Gabelli 18 Annual Aircraft Supplier Conference: Ideas Powering Freedom

Gabelli 18th Annual Aircraft
Supplier Conference
Dick Bregard Vice President & Deputy to the President Aerojet-General Corporation
Kathy Redd Vice President, Chief Financial Officer & Assistant Secretary GenCorp Inc.
Ideas Powering Freedom
Forward Looking Statements

Certain information contained in this report should be considered forward-looking statements as defined by Section
21E of the Private Securities Litigation Reform Act of 1995. All statements in this report other than historical information
may be deemed forward-looking statements. These statements present (without limitation) the expectations, beliefs,
plans and objectives of management and future financial performance and assumptions underlying, or judgments
concerning, the matters discussed in the statements. The words believe, estimate, anticipate, project and
expect, and similar expressions, are intended to identify forward-looking statements. Forward-looking statements
involve certain risks, estimates, assumptions and uncertainties, including with respect to future sales and activity levels,
cash flows, contract performance, the outcome of litigation and contingencies, environmental remediation and
anticipated costs of capital. A variety of factors could cause actual results or outcomes to differ materially from those
expected and expressed in our forward-looking statements. Important risk factors that could cause actual results or
outcomes to differ from those expressed in the forward-looking statements are described in the section Risk Factors in
Item 1A of our Annual Report to the Securities Exchange Commission on Form 10-K for the fiscal year ended November
30, 2011 and in our Form 10-Q for the period ended May 31, 2012. Additional risk factors may be described from time to
time in our future filings with the Securities and Exchange Commission.
Gabelli Conference - September 2012
Company Overview
GenCorp Overview
LTM 5/31/12 net sales of $930.2 million
Aerojet - $921.3 million
Real Estate - $8.9 million
LTM 5/31/12 Adjusted EBITDAP(1) of $113.0

million (12.1% margin)
Funded backlog of $882 million
Total backlog of $1,314 million
LTM 5/31/12 free cash flow(1) of $68.2 million
Net Sales
($ in millions)
$1,000
$800
$742.3
FY07
FY08
FY09
Net Sales
$200
$0
FY06
Funded and Total Backlog
$1,377
$800
$718
$811
$804
$902
$882
$674
$566
$400
Specialty Metals
Significant Real Estate Holdings

(1)
$1,314
$1,035
$565
Advanced Programs
$1,422
$1,191
$1,200
Tactical Systems
FY10
$1,600
Missile Defense and Strategic Systems
LTM
5/31/12
$400
Space and Launch Systems
FY11
$621.1
$912
$930.2
($ in millions)
Key Capabilities Enabling
$918.1
$600
LTM 5/31/12 operating cash flow of $91.9

million
$795.4
$745.4
$857.9
Non-GAAP Measure
$0
FY06
FY07
FY08
Funded Backlog
FY09
FY10
FY11 Q2 2012
Total Contract Backlog
Distinct Businesses Concentrated in

Attractive Growth Markets
Aerojet
Strategic
Propulsion
Missile Defense
Systems
Real Estate
Tactical
Propulsion
Glenborough /
Easton Place
Satellite & Spacecraft

Propulsion
Westborough
Mission critical provider of full-spectrum

propulsion capabilities
Hillsborough
Rio Del Oro
Value realization for 6,000 acres
Key Investment Considerations

Large, diversified and well positioned program portfolio
Strong revenue and backlog visibility

Extended history of growth, increased profitability and strong
cash flow generation
Substantial Real Estate holdings additive to financial flexibility
Proven management team focused on continued improvement
Aerojet
Market Leader in Propulsion
Market leader in U.S. tactical missile propulsion,

maneuvering propulsion systems for defensive missiles,
in-space propulsion and government research and
development of propulsion technology
Major role in next generation in-space satellite and

exploration propulsion development
Critical to the Department of Defense (DoD) and National

Aeronautics and Space Administration (NASA)
Well-positioned in growth market segments
Aerojet Business Strategy

Deliver excellent performance in our
core business
Drive initiatives across all aspects
of the operating model to maximize

our competitive posture
Create value by enhancing and
expanding the core and diversifying

into broader markets
Deliver
Drive
Create
9
Aerojet Core Competencies

National Priorities
Command, Control,
Communications,
Computers,
Intelligence,
Surveillance and
Reconnaissance
(C4ISR)
Core Competencies
In Space Propulsion
Support the Current

War
Warheads, Solid
Propulsion
Ballistic Missile
Defense (BMD)
Solid/Liquid/
Controllable
Propulsion, Pressure
Vessels
Strategic Deterrence
Solid Propulsion,
Warheads
Space Access
Solid, Liquid
Propulsion
Space Exploration
Solid, Liquid and

Electric Propuslion
Current Programs
Future Needs
Advanced Extra High Frequency (AEHF)

Mobile User Objective System (MUOS)
Global Positioning Satellite (GPS)
Space Based Infrared systems (SBIRS)
Cubesat
Leonidas
Space Situational Awareness
Responsive Space
Small Satellites
Tube-launched Optically Wire-guided (TOW)

Javelin
Tomahawk
Griffin
Guided Multiple Launch Rocket System (GMLRS)
Army Tactical Missile System (ATACMS)
Patriot Advanced Capability - 3 (PAC-3)
Terminal High Altitude Area Defense (THAAD)
Exoatmospheric Kill Vehicle (EKV)/GBI
Standard Missile SM3 Blk 1B and SM3 Blk 2A
D-5 Post Booster Control system (PBCS)
MMIII Propuslion system Rocket Engine (PSRE)
Large Class (LC)92" Second Stage
Triple Target Terminator (T3)

Next Generation Missile (NGM)
GMLRS Plus (motors and warheads)
Evolved Expendable Launch Vehicle (EELV)

Delta 2
Taurus 2
Orion
Blue Origin
Sundancer
PAC-3 Missile Segment Enhancement (MSE)

SM6
SM3 Blk 2B and targets
D-6 PBCS
MMIV PSRE
Conventional Prompt Global Strike (CPGS)
Long Range Strike (LRS)
Advanced Booster
Solar Electric Propulsion (SEG) TUG
Multi Purpose Crew Vehicle (MPCV)
Commercial Crew (Dream Chaser, CST-100)
Critical National Asset, Aligned with Long-Term DoD and

NASA Budget Priorities
10
Diversified Program Portfolio

Major Programs
Program
Primary Customer
GMLRS
Tactical Tomahawk
PAC-3
Javelin
TOW
Standard Missile
Lockheed Martin
Raytheon
Lockheed Martin
Lockheed Martin/Raytheon
Raytheon
Raytheon
Atlas V
United Launch Alliance
THAAD
EKV
Lockheed Martin
Raytheon
Orion
Lockheed Martin
Taurus 2/Antares
Orbital
In-Space Propulsion
Lockeed-Martin, Loral,
Boeing, Orbital, Astrium,
European Launch Vehicle
Joint Venture, Thales
Alenia Space
End Users
Program Description
U.S. Army
U.S. Navy
U.S. Army
U.S. Army
U.S. Army
U.S. Navy, MDA
Program Status
Tactical solid rocket motors

Tactical solid rocket motors and warheads
Tactical missile warheads
Tactical solid rocket motors, throttling divert and
attitude control systems and warheads
U.S. Air Force,
Solid "strap-on" booster motors, upper stage
Commercial, NASA thrusters and separation motors
Production
Production
Development/Production
Production
Production
MDA
MDA

Liquid propulsion divert and attitude control
propulsion systmes
NASA
Propulsion systems and engines for human
spaceflight system
NASA, Commercial Provide booster engines for launch vehicle
Various
Electric and liquid spacecraft thrusters, propellant

tanks and bi-propellant apogee engines, altitude
control thrusters, integrated propulsion systems
and thrusters
Production
Development/Qualification
Qualification/Production
Development/Production/
Qualification
Product line diversity allows continued growth and is the result of
Strategic focus to create and maintain broad spectrum of propulsion and energetic products
Growing demand for our innovative energy management technologies
Solid and liquid propulsion teams brought together thus exploiting potential product line synergies
Over 200 Long Term Contracts

11
With Enduring Program Life Cycles

Programs
1980
1990
Guided Multiple
Launch Rocket System
(MLRS)
Tactical Tomahawk
2000
2020
EXTENDED RANGE MLRS

GUIDED MLRS
MK106
MK11
EXTENDED RANGE
Patriot Advanced
Capability (PAC-3)
MK135
PATRIOT ADVANCED CAPABILITY -3
MISSILE SEGMENT ENHANCEMENT
INTERCEPTOR (ERINT)
BLK0
Javelin
TOW
Standard Missile
Propulsion
2010
BLK1
2A
MK30/MK 56
MK104
2B
GRIFFIN
BUNKER BUSTER
MK72
Atlas V
THAAD
Exoatmospheric Kill
Vehicle (EKV)
1B
Standard Missile-3
2A
Orion
Revenue Sustainability and Stable Financial Base

12
Substantial Customer-Funded
Research and Development (R&D)
GenCorp maintains an active research and

development effort primarily supported by
customer funding
Accounted for approximately 95% of cumulative

R&D expenses from 2009 - 2011
80% increase in company-funded R&D from

2009 - 2011
Provides GenCorp a competitive advantage by

laying the groundwork for long-term production
contracts
Top Current Development Programs
Research & Development
2009
($ in millions)
Customer-Funded
Company-Funded
Total
$
$
245
15
260
Year Ended
2010
$
$
284
17
301
Program
2011
$
$
276
27
303
Standard Missile
(SM-3)
Orion
Mission Area
Primary
Customer
End-Users
Missile Defense
Raytheon
U.S. Navy,
MDA
Space &
Launch
Lockheed Martin/
Orbital
NASA
PAC-3
EKV
Tactical
Lockheed Martin U.S. Army
Missile Defense
Raytheon
MDA
THAAD
Missile Defense Lockheed Martin
MDA
Technology Diversity and Product Line Synergies

Drive Competitive and Innovative Product Pipeline
13
Steady Increase in Backlog
Funded and Total Backlog
Significant follow-on contract awards:
Aegis Ballistic Missile Defense Standard

Missile-3 Throttling Divert Attitude Control
System
THAAD
Standard Missile MK-72 and MK-104
GMLRS
PAC-3
EKV
($ in millions)
$1,600
$1,377
$1,422
$1,314
$1,191
$1,200
$1,035
$912
$800
$718
$565
$811
$902
$882
$804
$674
$566
$400
Significant new contract awards include:
Triple Target Terminator (T3)
Griffin missile propulsion upgrade
SM-3 Block IIB
Iridium Next Propulsion Program
$0
FY06
FY07
FY08
Funded Backlog
FY09
FY10
FY11
Q2
2012
Total Contract Backlog
Of our 2011 total contract backlog, approximately

46% is expected to be filled within one year
Incremental Contract Awards Provide Visibility Towards Future Growth

14
Leads to Revenue Growth and Visibility
Aerojet Revenue
Highly visible revenue
($ in millions)
$1,000
Long term programs
Diverse and attractive contract base
$800
Deep customer relationships
$600
$739.1
$725.5
FY07
FY08
$787.2
$850.7
$909.7
$921.3
FY11
LTM
5/31/12
$614.6
$400
$200
$0
FY06
FY09
FY10
5/31/12 LTM Aerojet Revenue Composition

Contract Type
Customers
End Users
Other
Other
U.S.
Army
NASA
4%
CostReimbursable
41%
Fixed
-Price
All Others
Raytheon
34%
11%
36%
U.S. Air
Force
55%
7%
19%
14%
30%
Lockheed
Martin
26%
U.S.
Navy
23%
Missile Defense
Agency (MDA)
Strong and Predictable Business Mix Supports Improving Credit Profile

15
Leading Change Focus Areas

Key Player
Recognized Leader
Initiatives
Enterprise Integration
Leadership Development
Program Management
Systems Engineering
Technology Development
Make/Buy Process
LEAN Manufacturing
Supply Chain
Shared Services
Business Systems
Knowledge Sharing
Deliver Excellent Results Throughout the Transition

16
Easton Development Company, LLC
17
Substantial Real Estate Holdings

Business Overview
Regional Context
GenCorp owns approximately 12,200 acres of

land in the Sacramento metropolitan area of
which 6,000 acres are undergoing entitlement
Development Agreement completed in 2011 for

1,400 acres; project fully entitled
Located along a key growth corridor
Development opportunity with desirable in-fill

location
Easton
6,044 Acres
18,508 Housing Units
Regional long-term demographics are strong for

population and job growth
12.7 Million Square Feet

Commercial / Retail
Real Estate holdings provide additional financial

flexibility & value creation opportunities
Easton Projects
Environmentally
Unrestricted Acres
Environmentally
Restricted Acres
Total
Acres
Limited
Entitlement
Acres
Entitled
Acres
Glenborough & Easton Place
1,043
349
1,392
1,392
Rio del Oro at Easton
1,818
491
2,309
2,309
Westborough At Easton
1,387
272
1,659
532
97
629
629
47
55
55
Hillsborough at Easton
Office Park and Auto Mall
18
Financial Overview
19
Net Sales and Adjusted EBITDAP

Net Sales (1)
Adjusted EBITDAP (1)(2)
$ in millions
$ in millions
1,000
$918.1 $930.2
900
$110.7
$795.4
800
700
120
$857.9
20%
$97.4 $95.4 $96.4
100
$745.4 $742.3
$115.4 $113.0
15%
$621.1
80
600
500
60
400
$59.1
13.1% 12.9%
12.1%
12.9% 12.6%
12.1%
10%
9.5%
40
300
5%
200
20
100
0
0
2006
2007
2008
Aerojet
2009
2010
2011
LTM
5/31/12
2007
2008
2009
Consolidated
Real Estate
Notes:
0%
2006
2010
2011
LTM
5/31/12
Margin
(1) From continuing operations

(2) Non-GAAP Measure
20
Funded Awards and Backlog

Funded Awards
Funded Backlog
$ in millions
$ in millions
1,000
1,200
$902
$1,068
900
$1,016
1,000
800
$804
2009
2010
800
$931
$850
$845
$811
$882
$674
700
$756
600
$687
$565
$566
2006
2007
500
600
400
400
300
200
200
100
0
0
2006
2007
2008
2009
2010
2011 5/31/12
LTM
2008
2011
2012
Q2
As of November 30, 2011
21
Cash Flow
Cash From Operations(1)
Free Cash Flow(1)(2)
$ in millions
$ in millions
160
140
$148.1
120
140
100
120
100
$91.9
60
80
$68.2
$55.7
60
$76.8
80
$36.0
40
$50.3
20
40
$23.8
$2.0
$28.0
$6.7
20
(20)
0
(20)
$131.2
(40)
($13.1)
(60)
(40)
2006
Notes:
($32.1)
2007
2008
2009
2010
2011
LTM
5/31/12
2006
2007
2008
2009
2010
2011
LTM
5/31/12
(1) Includes cash from Continuing and Discontinued Operations

22
Cash Equivalents and Net Debt

Cash and Cash Equivalents(1)
Net Debt (2)
$ in millions
$ in millions
250
400
$208.2
200
$381.4
$354.0 $347.9
350
$312.3
$188.0
300
$150.2
150
250
$126.3
$188.5
200
100
$92.3
$92.7
$138.4
150
$81.0
$99.8
100
50
50
0
0
2006
Notes:
2007
2008
2009
2010
2011
Q2
2012
2006
2007
2008
2009
2010
2011
Q2
2012
(1) Includes cash and cash equivalents, restricted cash and marketable securities
23
Historical Metrics
Gross Debt
Cash and Cash Equivalents
$ in millions
500
$426.4
$ in millions
$446.3
$440.6
250
$438.6
$208.2
$396.7
400
$326.4
$150.2
300
$250.0
150
200
100
100
50
0
2006
2007
2008
2009
Net Leverage
2010
2011
$188.0
200
$126.3
$81.0
Q2 2012
2006
$92.3
$92.7
2007
2008
(1)
2009
2010
2011
Q2 2012
Liquidity(2)
$ in millions
7.0x
6.4x
300
6.0x
$273.2
$270.9
$239.6
250
5.0x
3.6x
4.0x
3.6x
200
3.2x
150
3.0x
1.7x
2.0x
1.2x
1.0x
$172.3
$172.7
2007
2008
$185.5
$141.2
100
0.9x
0.0x
50
0
2006
2007
2008
2009
2010
2011
Q2
2012
2006
2009
2010
2011
Q2 2012
(1) Defined as funded debt less cash and cash equivalents/adjusted EBITDAP
(2) Defined as Revolver availability plus cash and cash equivalents.
24
Credit and Debt Maturity Profile

Total Funded Debt:
Debt Maturities As of November 30, 2009

$ in millions
240
$438.6M (1)
Moodys
S&P
B3
CCC+
Revolver (Unfunded) maturing June 2012
200
4.0% Contingent Convertible Subordinated Notes put to
company in January 2010
160
120
2.25% Convertible Subordinated debentures maturing

November 2024(2)
80
Term Loan maturing April 2013

40
9.5% Senior Subordinated Notes maturing August 2013
0
CY 2010
CY 2011
CY 2012
CY 2013
CY 2014
Beyond 2014
Outstanding Letters of Credit - $84.5
Debt Maturities As of May 31, 2012
Total Funded Debt:
$ in millions
250
200
$250.0M
Moodys
S&P
B1
Revolver (Unfunded) maturing November 2016

Term Loan maturing November 2016
150
9.5% Senior Subordinated Notes maturing August 2013
100
50
4.0625% Covertible Subordinated Notes Put in December 2014

(1)
Other financing lines/facilities
Other Debt (2)
0
FY2012
FY2013
FY2014
FY2015
Beyond FY2015
(1) Although debt matures in December 2039, projections assume notes do not convert and are put back to Company in December 2014
(2) Includes $250k of 2.25% Convertible Subordinated Debentures not put back to Company in November 2011 (due November 2024)
available:
$35M surety bond line
$10M lease line of credit
$5M P-card/T-card line
Outstanding Letters of Credit - $60.6

25
Summary Highlights
Large, diversified and well positioned program portfolio
Strong revenue and backlog visibility

Extended history of growth, increased profitability and strong
cash flow generation
Substantial Real Estate holdings additive to financial flexibility
Proven management team focused on continued improvement
A Proud Heritage and an Exciting Future!

26
Gabelli 18th Annual Aircraft

Supplier Conference
Ideas Powering Freedom

Gabelli 18 Annual Aircraft Supplier Conference: Ideas Powering Freedom

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Gabelli 18th Annual Aircraft

Ideas Powering Freedom

Forward Looking Statements

Gabelli Conference - September 2012

Gabelli Conference - September 2012

LTM 5/31/12 net sales of $930.2 million

Aerojet - $921.3 million

Real Estate - $8.9 million

LTM 5/31/12 Adjusted EBITDAP(1) of $113.0

Funded backlog of $882 million

Total backlog of $1,314 million

LTM 5/31/12 free cash flow(1) of $68.2 million

Funded and Total Backlog

Significant Real Estate Holdings

Gabelli Conference - September 2012

Missile Defense and Strategic Systems

Space and Launch Systems

Key Capabilities Enabling

LTM 5/31/12 operating cash flow of $91.9

Total Contract Backlog

Distinct Businesses Concentrated in

Satellite & Spacecraft

Mission critical provider of full-spectrum

Gabelli Conference - September 2012

Rio Del Oro

Value realization for 6,000 acres

Key Investment Considerations

Strong revenue and backlog visibility

Proven management team focused on continued improvement

Gabelli Conference - September 2012

Gabelli Conference - September 2012

Market Leader in Propulsion

Market leader in U.S. tactical missile propulsion,

Major role in next generation in-space satellite and

Critical to the Department of Defense (DoD) and National

Well-positioned in growth market segments

Gabelli Conference - September 2012

Aerojet Business Strategy

of the operating model to maximize

expanding the core and diversifying

Aerojet Core Competencies

Support the Current

Solid, Liquid and

Advanced Extra High Frequency (AEHF)

Tube-launched Optically Wire-guided (TOW)

Triple Target Terminator (T3)

Evolved Expendable Launch Vehicle (EELV)

PAC-3 Missile Segment Enhancement (MSE)

Critical National Asset, Aligned with Long-Term DoD and

Diversified Program Portfolio

United Launch Alliance

Tactical solid rocket motors

Tactical solid rocket motors

Electric and liquid spacecraft thrusters, propellant

Product line diversity allows continued growth and is the result of

Growing demand for our innovative energy management technologies

Over 200 Long Term Contracts

With Enduring Program Life Cycles

EXTENDED RANGE MLRS

PATRIOT ADVANCED CAPABILITY -3

MISSILE SEGMENT ENHANCEMENT

Revenue Sustainability and Stable Financial Base

GenCorp maintains an active research and