FINAL - GenCorp - Gabelli Presentation - Sept 2012[1]

Ideas Powering Freedom

Gabelli 18th Annual AircraftSupplier Conference

Dick Bregard –Vice President & Deputy to the President – Aerojet-General Corporation

Kathy Redd – Vice President, Chief Financial Officer & Assistant Secretary – GenCorp Inc.

Forward Looking Statements

2Gabelli Conference - September 2012

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.

Company Overview


GenCorp Overview

4

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

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

million

Key Capabilities Enabling

Space and Launch Systems

Tactical Systems

Missile Defense and Strategic Systems

Advanced Programs

Specialty Metals

Significant Real Estate Holdings

(1) Non-GAAP Measure

$565 $566$674

$811 $804$902 $882

$718

$912

$1,035

$1,191

$1,377$1,422

$1,314

$0

$400

$800

$1,200

$1,600

FY06 FY07 FY08 FY09 FY10 FY11 Q2 2012Funded Backlog Total Contract Backlog

Funded and Total Backlog

Net Sales

$621.1

$745.4 $742.3$795.4

$857.9$918.1 $930.2

$0

$200

$400

$600

$800

$1,000

FY06 FY07 FY08 FY09 FY10 FY11 LTM5/31/12Net Sales

Gabelli Conference - September 2012

($ in millions)

($ in millions)

Distinct Businesses Concentrated inAttractive Growth Markets

Gabelli Conference - September 2012 5

Real Estate

TacticalPropulsion

Missile DefenseSystems

Satellite & SpacecraftPropulsion

Rio Del Oro

Glenborough /

Easton Place

Westborough

Mission critical provider of full-spectrumpropulsion capabilities

Value realization for 6,000 acres

Hillsborough

Aerojet

Strategic

Propulsion

Key Investment Considerations


Large, diversified and well positioned program portfolio

Strong revenue and backlog visibility

Substantial Real Estate holdings additive to financial flexibility

Extended history of growth, increased profitability and strongcash flow generation

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 anddevelopment of propulsion technology

Major role in next generation in-space satellite andexploration propulsion development

Critical to the Department of Defense (DoD) and NationalAeronautics and Space Administration (NASA)

Well-positioned in growth market segments


Aerojet Business Strategy

Deliver excellent performance in ourcore business

Drive initiatives across all aspectsof the operating model to maximizeour competitive posture

Create value by enhancing andexpanding the core and diversifyinginto broader markets

Deliver Drive Create


Aerojet Core Competencies

10

Critical National Asset, Aligned with Long-Term DoD and

NASA Budget Priorities

National Priorities Core Competencies Current Programs Future Needs

Advanced Extra High Frequency (AEHF) Cubesat

Mobile User Objective System (MUOS) Leonidas

Global Positioning Satellite (GPS) Space Situational AwarenessSpace Based Infrared systems (SBIRS) Responsive Space

Small Satellites

Tube-launched Optically Wire-guided (TOW) Triple Target Terminator (T3)

Javelin Next Generation Missile (NGM)

Tomahawk GMLRS Plus (motors and warheads)Griffin

Guided Multiple Launch Rocket System (GMLRS)

Army Tactical Missile System (ATACMS)

Patriot Advanced Capability - 3 (PAC-3) PAC-3 Missile Segment Enhancement (MSE)

Terminal High Altitude Area Defense (THAAD) SM6Exoatmospheric Kill Vehicle (EKV)/GBI SM3 Blk 2B and targetsStandard Missile SM3 Blk 1B and SM3 Blk 2A

D-5 Post Booster Control system (PBCS) D-6 PBCS

MMIII Propuslion system Rocket Engine (PSRE) MMIV PSRELarge Class (LC)92" Second Stage Conventional Prompt Global Strike (CPGS)

Long Range Strike (LRS)

Evolved Expendable Launch Vehicle (EELV)

Delta 2

Taurus 2

Orion Solar Electric Propulsion (SEG) TUG

Blue Origin Multi Purpose Crew Vehicle (MPCV)Sundancer Commercial Crew (Dream Chaser, CST-100)

Command, Control,

Communications,

Computers,

Intelligence,

Surveillance and

Reconnaissance

(C4ISR)

In Space Propulsion

Ballistic Missile

Defense (BMD)

Solid/Liquid/Controllable

Propulsion, PressureVessels

Space AccessSolid, LiquidPropulsion

Strategic DeterrenceSolid Propulsion,

Warheads

Space ExplorationSolid, Liquid and

Electric Propuslion

Support the Current

War

Warheads, Solid

Propulsion

Advanced Booster


11

Diversified Program Portfolio…

Major Programs

Over 200 Long Term Contracts

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

Program Primary Customer End Users Program Description Program Status

GMLRS Lockheed Martin U.S. Army Tactical solid rocket motors Production

Tactical Tomahawk Raytheon U.S. Navy Tactical solid rocket motors and warheads Production

PAC-3 Lockheed Martin U.S. Army Tactical solid rocket motors Development/Production

Javelin Lockheed Martin/Raytheon U.S. Army Tactical solid rocket motors Production

TOW Raytheon U.S. Army Tactical missile warheads Production

Standard Missile Raytheon U.S. Navy, MDA Tactical solid rocket motors, throttling divert andattitude control systems and warheads

Development/Production

Atlas V United Launch Alliance U.S. Air Force,Commercial, NASA

Solid "strap-on" booster motors, upper stagethrusters and separation motors

Production

THAAD Lockheed Martin MDA Tactical solid rocket motors Development/Production

EKV Raytheon MDA Liquid propulsion divert and attitude controlpropulsion systmes

Development/Production

Orion Lockheed Martin NASA Propulsion systems and engines for humanspaceflight system

Development/Qualification

Taurus 2/Antares Orbital NASA, Commercial Provide booster engines for launch vehicle Qualification/Production

In-Space Propulsion Lockeed-Martin, Loral,Boeing, Orbital, Astrium,European Launch VehicleJoint Venture, ThalesAlenia Space

Various Electric and liquid spacecraft thrusters, propellanttanks and bi-propellant apogee engines, altitudecontrol thrusters, integrated propulsion systemsand thrusters

Development/Production/Qualification


…With Enduring Program Life Cycles

Programs 1980 1990 2000 2010 2020

Guided MultipleLaunch Rocket System(MLRS)

Tactical Tomahawk

Patriot AdvancedCapability (PAC-3)

Javelin

TOW

Standard MissilePropulsion

Atlas V

THAAD

Exoatmospheric KillVehicle (EKV)

Standard Missile-3

Orion

12

EXTENDED RANGE MLRSGUIDED MLRS

MK106 MK11 MK135

EXTENDED RANGE

INTERCEPTOR (ERINT)

PATRIOT ADVANCED CAPABILITY -3 MISSILE SEGMENT ENHANCEMENT

2A 2B BUNKER BUSTER

MK30/MK 56 MK104 MK72

1B 2A

BLK0 GRIFFINBLK1

Revenue Sustainability and Stable Financial Base


13

Substantial Customer-FundedResearch and Development (R&D)

Research & Development

Technology Diversity and Product Line Synergies

Drive Competitive and Innovative Product Pipeline

GenCorp maintains an active research anddevelopment effort primarily supported bycustomer funding

Accounted for approximately 95% of cumulativeR&D expenses from 2009 - 2011

80% increase in company-funded R&D from2009 - 2011

Provides GenCorp a competitive advantage bylaying the groundwork for long-term productioncontracts

Top Current Development Programs

Program Mission AreaPrimary

CustomerEnd-Users

Standard Missile(SM-3)

Missile Defense RaytheonU.S. Navy,

MDA

OrionSpace &Launch

Lockheed Martin/Orbital

NASA

PAC-3 Tactical Lockheed Martin U.S. Army

EKV Missile Defense Raytheon MDA

THAAD Missile Defense Lockheed Martin MDA

Year Ended

($ in millions) 2009 2010 2011

Customer-Funded $ 245 $ 284 $ 276

Company-Funded 15 17 27

Total $ 260 $ 301 $ 303


14

Steady Increase in Backlog…

Significant new contract awards include:

Triple Target Terminator (T3)

Griffin missile propulsion upgrade

SM-3 Block IIB

Iridium Next Propulsion Program

Significant follow-on contract awards:

Aegis Ballistic Missile Defense StandardMissile-3 Throttling Divert Attitude ControlSystem

THAAD

Standard Missile MK-72 and MK-104

GMLRS

PAC-3

EKV

Incremental Contract Awards Provide Visibility Towards Future Growth

$565 $566

$674

$811$804

$902 $882

$718

$912

$1,035

$1,191

$1,377$1,422

$1,314

$0

$400

$800

$1,200

$1,600

FY06 FY07 FY08 FY09 FY10 FY11 Q22012

Funded Backlog Total Contract Backlog

Funded and Total Backlog

Of our 2011 total contract backlog, approximately46% is expected to be filled within one year

($ in millions)


15

…Leads to Revenue Growth and VisibilityAerojet Revenue

Strong and Predictable Business Mix Supports Improving Credit Profile

$614.6

$739.1 $725.5$787.2

$850.7$909.7 $921.3

$0

$200

$400

$600

$800

$1,000

FY06 FY07 FY08 FY09 FY10 FY11 LTM5/31/12

Highly visible revenue

Long term programs

Diverse and attractive contract base

Deep customer relationships

55%41%

4% Fixed-Price

Other

Cost-Reimbursable

36%

30%

34%26%

23%14%

19%

11%7%

Customers End UsersContract Type

Raytheon

LockheedMartin

All OthersNASA

U.S. AirForce

U.S.Navy

Missile DefenseAgency (MDA)

U.S.Army

Other

($ in millions)


5/31/12 LTM Aerojet Revenue Composition

Leading Change Focus Areas

16

Deliver Excellent Results Throughout the Transition

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


Easton Development Company, LLC


Substantial Real Estate Holdings

GenCorp owns approximately 12,200 acres ofland in the Sacramento metropolitan area ofwhich 6,000 acres are undergoing entitlement

Development Agreement completed in 2011 for1,400 acres; project fully entitled

Located along a key growth corridor

Development opportunity with desirable in-filllocation

Regional long-term demographics are strong forpopulation and job growth

Real Estate holdings provide additional financialflexibility & value creation opportunities

18

Business Overview Regional Context

Easton ProjectsEnvironmentally

Unrestricted AcresEnvironmentallyRestricted Acres

TotalAcres

EntitledAcres

LimitedEntitlement

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 – –

Hillsborough at Easton 532 97 629 – 629

Office Park and Auto Mall 47 8 55 55 -


Easton

6,044 Acres

18,508 Housing Units

12.7 Million Square FeetCommercial / Retail

19

Financial Overview


Net Sales and Adjusted EBITDAP

$ in millions

Adjusted EBITDAP (1)(2)

$ in millions

$621.1

$745.4 $742.3

$795.4

$857.9

$918.1 $930.2

0

100

200

300

400

500

600

700

800

900

1,000

2006 2007 2008 2009 2010 2011 LTM5/31/12

Aerojet Real Estate

Net Sales (1)

Notes: (1) From continuing operations


$59.1

$97.4 $95.4 $96.4

$110.7$115.4 $113.0

9.5%

13.1% 12.9%12.1%

12.9% 12.6%12.1%

0%

5%

10%

15%

20%

0

20

40

60

80

100

120

2006 2007 2008 2009 2010 2011 LTM5/31/12

Consolidated Margin


Funded Awards and BacklogFunded Backlog

$565 $566

$674

$811 $804

$902$882

0

100

200

300

400

500

600

700

800

900

1,000

2006 2007 2008 2009 2010 2011 2012Q2

Funded Awards

$ in millions$ in millions

$687

$756

$845

$931

$850

$1,016$1,068

0

200

400

600

800

1,000

1,200

2006 2007 2008 2009 2010 2011 5/31/12LTM


As of November 30, 2011

Cash Flow

($32.1)

$2.0$6.7

$36.0

$131.2

$55.7

$68.2

(60)

(40)

(20)

0

20

40

60

80

100

120

140

2006 2007 2008 2009 2010 2011 LTM5/31/12

Notes: (1) Includes cash from Continuing and Discontinued Operations


Free Cash Flow(1)(2)

($13.1)

$23.8$28.0

$50.3

$148.1

$76.8

$91.9

(40)

(20)

0

20

40

60

80

100

120

140

160

2006 2007 2008 2009 2010 2011 LTM5/31/12

Cash From Operations(1)


$ in millions $ in millions

Cash Equivalents and Net Debt

$381.4

$354.0 $347.9

$312.3

$188.5

$138.4

$99.8

0

50

100

150

200

250

300

350

400

2006 2007 2008 2009 2010 2011 Q22012

Notes: (1) Includes cash and cash equivalents, restricted cash and marketable securities


Net Debt (2)

$81.0$92.3 $92.7

$126.3

$208.2

$188.0

$150.2

0

50

100

150

200

250

2006 2007 2008 2009 2010 2011 Q22012

Cash and Cash Equivalents(1)



Historical Metrics

Net Leverage (1)

6.4x

3.6x 3.6x3.2x

1.7x1.2x

0.9x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

2006 2007 2008 2009 2010 2011 Q22012

Liquidity(2)

$141.2

$172.3 $172.7$185.5

$273.2 $270.9

$239.6

0

50

100

150

200

250

300

2006 2007 2008 2009 2010 2011 Q2 2012

Gross Debt Cash and Cash Equivalents

(1) Defined as funded debt less cash and cash equivalents/adjusted EBITDAP

(2) Defined as Revolver availability plus cash and cash equivalents.

$426.4$446.3 $440.6 $438.6

$396.7

$326.4

$250.0

0

100

200

300

400

500

2006 2007 2008 2009 2010 2011 Q2 2012

$81.0$92.3 $92.7

$126.3

$208.2$188.0

$150.2

0

50

100

150

200

250

2006 2007 2008 2009 2010 2011 Q2 2012



$ in millions

Credit and Debt Maturity Profile

0

50

100

150

200

250

FY2012 FY2013 FY2014 FY2015 Beyond FY2015

Revolver (Unfunded) maturing November 2016

Term Loan maturing November 2016

9.5% Senior Subordinated Notes maturing August 2013

4.0625% Covertible Subordinated Notes Put in December 2014(1)

Other Debt (2)

Other financing lines/facilitiesavailable:

•$35M surety bond line•$10M lease line of credit•$5M P-card/T-card line

$ in millions

Debt Maturities As of May 31, 2012

Outstanding Letters of Credit - $60.6(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)

Total Funded Debt: $250.0M

Moody’s S&P

B1 B

$ in millions

Debt Maturities As of November 30, 2009

0

40

80

120

160

200

240

CY 2010 CY 2011 CY 2012 CY 2013 CY 2014 Beyond 2014

Revolver (Unfunded) maturing June 2012

4.0% Contingent Convertible Subordinated Notes put tocompany in January 2010

2.25% Convertible Subordinated debentures maturingNovember 2024(2)

Term Loan maturing April 2013

9.5% Senior Subordinated Notes maturing August 2013

Outstanding Letters of Credit - $84.5

Total Funded Debt: $438.6M (1)

Moody’s S&P

B3 CCC+


Summary Highlights

Large, diversified and well positioned program portfolio

26

Strong revenue and backlog visibility

Substantial Real Estate holdings additive to financial flexibility

Extended history of growth, increased profitability and strongcash flow generation

Proven management team focused on continued improvement

A Proud Heritage – and an Exciting Future!


Ideas Powering Freedom

Gabelli 18th Annual AircraftSupplier Conference

Documents

FINAL - GenCorp - Gabelli Presentation - Sept 2012[1]