Curtiss-wright Corporation · NYSE:CW

Curtiss-wright — Investor Presentation (October 2017)

15 slides from Curtiss-wright's investor presentation, October 2017

1. Slide 1: Investor Overview

   Investor Overview NYSE: CW 1 | © 2017 Curtiss‐Wright

2. Slide 2: Safe Harbor Statement

   Safe Harbor Statement Please note that the information provided in this presentation is accurate as of the date of the original presentation. The presentation will remain posted on this website from one to twelve months following the initial presentation, but content will not be updated to reflect n

3. Slide 3: Curtiss-Wright Corporation

   Curtiss‐Wright Corporation  ~$2.2 billion in 2017E sales  Leadership positions in growing markets Defense Comm. Aerospace  Severe‐service applications  Enhancing safety, reliability and performance General Power Industrial Generation  One Curtiss‐Wright Global Diversified Industrial Company 3 |

4. Slide 4: Broad End Market Diversification

   Broad End Market Diversification  Defense: – Naval (18%): Nuclear submarine Defense Commercial and aircraft carrier programs (39%) Aerospace (18%) – Aerospace (17%): Fighter jet, helicopter and UAV programs – Ground (4%): Domestic and international armored vehicles  Commercial Aerospace: Critical

5. Slide 5: Why Invest in Curtiss-Wright?

   Why Invest in Curtiss‐Wright? Top Quartile Financial Metrics Strong FCF Generation Balanced Capital Allocation Enterprise‐Wide Focus on Growth 5 | © 2017 Curtiss‐Wright

6. Slide 6: Journey to Top Quartile Performance

   Journey to Top Quartile Performance Target Metric 2013 Reported Original 5‐Year Target* Current OP. MARGIN 9.3% > 12.5% EXCEEDED  Double‐Digit EPS $2.88 ACHIEVED  Growth ROIC 7.4% > 12% ACHIEVED  W. CAPITAL 32% 20% of Sales ON TRACK CAPEX 4% 2% of Sales ACHIEVED  FCF CONV. < 100% 100% EXCEEDED 

7. Slide 7: Strong Free Cash Flow Generation

   Strong Free Cash Flow Generation Free cash flow Free cash flow ($ in millions) conversion (%) Key Drivers: $450 240%  More efficient FCF $400 $376 220% execution and cash flow management $350 199% 200% $300  Focus on highest $265 $272 180% return CapEx $250 156% investments 160% $200 $166 153% $15

8. Slide 8: Rigorous Working Capital Management

   Rigorous Working Capital Management Key Drivers: Working Capital* as a % of Sales 30.0%  Company‐wide (BU level) drive to reduce working 25.4% 25.0% capital 21.0% Top Quartile  Reduced past due 20.0% 2016 (20.2%) receivables 15.0%  Extending vendor payment terms / Deployed supply chain financing

9. Slide 9: Balanced Capital Allocation

   Balanced Capital Allocation  Committed to steady return of capital to shareholders – At least $50M expected share repurchases in 2017 Return of – $100M repurchased in 2016 Capital – Nearly $500M repurchased since 2013 – Steady and dependable dividends  Growth through strategic Operational Acquisit

10. Slide 10: 2017E Financial Outlook (Guidance as of October 25, 2017)

    2017E Financial Outlook (Guidance as of October 25, 2017) Change vs FY2016A FY2017E(1) ($ in millions, except EPS) 2016(1) Sales $2,109 $2,210 ‐ 2,250 5 ‐ 7% Operating Income $308 $328 ‐ 336 6 ‐ 9% CW Margin 14.6% 14.8% ‐ 14.9% +20 ‐ 30 bps Diluted EPS $4.20 $4.65 ‐ 4.75 11 ‐ 13% Free Cash Flow(2) $

11. Slide 11: ONE Curtiss-Wright Delivering Long-Term Shareholder Value

    ONE Curtiss‐Wright Leveraging the Scale and Efficiency of an Integrated Global Company Organic Sales Growth Operating Margin Expansion Working Capital Management Balanced Capital Allocation Delivering Long‐Term Shareholder Value 11 | © 2017 Curtiss‐Wright

12. Slide 12: Appendix

    Appendix 12 | © 2017 Curtiss‐Wright

13. Slide 13: 2017E Financial Outlook Updated

    (1) 2017E Financial Outlook (Guidance as of Oct. 25, 2017) Updated (in blue) ($ in millions, except EPS) FY2017E FY2017E Change vs (Prior) (Current) 2016 Commercial / Industrial $1,120 - 1,140 $1,130 - 1,150 1 - 3% Defense $540 - 550 $540 - 550 16 - 18% Power $525 - 535 $540 - 550 3 - 5% Total Sales

14. Slide 14: 2017E End Market Sales Growth Outlook

    2017E End Market Sales Growth Outlook(1)(Guidance as of Oct. 25, 2017) Updated (in blue) FY2017E FY2017E % of Total (Prior) (Current) Sales Aero Defense 23 - 25% 23 - 25% 16% Ground Defense Flat 4 - 6% 4% Naval Defense (1 - 3%) (0 - 2%) 18% Total Defense 7 - 9% 8 - 10% 39% Including Other Defense Co

15. Slide 15: 2017 End Market Sales Waterfall

    2017 End Market Sales Waterfall (Guidance as of Oct. 25, 2017) Guidance: ($ Millions) Total CW End Markets Defense Markets up 8-10% $2,210 - 2,250 Comm’l Markets up 3-5% Defense Markets Commercial Markets 39% 61% Naval Commercial Aerospace Power Generation General Industrial 18% 18% 19% 24% Aerospac

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