Investor Presentation 2022

AEROSPACE DEFENSE MARKET DEFENSE ■ Defense weathered pandemic pause; reasonably flat US Defense: update (maintenance) and modernize (technology) ■ DoD budget expected largely flat near term (real USD) ■ Global budgets growing in response to geopolitical threats Growing international demand INVESTOR PRESENTATION 2022 *Base + OCO /Source: Renaissance Strategic Advisors, WWD Discretionary Defense Funding* (USD Billions) $808 $793 $777 $740 $738 $716 $671 $606 $581 $564 $551 $522 $526 $525 $537 $822 38 $836 ...... BCA Caps -Actual FY22 NDAA Forecast O WOODWARD, INC. | PROPRIETARY WOODWARD

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