ 705,225 549,299 $ 698,799 $ 217,000 460,152 $ 677,152 $ 208,000 463,284 $ 215,000 491,622 $ 671,284 $ 706,622 COMTECH LOCATION TECHNOLOGIES Notes (1) As defined in our Credit Facility, as amended. Excludes insignificant amounts of finance lease obligations. (2) Comtech's fiscal year end is July 31. 25#26Market Data General Market Information Nasdaq Symbol: CMTL 52-Week Range"): $13.20 $30.01 COMTECH LOCATION TECHNOLOGIES Analysts Institutional Holders (2): 216 . Analyst Coverage: 6 Institution Citibank N.A. Jefferies Group LLC Noble Capital Markets Northland Capital Markets Quilty Analytics Singular Research LLC Analyst Name Asiya Merchant George Notter Joe Gomes Michael Latimore Chris Quilty Chris Sakai Source: Nasdaq Notes (1) 52-week range indicates the high and low closing prices during the period of May 1, 2020 through April 30, 2021. (2) As of June 1, 2021. 26 26#27Appendix II Reconciliation of GAAP to Non-GAAP Financial Measures#28Reconciliation of CMTL GAAP to Non-GAAP Financial Measures Adjusted EBITDA Reported net income (loss) Income tax expense (benefit) Net interest expense & other Q1 2020 Q2 2020 Q3 2020 Q4 2020 $ 6,388 $ 3,495 $ (3,989) $ Q1 2021 1,126 $ (85,840) $ Q2 2021 Q3 2021 4,205 $ 792 1,145 1,117 (759) 787 (2,239) (155) 316 1,727 1,622 1,612 903 2,363 1,352 1,242 Stock-based compensation expense Depreciation and amortization 879 1,238 981 6,177 699 1,287 1,204 7,857 7,950 8,167 8,182 8,118 7,252 7,584 Estimated contract settlement costs 230 (262) 476 Acquisition plan expenses 2,389 6,025 5,983 6,357 91,183 3,357 5,267 Restructuring costs 601 594 COVID-19 related costs 160 416 Strategic emerging technology costs Adjusted EBITDA 315 $ 20,615 $ 21,185 12,471 $ 23,532 $ 14,284 $ 18,059 $ 17,730 Operating Income Q1 2020 Operating income (loss). $ 9,260 $ Acquisition plan expenses Restructuring costs COVID-19 related costs Strategic emerging technology costs Estimated contract settlement costs 2,389 Q2 2020 6,234 $ 6,025 Q3 2020 (3,136) $ 5,983 Q4 2020 Q1 2021 2,816 $ (85,716) $ 6,357 Q2 2021 Q3 2021 5,402 $ 2,350 91,183 3,357 5,267 601 594 160 416 315 230 Adjusted operating income $ 11,879 $ (262) 11,997 $ 476 3,323 $ 9,173 $ 5,467 $ 9,520 $ 8,942 Net Income (loss) Q1 2020 Q2 2020 Net income (loss) $ Acquisition plan expenses 6,388 $ 1,840 3,495 $ 4,639 Q3 2020 (3,989) $ 4,128 Q4 2020 Q1 2021 Q2 2021 Q3 2021 1,126 $ (85,840) $ 4,005 4,205 $ 792 88,270 2,786 4,661 Restructuring costs 499 526 COVID-19 related costs 133 368 Strategic emerging technology costs 279 Estimated contract settlement costs 177 (202) 328 Interest expense ("ticking fee") Net discrete tax (benefit) expense Adjusted net income 1,016 (588) $ 57 7,817 $ 7,989 $ 713 1,180 $ 79 246 (843) 189 5,210 $ 3,692 $ 6,780 6,815 Notes COMTECH (1) See statement regarding the use of Non-GAAP financial measures in the front of this presentation. LOCATION TECHNOLOGIES (2) Dollar amounts in thousands, except per share information. Comtech's fiscal year end is July 31. 28#29Reconciliation of CMTL GAAP to Non-GAAP Financial Measures Adjusted EBITDA Reported net (loss) income Income tax (benefit) expense Write-off of deferred financing costs Net interest expense & other Stock-based compensation expense Depreciation and amortization Estimated contract settlement costs Settlement of intellectual property litigation Acquisition plan expenses Facility exit costs Adjusted EBITDA 2016 2017 2018 2019 2020 $ (7,738) $ 15,827 $ 29,769 $ 25,041 $ 7,020 (454) 9,654 (5,143) 3,869 2,290 3,217 7,616 11,561 10,449 9,280 5,864 4,117 8,506 8,569 11,427 9,275 23,245 37,177 34,730 30,247 32,156 6,351 444 (12,020) 21,276 (3,204) 5,871 20,754 1,373 $ 48,062 $ 70,705 $ 78,374 $ 93,472 $ 77,803 Earnings (Loss) per Diluted Share 2016 2017 2018 2019 2020 GAAP (loss) earnings per diluted share $ (0.46) $ 0.67 $ 1.24 $ 1.03 $ 0.28 Acquisition plan expenses 1.03 0.19 0.53 Estimated contract settlement costs 0.20 0.01 Net discrete tax benefit (including Tax Reform) (0.49) (0.12) (0.05) Settlement of intellectual property litigation Write-off of deferred financing costs Facility exit costs (0.33) (0.10) 0.10 0.04 Non-GAAP earnings per diluted share 0.57 ՄՌ 0.34 $ 0.75 $ 1.34 $ 0.77 COMTECH LOCATION TECHNOLOGIES Notes (1) See statement regarding the use of Non-GAAP financial measures in the front of this presentation. (2) Dollar amounts in thousands, except per share information. Comtech's fiscal year end is July 31. (3) Totals may not foot due to rounding. 29 29#30Reconciliation of CMTL GAAP to Non-GAAP Financial Measures Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Earnings (Loss) per Diluted Share 2020 2020 2020 2020 2020 2021 2021 2021 GAAP earnings (loss) per diluted share $ 0.26 $ 0.14 $ (0.16) $ 0.04 $ 0.28 $ (3.39) $ 0.17 $ 0.03 Acquisition plan expenses 0.07 0.19 0.16 0.16 0.53 3.49 0.11 0.18 Restructuring costs 0.02 0.02 COVID-19 related costs 0.01 0.01 Strategic emerging technology costs 0.01 Interest expense ("ticking fee") 0.04 Estimated contract settlement costs Net discrete tax (benefit) expense 0.01 (0.02) (0.01) 0.01 0.01 0.03 (0.05) 0.01 (0.03) 0.01 Non-GAAP earnings per diluted share $ 0.32 $ 0.32 $ 0.05 $ 0.21 $ 0.77 $ 0.15 $ 0.27 $ 0.26 COMTECH LOCATION TECHNOLOGIES Notes (1) See statement regarding the use of Non-GAAP financial measures in the front of this presentation. (2) Dollar amounts in thousands, except per share information. Comtech's fiscal year end is July 31. (3) Totals may not foot due to rounding. 30#31COMTECH TELECOMMUNICATIONS CORP.