Aerojet Rocketdyne Shareholders Elect the Entire Independent Slate, Led by CEO Eileen Drake

Based on preliminary results, the Independent Slate received greater than 75% of votes cast

EL SEGUNDO, Calif., June 30, 2022 /PRNewswire/ -- Eileen Drake (the CEO of Aerojet Rocketdyne (NYSE: AJRD)) and the other members of the Independent Slate announced today that they have been elected by the shareholders of Aerojet Rocketdyne to serve as directors. The new Board consists of CEO Eileen Drake; incumbent independent directors Gen. Kevin Chilton (Ret.), Thomas Corcoran and Gen. Lance Lord (Ret.); and new independent directors Gail Baker, Marion Blakey, Maj. Gen. Charles Bolden (Ret.), and Deborah James.

Based on preliminary results, the Independent Slate received more than 75% of votes cast. Ms. Drake received the most votes of any individual director nominee, with support from greater than 83% of votes cast.

"We are extremely grateful for the input and support from our shareholders," said Eileen Drake, CEO of Aerojet Rocketdyne. "The new Board consists of highly qualified and experienced directors with track records of creating tremendous shareholder value. Throughout this process, we have had the privilege to speak directly with our shareholders to discuss Aerojet Rocketdyne's strategy and performance, and we welcome the opportunity for continued shareholder engagement. We are pleased that our shareholders recognized the Independent Slate's value creation strategy. We believe Aerojet Rocketdyne has substantial momentum and upside, and we look forward to putting this proxy fight behind us so we can continue to focus on creating value for our shareholders."

"We would like to thank our shareholders for their perspectives and feedback during this process, which the new Board will actively consider. We acknowledge that a difficult and costly fight has brought us to this point, but the time has come today to plot a positive path and work with all our shareholders, including Steel Partners, to maximize value. In that spirit, we would like to thank Warren Lichtenstein and the other departing board members for their service to our Company."

"We would also like to thank Evercore, Gibson Dunn, Paul Hastings, King & Spalding, Ballard Spahr, Richards Layton & Finger, and D.F. King for their top-flight advice, expertise and experience during this complicated process."

Additional information regarding the results of the 2022 Special Meeting will be available in a current report on Form 8-K that will be filed by Aerojet Rocketdyne with the Securities and Exchange Commission and on the Company's investor website ir.aerojetrocketdyne.com.

Important Information

This communication is being made in the participants' individual capacity, and not by or on behalf of Aerojet Rocketdyne Holdings (the "Company"). No Company resources were used in connection with these materials.

CONTACT:
D.F. King & Co.
(212) 269-5550

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SOURCE Committee for Aerojet Rocketdyne Shareholders and Value Maximization