ALLIANT TECHSYSTEMS INC. 401(k) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

AS OF DECEMBER 31, 2009 AND 2008

	2009		2008

ASSETS:
Investments — fair value	$	1,535,093,377	$	1,286,568,229
Participant loans	45,958,074		43,602,231
Total investments	1,581,051,451		1,330,170,460
Deferred contributions	—		(1,972,799		)
Employer contributions receivable	9,102,488		6,997,792
NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE	1,590,153,939		1,335,195,454

ADJUSTMENTS FROM FAIR VALUE TO CONTRACT VALUE FOR FULLY BENEFIT-RESPONSIVE INVESTMENT CONTRACTS	3,654,776		12,266,837
NET ASSETS AVAILABLE FOR BENEFITS	$	1,593,808,715	$	1,347,462,290

See notes to financial statements.

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ALLIANT TECHSYSTEMS INC. 401(k) PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

	2009		2008

NET ASSETS AVAILABLE FOR BENEFITS — Beginning of year	$	1,347,462,290	$	1,749,903,197

CONTRIBUTIONS:
Participant contributions	93,357,827		109,569,263
Employer contributions	36,529,120		33,365,806
Total contributions	129,886,947		142,935,069

INVESTMENT INCOME (LOSS):
Interest income (expense)	2,457		(728		)
Dividends	26,846,028		47,344,131
Net appreciation (depreciation) in fair value of investments	210,958,904		(493,797,137		)
Total investment income (loss)	237,807,389		(446,453,735		)

INTEREST INCOME FROM PARTICIPANT LOANS	2,962,873		3,257,424

DEDUCTIONS:
Distributions to participants	124,040,038		101,917,925
Trustee and administrative fees	270,746		261,741
Total deductions	124,310,784		102,179,665

NET ADDITIONS (DEDUCTIONS)	246,346,425		(402,440,907		)

NET ASSETS AVAILABLE FOR BENEFITS — End of year	$	1,593,808,715	$	1,347,462,290

See notes to financial statements.

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ALLIANT TECHSYSTEMS INC. 401(K) PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

1. DESCRIPTION OF THE PLAN

The following description of the Alliant Techsystems Inc. 401(k) Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

General — The Plan is a defined contribution, voluntary, tax-deferred savings plan designed to provide a retirement savings vehicle and supplemental retirement benefits to Alliant Techsystems Inc. (the “Company”) employees. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. The Company has management and administrative responsibility for the Plan. Fidelity Management Trust Company serves as the trustee for the Plan.

Participation — Each employee of the Company classified as regular full time or regular part time, except a person employed by an excluded business unit that does not provide for participation in the Plan, automatically became eligible to participate on the date of hire by the Company or transfer into the Plan. Temporary/project employees may become eligible to participate in the Plan after a required amount of service has been met.

Contributions — The following contributions were made to the Plan through December 31, 2009.

a. The Company contributes to the Plan an amount on behalf of the participants who designate pretax and/or Roth 401(k) contributions equal to a percentage of their elected salary deferrals. The maximum pretax and/or Roth 401(k) contribution percentage is determined by the Alliant Techsystems Inc. Pension and Retirement Committee in accordance with Internal Revenue Service (IRS) guidelines. Contributions, including sponsor match and non-elective contributions, are also limited to the lesser of $49,000 or 100% of the participant’s pay for a plan year. The Plan also allows the participants to make limited after-tax contributions and the Company to make a supplemental discretionary contribution. Participants age 50 and older who have met other plan contribution limitations are eligible to make catch-up contributions up to $5,500 per year.

b. Participants who are eligible for a distribution from any other plan qualified under Section 401(a) of the Internal Revenue Code (the “Code”) or from an individual retirement plan under Sections 402 and 408 of the Code may transfer or roll over all or a part of such distribution to their accounts in the Plan, provided the Plan agrees to accept the distribution.

c. The Company matching contributions are as follows:

Nonunion participants hired or rehired on or after January 1, 2007, and certain union participants hired after July 1, 2007, who participate, receive a 100% match on the first 3% of pre-tax and/or Roth 401(k) contributions and a 50% match on the next 3% of pre-tax and/or Roth 401(k) contributions. Nonunion participants are automatically enrolled in the Plan at a pre-tax contribution rate of 6%.

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The Company shall make a non-elective contribution to the Plan for eligible non-union participants hired or rehired on or after January 1, 2007. The non-elective contributions range from 2.5% to 4.0% of eligible pay, based on age and years of service.

The Company contributes a matching contribution and any applicable non-elective contribution to the Plan for participants employed under a collective bargaining agreement, as described in the applicable collective bargaining agreement.

The Company matching contribution formula for existing employees as of January 1, 2007, is based on length of service and participation in the Company’s defined benefit plans.

Participants in most legacy Final Average Earnings (FAE) pension plans — Participants in FAE pension plans (Honeywell, Hercules, Aerospace, Thiokol, and SEG) do not receive a company match.

Grandfathered Employees (15 or more years of service as of January 1, 2004) — Participants in the Alliant Techsystems Inc. Retirement Plan (cash balance formula), Alliant Lake City Retirement Plan and Federal Cartridge Pension Plan receive a 50% match on contributions up to a maximum of 6% of pre-tax and/or Roth 401(k) contributions.

Nongrandfathered Employees (Employees with less than 15 years of service as of January 1, 2004, and new employees hired prior to January 1, 2007) — Participants with less than 15 years of service who participate in the Pension Equity Plan receive 100% match on the first 3% of pre-tax and/or Roth 401(k) contributions and 50% on the next 2% of pre-tax and/or Roth 401(k) contributions.

Participant Accounts — Each participant’s account is credited with their contribution and portion of the Company’s match and is charged with their withdrawals. Earnings, losses, and administrative expenses of the individual participant’s investment fund options are reported in the individual participant’s account. The Company may also pay certain Plan expenses at its discretion. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Vesting — All participants are 100% vested in their individual accounts attributable to their contributions. Effective January 1, 2007, for nonunion new hires and rehires and certain union participants, the Company match is subject to a one-year cliff vesting period and the non-elective contribution is subject to a three-year cliff vesting period. Forfeitures may, at the Company’s discretion be applied to pay for Company contributions and administrative expenses of the Plan permitted by ERISA and/or allocated to individual participant accounts.

Participant Loans — Participants may borrow a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance excluding the Company’s non-elective contribution or Company individual retirement account balances. Loan transactions are treated as a transfer to (from) the investment fund and from (to) the loan fund. Loan terms generally range from one to five years, except loans for the purchase of a primary residence, which generally range from one to ten years. Loan terms for the purchase of a primary residence for the loans transferred from the Composite Optics Inc. Retirement Savings Plan initially range from one to fifteen years. The loans are secured by the balance in the participant’s account. Interest rates are calculated quarterly and are based on prime rate plus 1%. Principal and interest are paid ratably through biweekly payroll deductions.

Distributions — Upon termination of employment, a participant may elect to receive a single lump sum distribution or monthly, quarterly, or annual installments payable over a period of up to 240 months. As required by regulation, the Plan was amended to require rollover to an individual retirement account feature for any participant whose account balance is greater than $1,000 (but less than $5,000)

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who has not elected another form of payment. Participants with a balance of $1,000 or less will be paid in the form of a one-time lump sum.

Investments — Participants direct the investment of their contributions into various investment options offered by the Plan. Company matching contributions and non-elective contributions are also invested pursuant to participant direction. The Plan currently offers twenty-five mutual funds or collective investment funds and one common stock fund as investment options for participants.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting — The financial statements of the Plan are presented on the accrual basis of accounting and have been prepared in accordance with accounting principles generally accepted in the United States of America.

Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Plan management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.

Risks and Uncertainties — The Plan utilizes various investment instruments, including mutual funds. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that these changes could materially affect the amounts reported in the financial statements.

Investment Valuation and Income Recognition — The Plan’s investments are stated at fair value. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, which is generally determined by quoted market prices. When quoted market prices are not available, generally these investments have underlying securities that have fair values determined by quoted market prices. Shares of mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year end. Common collective trust funds are stated at fair value as determined by the issuer of the common collective trust funds based on the fair market value of the underlying investments. Common collective trust funds with underlying investments in investment contracts are valued at fair market value of the underlying investments and then adjusted by the issuer to contract value. Participant loans are valued at the outstanding loan balances, which approximate fair value.

Investment contracts held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for the portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan. The statement of net assets available for benefits presents the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The statement of changes in net assets available for benefits is prepared on a contract value basis.

Security transactions (purchases and sales of investments) are recorded on the trade date. The realized gain or loss on sales of investments is determined based upon the average cost of investments sold. Dividend income is recorded on the ex-dividend date. Interest and other income are recorded as earned. The trustee charges trustee and administrative fees directly against the individual investment balances.

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Payment of Benefits — Benefit payments to participants are recorded when requested, which is effectively upon distribution.

Excess Contributions Payable — The Plan is required to return contributions received during the plan year in excess of the Code’s limits.

Deferred Contributions — Deferred contributions are recorded for employee and employer contributions received into the Plan prior to December 31 that relate to the following Plan year.

3. FAIR VALUE MEASUREMENTS

The current authoritative guidance on fair value clarifies the definition of fair value, prescribes a framework for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value, and expands disclosures about the use of fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The valuation techniques required by the current authoritative literature are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy:

Level 1 — Quoted prices for identical instruments in active markets.

Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 — Significant inputs to the valuation model are unobservable.

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2009 and 2008.

Common Stock and Mutual Funds: Valued at the closing price reported on the active market on which the individual securities are traded.

Cash equivalents — The estimated fair value of cash equivalents approximates their carrying value due to the short-term maturities of these investments.

Common/Collective Trusts: The Plan is invested in the Fidelity Managed Income Portfolio II (the “Fund”), a collective trust vehicle fund sponsored by Fidelity Management Trust Company. Investments in the Fund are valued by multiplying the investee company’s net asset value (“NAV”) per share with the number of units or shares owned at the valuation date as determined by the investee company. NAV per share is determined by the investee company’s custodian or fund administrator by deducting from the value of the assets of the investee company all of its liabilities and the resulting number is divided by the outstanding number of shares or units.

It is the objective of the Fund to use its best efforts to maintain a stable NAV of $1 per unit and minimize credit risk. To achieve this objective, the Fund enters into a “wrapper” contract which is an agreement by a third party, such as a bank or insurance company, to pay a portfolio the difference

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between the contract value and the market value of the underlying assets in the event that contract value exceeds fair market value. The fair value of the Fund is determined by the fair value of the underlying investment securities held by the Fund, as discussed below.

Investments held by the Fund, including collateral invested for securities on loan, are valued on the basis of valuations furnished by a pricing service approved by the Fund’s investment manager, which determines valuations using methods based on market transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders, or at fair value as determined in good faith by the Fund’s investment manager.

The Fund has no unfunded commitments, nor are there any restrictions on the Plan’s ability to immediately redeem its investments.

Participant Loans: Participant loans are valued at their outstanding balances, which approximate fair value.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following tables set forth, by level within the fair value hierarchy, a summary of the Plan’s investments measured at fair value on a recurring basis:

	Fair Value Measurements
	at December 31, 2009, Using
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total

Common stock	$	182,151,412	$	—	$	—	$	182,151,412
Cash equivalents	3,829,842		—		—		3,829,842
Income funds	116,994,217		—		—		116,994,217
Growth and income funds	278,173,228		—		—		278,173,228
Growth funds	568,298,703		—		—		568,298,703
International funds	94,755,219		—		—		94,755,219
Common collective trust	—		290,890,756		—		290,890,756
Participant loans	—		45,958,074		—		45,958,074
Total	$	1,244,202,621	$	336,848,830	$	—	$	1,581,051,451

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	Fair Value Measurements
	at December 31, 2008, Using
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total

Common stock	$	197,471,233	$	—	$	—	$	197,471,233
Cash equivalents	4,810,251		—		—		4,810,251
Income funds	94,249,412		—		—		94,249,412
Growth and income funds	189,979,399		—		—		189,979,399
Growth funds	428,629,860		—		—		428,629,860
International funds	69,143,063		—		—		69,143,063
Common collective trust	—		302,285,011		—		302,285,011
Participant loans	—		43,602,231		—		43,602,231
Total	$	984,283,218	$	345,887,242	$	—	$	1,330,170,460

4. INVESTMENTS

The Plan’s investments that represent 5% or more of the Plan’s net assets available for benefits as of December 31, 2009 are as follows:

	2009		2008

Fidelity Managed Income Portfolio — 294,545,532 and 314,551,847 units, respectively	$	294,545,532	$	314,551,847
ATK Stock Fund — 2,063,571 and 2,302,603 shares, respectively	182,151,412		197,471,233
Fidelity Contrafund — 2,330,998 and 2,322,793 units, respectively	135,850,582		105,129,610
Dodge & Cox Balanced Fund — 1,867,460 and 1,949,701 units, respectively	119,573,495		99,941,690
Fidelity Diversified International Fund — 3,384,115 and 3,214,461 units, respectively	94,755,219		69,143,063

Investment income for the year ended December 31, 2009, is as follows:

	2009
Net appreciation in fair value of investments:
Income funds	$	4,468,720
Growth and income funds	52,592,766
Growth funds	128,458,163
International funds	21,220,656
Alliant Techsystems Inc. stock fund	4,218,599
Total net appreciation in fair value of investments	210,958,904
Interest	2,457
Dividends	26,846,028
Total investment income	$	237,807,389

5. FEDERAL INCOME TAX STATUS

The IRS has determined and informed the Company by letter dated December 4, 2002, that the Plan is designed in accordance with Section 401(a) of the Code and, therefore, the related Trust is not subject to tax under current tax law. Although the Plan has been amended since receiving the determination letter, the Plan administrator believes that the Plan is designed and is currently being operated in compliance

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with the applicable requirements of the Code, and that the Plan and the related Trust continue to be tax-exempt. As a result, no provision for income taxes has been included in the Plan’s financial statements.

6. PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and terminate the Plan subject to the provisions of ERISA. In the event of the Plan’s termination, the individual participants’ accounts become distributable to the participants or their beneficiaries in accordance with the provisions of the Plan.

7. RELATED-PARTY TRANSACTIONS

Certain Plan investments are shares of mutual funds managed by Fidelity Management Trust Company. Fidelity Management Trust Company is the trustee as defined by the Plan and, therefore, transactions qualify as party-in-interest transactions. Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund.

At December 31, 2009 and 2008, the Plan held 2,063,571 and 2,302,603 shares, respectively, of common stock of Alliant Techsystems Inc., the sponsoring employer, with a market value of $182,151,412 and $197,471,233, respectively. During the years ended December 31, 2009 and 2008, the Plan did not record any dividend income related to the Alliant Techsystems Inc. common stock.

The above transactions are exempt party-in-interest transactions.

8. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

For the year ended December 31, 2009, the following is a reconciliation of the statement of changes in net assets available for benefits to the Form 5500:

Total participant contributions per the financial statements	$	93,357,827
Less participant deferred contributions	(1,234,528		)
Total participant contributions per the Form 5500	$	92,123,299

Total employer contributions per the financial statements	$	36,529,120
Less employer deferred contributions	(361,691		)
Total employer contributions per the Form 5500	$	36,167,429

Total interest income from participant loans	$	2,962,873
Less participant loan interest in deferred contributions	(63,861		)
Total interest on participant loans per the Form 5500	$	2,899,012

Total distributions to participants per the financial statements	$	124,040,038
Add participant loan principle in deferred contributions	312,719
Total benefit payments to participants per the Form 5500	$	124,352,757

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ALLIANT TECHSYSTEMS INC. 401(k) PLAN

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)	(EIN #41-1672694)
AS OF DECEMBER 31, 2009	(Plan No. 003)

Identity of Issue, Borrower,			Current
Lessor, or Similar Party	Description of Assets	Cost	Value

PARTICIPANT LOANS — Various participants**	Participant loans receivable, maturing from 1/1/10 to 4/17/20*, at interest rates of 4.25% to 11.50%	***	$	45,958,074

INVESTMENTS:
Value of interest in common/collective trusts:
Fidelity Managed Income Portfolio — at fair value**	Common/collective trust	***	290,890,756
Fidelity Adjustment to contract value**	Common/collective trust	***	3,654,776

Total interest in common/collective trusts			294,545,532

Value of interest in registered investment companies:
Fidelity Contrafund**	Regulated investment fund	***	135,850,582
Dodge & Cox Balanced Fund	Regulated investment fund	***	119,573,495
Fidelity Diversified International Fund**	Regulated investment fund	***	94,755,219
Vanguard Institutional lndex Fund**	Regulated investment fund	***	79,580,583
American Funds Growth of America	Regulated investment fund	***	76,628,565
T.Rowe Price Mid Cap Growth Fund	Regulated investment fund	***	78,192,811
Goldman Sachs Midcap Value Fund	Regulated investment fund	***	66,158,779
Pimco Total Return Instrument	Regulated investment fund	***	64,103,930
Allianz NFJ Small Cap Value	Regulated investment fund	***	63,582,956
Fidelity U.S. Bond Index Fund**	Regulated investment fund	***	52,890,287
Vanguard Windsor II Adm**	Regulated investment fund	***	44,123,839
Fidelity Freedom 2020 Fund**	Regulated investment fund	***	39,480,224
Fidelity Freedom 2030 Fund**	Regulated investment fund	***	24,047,659
Fidelity Freedom 2025**	Regulated investment fund	***	20,223,481
Fidelity Freedom 2010 Fund**	Regulated investment fund	***	15,784,439
Fidelity Freedom 2040 Fund**	Regulated investment fund	***	14,264,968
Fidelity Freedom 2015**	Regulated investment fund	***	14,224,888
Fontergra Ironbridge Small Cap	Regulated investment fund	***	13,949,502
Spartan Total Market Index Fund	Regulated investment fund	***	10,231,084
Fidelity Freedom 2035**	Regulated investment fund	***	9,904,374
Fidelity Freedom 2045**	Regulated investment fund	***	7,370,877
Fidelity Freedom 2050**	Regulated investment fund	***	6,502,946
Fidelity Freedom Income Fund**	Regulated investment fund	***	3,905,732
Fidelity Freedom 2000 Fund**	Regulated investment fund	***	2,890,146

Total interest in registered investment funds			1,058,221,366

EMPLOYER-RELATED SECURITIES — ATK Stock Fund**	Common stock	***	182,151,412

INTEREST-BEARING CASH EQUIVALENTS	Cash equivalents	***	3,829,843

TOTAL INVESTMENTS			$	1,584,706,227

*Maturity relates to loans transferred from Composite Optics Inc. Retirement Savings Plans, see Plan Description footnote.

** Party-in-interest.

*** Cost information is not required for participant-directed investments and, therefore, is not included.

x	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the fiscal year ended December 31, 2009

	OR

o	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from to

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	1

FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED
DECEMBER 31, 2009 AND 2008:

Statements of Net Assets Available for Benefits	2

Statements of Changes in Net Assets Available for Benefits	3

Notes to Financial Statements	4–11

SUPPLEMENTAL SCHEDULE FURNISHED PURSUANT TO THE REQUIREMENTS OF FORM 5500 AS OF DECEMBER 31, 2009 —	12

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)	13

	By:		/s/ John L. Shroyer
	Name:		John L. Shroyer
	Title:		Senior Vice President and Chief Financial
			Officer of Alliant Techsystems Inc.

	Alliant Techsystems Inc. 401(k) Plan

	By:	ALLIANT TECHSYSTEMS INC.
		As Plan Administrator of the
		Alliant Techsystems Inc. 401(k) Plan