DOUGHERTY & CO.

INSTITUTIONAL
INVESTORS
CONFERENCE

SEPTEMBER 19, 2017

NASDAQ: ATRO

Peter J. Gundermann David C. Burney

President & CEO Executive VP & CFO
Safe Harbor Statement

These slides (and the accompanying oral discussion) contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements
involve known and unknown risks, uncertainties and other factors that could cause the actual
results of the Company to differ materially from the results expressed or implied by such
statements, including general economic and business conditions, conditions affecting the
industries served by the Company and its subsidiaries, conditions affecting the Company’s
customers and suppliers, competitor responses to the Company’s products and services, the
overall market acceptance of such products and services, the effect of the Company’s strategy
and other factors disclosed in the Company’s periodic reports filed with the Securities and
Exchange Commission. Consequently, such forward-looking statements should be regarded as
the Company’s current plans, estimates and beliefs. The Company does not undertake and
specifically declines any obligation to publicly release the results of any revisions to these
forward-looking statements that may be made to reflect any future events or circumstances
after the date of such statements or to reflect the occurrence of anticipated or unanticipated
events.

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About Astronics Corporation (NASDAQ: ATRO)

As a trusted partner
to the world’s leading
manufacturers, we create
INNOVATIVE solutions
with TECHNOLOGIES,
SYSTEMS and SERVICES
that enhance everything
from commercial jets to
military programs to the
smart phone in your
pocket.

Shares Out 28.7 million Index membership: Russell 3000®/2000®

Market Cap $811 million Institutional ownership 68%
Avg. Daily Volume (3 mos.) 159,900 Insider ownership 14%
Recent Price $28.25
Market data as of September 13, 2017 [Source: Bloomberg]; ownership
52-Week Range $23.95 – $41.03 as of most recent filing

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Product Offerings in Two Business Segments

Aerospace
SALES
» Electrical Power and Motion (EP&M) US$ in millions
» Lighting and Safety (L&S)
$692.3 $625-
» Avionics $661.0 $633.1 $645
$166.3 $142.5
» Systems Certification $99.1 $90-$95

» Structures
$339.9
$9.4 $535-
$549.8 $534.0
Test Systems $494.7 $550
$330.5
» Semiconductor
» Aerospace & Defense
2013 2014 2015 2016 2017E*

Aerospace Test Systems

*Guidance provided as of August 2, 2017

Segment sales tally may differ due to rounding

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 Diverse Sales Composition

Sales by Product Sales by Market

Test: Test:
Semiconductor Test: Semiconductor Test:
6% A&D 6% A&D
Structures 9% Other 9%
4% 3%
Business
Other
3% Jet
Electrical
5%
Systems Power
Certification & Motion Military
2% 44% 9%
Commercial
Avionics Transport
6% 68%
Lighting
& Safety
26%

Q2 2017 TTM Sales: $612.7 Million

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Commercial Transport Delivery Forecast

History Forecast
2000

1800

1600

1400

1200
Aircraft Units

1000

800

600

400

200

Single Aisle Wide Body

Source: Airbus & Boeing actual deliveries through 12/31/2016 / Forecast International (July 2017)

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Business Jet Delivery Forecast

~8,600 Aircraft from 2016 - 2026

Source: Honeywell Business Aviation Market Update, October 2016

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Leading Provider of Passenger Power
EP&M: In-Seat Power Supply (ISPS)

» In-seat power installed on 1 million+ seats on over 200 airlines worldwide

» IFE power supplier to Thales, Panasonic and Zodiac
» ASP: $750-$850 per seat
» Currently 90%+ market share in growing market of seat power worldwide
» Large growth opportunity with narrow body adoption

Outlet
Units

Master Control Unit

In-Seat Power
Supply

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Establishing Market Leadership
EP&M: Airframe Power

Intelligent Power
Management Systems
Solid-state systems replace extensive
Induction Starter
Generator System
wiring and traditional electromechanical
components with modular electronics
& software
» Increased Reliability
» Reduced Weight
» Automation
» Flexibility
» Lower Life Cycle Cost

Wins:
 DAHER TBM 900
 Bell 505, 525 & V280
 Pilatus PC-24
 Cessna Denali

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Specialize in High-End Seat Technology
EP&M: Seat Actuation

Gen VI Smart Motion System

Gen V Nano Smart Motion System

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Established Position on 777X and 737 MAX
Lighting and Safety: Passenger Service Units (PSUs)

» Recently won Embraer E2

Strong position with Boeing

» 777 / 777X - approximately $235k in content
(PSUs, fuel access doors)
» 737 - approximately $100k in content
(BSI PSUs, fuel access doors)
» 787 - approximately $45k in content
(fuel access doors)
» 747 - approximately $30k in content
(PSUs, fuel access doors)

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 Unique Product Offering
Lighting and Safety: Aircraft Lighting
Exterior Lighting Systems
» Beacon & Formation
» Taxi & Landing
» Position / Anti-Collision
» Pioneered Application
of Hi-Res / Low-Power
LEDs for Aircraft Lighting
» LED Lighting on 737 Max
Cabin Lighting Systems Cockpit Lighting Systems
» Emergency Egress » Panels
Lighting » Avionics HMI
» Emergency Signs » Lighting Controllers
» Passenger Information » Control Panel Assemblies
Signs » Night Vision
» Flood Lights Modifications
» Smart Lighting Systems
Exterior Lighting
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Industry Leading Technologies
Avionics: Databus Solutions

Data/protocol conversion
» Aircraft Interface Device
(AID): Translation devices
that enable varying system
protocols to communicate Data concentration/separation » Gather aircraft data
› Interface between EFB
and Aircraft Systems » Run custom software or
a variety of Type A/B EFB
» Embedded Computers, applications
Systems & Function Cards Domain isolation
Firewall » Securely view applications
on choice of wireless
devices
Operational processing

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Connectivity Solutions
Avionics: Antenna Systems

Satellite-Based Broadband
» Cost effective solutions for in-flight
internet and TV connectivity
» Ku-band: leading technology, lower
cost, flexible applications, efficient,
upgrading
» Suited for commercial, business, VVIP
and military aircraft applications
» Dedicated global connectivity solution
for VVIP/Bizjet market with Panasonic
Avionics

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Specialized Capabilities
Avionics: In-flight Entertainment for VVIP

» Large private and government jets

» $1 million to $10 million per install
» UHD Media Center
› First aeronautical player with
4K Ultra HD technology

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Engineering Solutions
Systems Certification

» A leading provider of engineering, design and

certification solutions for commercial aircraft
› Specialize in connectivity, in-flight entertainment,
electrical power systems and off-seat power
solutions
» Customers include Panasonic and Gogo
» New capability to bring to the market and
leverage across the company internally
» Launched AeroShield low drag radome and
composite adapter plate
› Composite plate expected to be certified in 2017

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Aerospace Segment
Well Positioned on Wide Range of High Profile Next-Gen Aircraft

CURRENT NEXT GENERATION

Embraer Phenom 100/300 Boeing 737 NG & BSI Boeing 777X
Exterior lighting PSU, fuel doors & passenger power PSU & fuel doors
available
UH-60 Blackhawk 737MAX
Exterior cockpit lighting F-35 JSF Exterior lighting system & PSU
Exterior lighting suite & lighting
V-22 Osprey controllers Airbus 350
Cabin, cockpit & exterior lighting Emergency egress lighting &
Pilatus PC-24 passenger power
Cessna Airframe power & induction starter
Exterior & cockpit lighting generator Embraer E2
Interior and exterior emergency
Airbus A380 lighting system & PSU
Cabin lighting & cabin electronics
Cessna Denali
Boeing 787 Induction starter generator,
Passenger power & fuel doors electronic circuit breakers &
passenger power

Bell 505, 525 & V280

Airframe power

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A&D Test Systems

» Test instruments, automated test systems, and

training and simulation systems
» Integrated logistics support
» Validate operating performance on multiple top-
priority defense communications and weapons
systems platforms Expanding test instrument business
with next-gen PXI platform offerings

Next-gen radio test set that

combines 16+ field test capabilities
in one device

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Unique Solution for Semiconductor Testing
Supported the largest smart device ramps in history

Shortened Time to Volume The new ATS 5034 SLT Platform

Rapid test development and deployment
Reduced Cost of Test
massively parallel, system level test
dramatically reduces cost of test (COT)
delivers a high throughput and
low cost of test for testing
semiconductor devices
at the system
level.

Innovative Test Solutions

“Engineer to engineer” design and
manufacturing philosophy

Flexibility & Scalability Opportunities

Configurable systems accommodate » More programs with major
the device under test (DUT) and test customer
objectives; “copy-exact” methodologies
support global scaling » Developing new customers

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FINANCIALS

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Sales & Bookings
(US$ in millions; except EPS)

SALES Annual Bookings

$692.3 $674.7
$661.0 $625-$645
$633.1 $616.8
$584.5 $579.2

$339.9 $357.5

1
2013 2014 2015 2016 2017E 2013 2014 2015 2016 Q2 2017
TTM
Diluted EPS²
$0.94 $1.87 $2.22 $1.61

¹ Guidance provided as of August 2, 2017

² Adjusted for October 2016 15% Class B Stock distribution
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Margins
(US$ in millions)

Gross Profit and Margin Operating Profit and Margin

$187.9

$167.0
$159.5
$147.6

$98.8
$87.9 $87.4
$73.1
$61.3
$42.3

2013 2014 2015 2016 Q2 2017 2013 2014 2015 2016 Q2 2017
TTM TTM
Margin Margin
25.8% 25.3% 27.1% 25.2% 24.1% 12.4% 13.2% 14.3% 11.6% 10.0%

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Develop and Capitalize on Technical Expertise
(US$ in millions)

Engineering & Development Expense

$96-$99 » Majority focused on customer

$90.1 $90.2
specific projects
$76.7
» Identify market opportunities
$52.8
» Develop/acquire technical
capability
14.9%-
15.5% 15.8%
13.0%
11.6%
14.2%
» Earn higher returns by providing
innovative solutions
2013 2014 2015 2016 2017E*
Percent of Sales

*Guidance provided as of August 2, 2017 astronics.com 23

Balance Sheet and Cash Flow
(US$ in millions)

Cash from Operations Capital Expenditures

$99.9
$78.5 $40.9

$49.5 $48.9 $21-$25

$18.6
$30.1 $13.0
$6.9
$5.8 1H 17

2013 2014 2015 2016 Q2 2017 2013 2014 2015 2016 2017*
TTM

Funded Debt & Shareholders’ Equity Capital allocation priorities:

Shareholder’s Equity Funded Debt 1. Organic growth
2. Acquisitions
$148.1 $163.0 3. Pay down debt
$169.8
$183.0 4. Stock repurchases
$200.3
$337.4 $347.7 Tolerance for debt:
$300.2
$228.2 » 2x - 3x
$171.5
» Willing to flex up
2013 2014 2015 2016 Q2 2017

*Guidance provided as of August 2, 2017 astronics.com 24

DOUGHERTY & CO.
INSTITUTIONAL
INVESTORS
CONFERENCE

SEPTEMBER 19, 2017

NASDAQ: ATRO
SUPPLEMENTAL
SLIDES

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Major Competitors

» Airbus KID – Systeme » Zodiac

POWERED » Hamilton » Honeywell
AIRCRAFT » Sundstrand/UTC » OEM internal processes
» Crane Aerospace

» Zodiac
» Honeywell » Goodrich
LIGHTED
AIRCRAFT » Esterline » Whelan
» Hamilton Sundstrand/UTC » Diehl Aerospace
» Draeger (B/E Aerospace) » Numerous small suppliers

» GE » Kontron
AVIONICS » North Atlantic Industries » Panasonic
» TECOM (Smiths Group)

» Aeroflex (Cobham) » Keysight

TEST » Lockheed » Teradyne
SYSTEMS » National Instruments

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 Astronics Locations
A Broad Footprint – For Capacity and Collaboration
NORTH AMERICA FRANCE
KIRKLAND, WA EVERETT, WA
» Airframe Power MONTREAL, Quebec
» Avionics Databus
» In-Seat Power Solutions » Aircraft Lighting
EAST AURORA, NY
Corporate Headquarters
ITASCA, IL
KENT, WA » Aircraft Lighting LEBANON, NH
» System Installs
» VVIP In-flight » Aircraft Lighting
» Systems Certification
Entertainment
» Electrical Power Systems

AMHERST, NH
» Connectivity Systems

IRVINE, CA CHÂTEAUROUX, France

» Test Instruments » Seat Actuation
ORLANDO, FL
» Integrated Test Systems » VVIP In-flight Entertainment
» Integrated Test
FORT LAUDERDALE, FL Systems
» Aircraft Safety » Simulation and
CLACKAMAS, OR
» Airfield Lighting Training
» PSUs & Structures
» Enhanced Vision Systems
» Contract Manufacturing

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 Adding Technology, Building Solutions
Recent Acquisitions for the Astronics Brand

PECO PGA Avionics Armstrong

Manufacturing » December 2013 Aerospace
» July 2013 » Aerospace: Motion, » January 2015
» Aerospace: Interior VVIP » Aerospace: Systems
& Structures Certification, Power
and Avionics

2013 2014 2015 2016 2017

AeroSat EADS N.A. Test Custom Control

» October 2013 » February 2014 Concepts
» Aerospace: » Test: Commercial » April 2017
Connectivity and Defense » Aerospace: VVIP

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For More Information, Contact:

Company: Investor Relations:

David C. Burney Deborah K. Pawlowski
Chief Financial Officer Kei Advisors LLC
716-805-1599 x159 716-843-3908
david.burney@astronics.com dpawlowski@keiadvisors.com

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