Investor PresentationMarch 17, 2015 

 Forward Looking Statements  This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time.  These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid.  They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance.  Examples of forward looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others: (i) changes in domestic and foreign economic and competitive conditions in markets served by the Company, particularly the defense, commercial aviation and industrial production markets; (ii) changes in government and customer priorities and requirements (including cost-cutting initiatives, government and customer shut-downs, the potential deferral of awards, terminations or reductions of expenditures to respond to the priorities of Congress and the Administration, or budgetary cuts resulting from Congressional actions or automatic sequestration); (iii) changes in geopolitical conditions in countries where the Company does or intends to do business; (iv) the successful conclusion of competitions for government programs and thereafter contract negotiations with government authorities, both foreign and domestic; (v) the existence of standard government contract provisions permitting renegotiation of terms and termination for the convenience of the government; (vi) the conclusion to government inquiries or investigations regarding government programs; (vii) risks and uncertainties associated with the successful implementation and ramp up of significant new programs; (viii) potential difficulties associated with variable acceptance test results, given sensitive production materials and extreme test parameters; (ix) the receipt and successful execution of production orders for the U.S. government JPF contract, including the exercise of all contract options and receipt of orders from allied militaries, as all have been assumed in connection with goodwill impairment evaluations; (x) the continued support of the existing K-MAX® helicopter fleet, including sale of existing K-MAX® spare parts inventory; (xi) the accuracy of current cost estimates associated with environmental remediation activities; (xii) the profitable integration of acquired businesses into the Company's operations; (xiii) the ability to implement our ERP systems in a cost-effective and efficient manner, limiting disruption to our business, and to capture their planned benefits while maintaining an adequate internal control environment; (xiv) changes in supplier sales or vendor incentive policies; (xv) the effects of price increases or decreases; (xvi) the effects of pension regulations, pension plan assumptions, pension plan asset performance and future contributions; (xvii) future levels of indebtedness and capital expenditures; (xviii) the continued availability of raw materials and other commodities in adequate supplies and the effect of increased costs for such items; (xix) the effects of currency exchange rates and foreign competition on future operations; (xx) changes in laws and regulations, taxes, interest rates, inflation rates and general business conditions; (xxi) future repurchases and/or issuances of common stock; and (xxii) other risks and uncertainties set forth herein and in our 2014 Form 10-K. Any forward-looking information provided in this presentation should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this presentation. 

 What is Kaman?  Solving Our Customers’ Critical Problems with Technically Differentiated Products & Services  Leading Provider of Highly Engineered Aerospace & Industrial Products Serving a Broad Range of End Markets 

 Distribution  Kaman Corporation Overview    Distribution  Aerospace        $1.8B Revenues  Aerospace  Based on 2014 Actual Results from Continuing Operations 

 Outstanding portfolio of intellectual property (IP) across AerospaceDistribution aligned with best-in-class, vendorsDiverse end market exposure provides consistent performance to fund growth  Strategically Positioned  Kaman Investment Highlights  Improving Financials  Reliable Business Strategies  Focused on driving profitable top-line growth Deliver earnings growth through scale and operational executionGenerate strong consistent cash flow to fund long-term growthERP investments will yield improved efficiencies & financial performance over medium-term  Disciplined acquisition growth to achieve scale and margin enhancementsContinuing focus on innovation to maintain differentiationRelentless effort to drive operational excellence and leanShared services allow for efficient allocation of resources 

 Aerospace Overview  v  AEROSYSTEMS  SPECIALTY BEARINGS & ENGINEERED PRODUCTS  FUZING & PRECISION PRODUCTS            Engineering design and testingTooling design & manufactureAdvanced machining and composite aerostructure manufacturing Complex assemblyHelicopter MRO and support  Self-lube airframe bearingsTraditional airframe bearingsFlexible drive systems  Bomb and missile safe and arm fuzing devicesPrecision measuring systems Memory products    Global commercial and defense OEM’sSuper Tier I’s to subcontract manufacturersAircraft operators and MRO Specialized aerospace distributors    U.S. and allied militariesWeapon system OEMs    “One Kaman” combines design and build capabilities to provide customers with a global integrated solutionBearing product lines strong commercial customer base expected to provide growth from new program wins and higher build rates    Exclusivity and significant backlog provide a stable revenue base  BusinessDynamic  Customers  Products 

 Distribution Overview  PRODUCT PLATFORM  Bearings & Mechanical PowerTransmission (BPT)  FLUID POWER  AUTOMATION, CONTROL & ENERGY (ACE)  % of 2014 Sales  54%  20%  26%  Market Size(1)  $13 Billion  $7 Billion  $15 Billion  Acquisitions since 2008  Industrial Supply CorpAllied Bearings SupplyPlains BearingFlorida Bearings Inc.Ohio Gear and Transmission  INRUMECCatchingNorthwest Hose & FittingsWestern Fluid ComponentsB. W. Rogers  ZellerMinarikTarget Electronic SupplyB. W. RogersG.C. Fabrication  Major Suppliers        (1) Source: PTDA Market Size Report; US Census Bureau; ARC Advisory  

 Market Opportunities  Secular trends helping to drive significant long-term growth opportunities in both Aerospace and Distribution segments    AEROSPACEOEM/Tier 1 outsourcing and supplier consolidationHigher bearing content on new platformsIncreasing commercial build rates driving bearing and aerostructure salesNew programs provide offset to lower defense spending   DISTRIBUTIONSupplier consolidation favors larger national service providersIncreased need for value added servicesLarge fragmented market provides consolidation opportunitiesFactory automation trends driving fluid power and high speed automation solutions  

 Organic Growth Drivers   Aerospace  Distribution  “One Kaman Approach”New product development efforts at Specialty Bearings and Precision ProductsContinued commercial aerospace cycle growthProgram renewals and extensionsExpanded geographic footprint  Supplier consolidationFactory automation trendsDifferentiated product and servicesProduct platform cross-selling National account opportunitiesSales force expansion 

 Capital Deployment Framework  Capital deployment is focused on growth investments & return of capital to shareholders  Dividends & Share Repurchases   Capital Expenditures  Acquisitions  Total $764 Million Period: 2007-2014 

   35%  Aerospace 

 Aerospace Profile  Sales by Product Line2014  Net Sales $633MOI% 17.2%  Financial Summary 2014  Technology Profile 

 Aerospace Strategy 

 1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  Aircraft Programs/Capabilities  1. Doors2. Nose landing gear3. Engine/thrust reverser4. Flight controls5. Flaps6. Main landing gear7. Rudder8. Horizontal stabilizer  Bearing Products  Other Products  9. Door assemblies10. Top covers11. Fixed leading edge12. Fixed trailing edge13. Winglets14. Wing structures, flaps, slats15. Access doors16. Nacelle components 

 1  4  1  2  3  5  6  6  6  7  Aircraft Programs/Capabilities  1. Flexible drive systems2. Flight control bearings3. Landing gear bearings  Bearing Products  Other Products  4. Manufacture and assembly of tail rotor pylon5. Blade manufacture, repair and overhaul6. Manufacture and subassembly of cabins and structures7. Manufacture of cockpit 

 Aerospace Renewals/New Programs  Bell – commercial bladesBell – military bladesBoeing – 777/767 fixed trailing edgeBoeing – KC-46A fixed trailing edgePeru SH-2G  Almost $200 million in total potential revenue 

 Market Leading Self-Lube Airframe Bearing Product Lines  ProprietaryTechnology  Material Science Capability  Application EngineeringExpertise  Operational Excellence  KAron® • KAflex® • Tufflex®  New TechnologiesNew ProductsCustomizationCustomer Intimacy  Work ForceLean Automation  World Class Performance 

 Fuzing Products  SLAM-ER  HARPOON  MAVERICK  AMRAAM  FMU-139  TOMAHAWK  JPF  STANDARD MISSILE  SLAM-ER  SLAM-ER  AMRAAM  TOMAHAWK  STANDARD MISSILE  AGM-65M  AMRAAM  On a Majority of U.S. Weapon Systems 

   U.S. Air Force (USAF) bomb fuze of choiceUSAF inventory levels below desired quantity, and foreign orders provide additional opportunitiesUSAF contract extends sole source position into 2017Backlog of over $100 million27 foreign customersSystem field reliability is greater than 99%    Bomb CompatibilityJDAMPaveway II and IIIGBU-10, 12, 16, 24, 27, 28, 31, 32, 38, 54BLU-109, 110, 111, 113, 117, 121, 122, 126MK82/BSU-49, MK83/BSU-85, MK84/BSU-50  JPF Program 

 Helicopter Programs  SH-2G Super Seasprite  K-MAX®  Service and support Flying fleet expected to grow in excess of 40% from 2014 to 2016Currently fulfilling a contract to provide ten aircraft to the New Zealand Ministry of Defence Under contract to support the procurement of five aircraft by the Peruvian Navy  Commercial fleet service and supportResearch, development and testing of unmanned technologies & capabilitiesTwo unmanned aircraft supported the USMC in a cargo supply role in Afghanistan for 33 monthsPartnering with Lockheed Martin to pursue a military program of recordEvaluating commercial sales opportunities 

 Distribution 

 Kaman Distribution Segment  2014 Net Sales $1,162M(1)2014 OI% 4.9%(2) # of Customers 65,000 SKUs in Catalog 4+ million  Business Overview  Served Market Size = $35B  dollars in billions  Source: PTDA Market Size Report; US Census Bureau; ARC Advisory   (1) From continuing operations (2) From continuing operations, adjusted to exclude $550K in severance costs 

 Business Strategies  Pipeline for each product platformFormal integration processEnd market diversification  Focused on outside sales forceTargeting strategic geographic marketsKaman training programs  Adding more differentiated productsLarge national account opportunity pipeline Targeting emerging industries  Strategic pricingSupplier rebates Purchasing leverage  Multi-phase rolloutIncludes CRM, WMS, FinancialsDrives operational efficiencies  1  2  3  5  4 

 Scale  Distribution – Road to 7+% Operating Margin  TODAY<5%  FUTURE7+%      Improved Operational Efficiencies  Product Mix  Strategic Pricing  CATALYSTS 

 Platform Evolution  Through acquisitions and organic growth, Kaman has significantly grown its Distribution business while greatly expanding its product offering  Bearings & Power Transmission  up 38%  Automation, Control & Energy  up 252%  Fluid Power  up 216%         a   a   a  For the years 2009-2014  a 

 Executing Strategy and Building Network 

 Acquisitions in all Product Platforms  Distribution Group Sales 

 GCF Acquisition  Acquired the assets of G.C. Fabrication, Inc. in January 2015A premier Schneider Electric distributor, ~ $20 Million in revenueHighly complementary product offering & brands of electrical control, power, process and automationServices include systems programming, power & energy management, communication & networking, HVAC systemsExtends key brand authorizations into New York metro area for industrial, commercial building & infrastructure markets5th acquisition in AC&E platform since 2010Expected to be accretive and integrate rapidly with the Automation, Control & Energy platform of the Distribution segment 

 Adding Leading Brands in Multiple Technologies      PLCs, HMIsSensors & SignalingMachine Safety  HydraulicsPneumaticsFluid Connectors    Motion ControlServos & SteppersLinear Motion  BearingsPower TransmissionIndustrial Supplies  Value- Added Technologies 

 Extensive Solution and Service Capabilities 

 Proven strategies have delivered strong shareholder value over timeAerospace– Leveraging unique set of proprietary products and capabilities– Strong platform positions across commercial & defense markets– Robust pipeline of future opportunitiesDistribution– Three product platform strategy expands growth opportunities– Increased scale provides improved operating leverage– ERP implementation benefitsSuccessfully execute future acquisitionsLeverage experienced management and workforce across the company  Positioned for Future Growth 

   Financial Information and Non-GAAP Reconciliations 

 Sales and Operating Income 

 Net Earnings 

 Cash Flow, Balance Sheet, and Capital Factors