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USA | Aerospace & Defense Electronics State of Defense Tech: Takes from JefferiesFirst Annual Defense Tech Summit We hosted 12 companies at our First Annual Jefferies Defense Tech Summitwith key takes below for Advanced Navigation, Amentum, Auterion, Forterra, KHAerospace, Merlin Labs, NextVision, Red 6, Saronic, True Anomaly, and XTEND. Focus on Software, Speed, Multi-Domain/Use and Price.Several key themes emerged thatunderscore the increased interest in the defense tech space. The biggest in our view is softwarefirst, a differentiator for many. This enhances speed and durability to adjust to the evolving threatprofile and deliver at an attractive price point. This has no bigger implication than in autonomy w/a number of use cases from how we fight and operate at sea, implementation of drone swarms, toeven how we train. Price is also a big differentiator, and in many cases driven by design or tappinginto multi-use markets to bring down overhead costs and push savings to the DoD. Autonomy Deep Implications Across Domains. Forterrahas pioneered platform-agnostic self-driving tech that is applicable to the DoD and commercial use cases with flexibility given a commonhardware/software stack allowing for accelerated customization to meet the mission.Auterionistargeting a needed common op system for Group 1 to 3 drones with the belief that autonomousmass is a requirement, but at a commercial price point.Merlin Labsis placing autonomy in thecockpit by introducing an agnostic platform that has implications for military and commercial flyingwith an incremental approach of taking 1 pilot out of the cockpit and eventually fully autonomousflying of manned aircraft.True Anomalyis pushing autonomy in space, serving the space domainawareness and providing space superiority with its platform agnostic Jackal and Mosaic softwaredelivering capability at speed and at attractive price points.Amentumtouches on all of these trendsproviding advanced engineering and technology solutions across the UAS, Counter UAS, C5ISR andspace markets. TheTransition to Software Defined Has Broad Applications.Advanced Navigation hasestablished a position in navigation tech and autonomous systems through its cost effectivesolution that leverages software enabled hardware with broad applications from land, sea, spaceto both commercial and military applications.XTENDviews itself as a software company enablingits drone portfolio and providing higher barriers to entry given the intersection of AI & Autonomyunlocking swarm capabilities. TrainingInstrumental to How We Fight.Red 6 exhibited this point with its AdvancedTechnology Augmented Reality System (ATARS) based on hardware-enabled software offeringmany advantages to fighter pilots in how they train offering multi-mission scenarios to the cockpit. The Commercial Model Pushes Savings Back to the Customer.Kraus Hamdani Aerospacepoints to the effectiveness of its Group 3 high-altitude/high-endurance UAS that has capabilitiesacross defense, wildfires and trafficking intervention in addition to providing comms given itsautonomous ops and modular payload architecture.Saronictargets reenergizing US shipbuildingthrough its broad lineup of autonomous boats that serve the commercial and military marketswith manufacturing in mind unlocking the ability to produce 100s going to 1,000 of boats designedthrough a software first principle. Sheila Kahyaoglu * | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.com Greg Konrad, CFA * | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.com Ellen Page * | Equity Associate+1 (212) 323-3381 | epage@jefferies.com Speed Of Delivery Is More Important Than Every Before.This was a key theme acrosspresentations with speed of delivery as important as the technology itself.NextVisionis tappinginto the growing drone market with its broad portfolio of cameras for UAS spanning 11 models Kyle Wenclawiak * | Equity Associate+1 (212) 323-7671 | kwenclawiak@jefferies.com providing tailored capability, weight, price to UAS suppliers leveraging its IP across a broad rangeof customers. Analyst Certification: I, Sheila Kahyaoglu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Greg Konrad, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Ellen Page, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject