13D Filing: Steel Partners and Aerojet Rocketdyne Holdings Inc. (AJRD)

Each Reporting Person
disclaims beneficial ownership of the Shares owned directly by another Reporting Person, except to the extent of his or its pecuniary
interest therein.

Set forth on Schedule
A annexed hereto (“Schedule A”) is the name and present principal business, occupation or employment and
the name, principal business and address of any corporation or other organization in which such employment is conducted of (i)
the executive officers and directors of Steel Holdings GP, (ii) the executive officers and directors of Steel Excel and (iii) the
executive officers and directors of SPL. To the best of the Reporting Persons’ knowledge, except as otherwise set forth herein,
none of the persons listed on Schedule A beneficially owns any securities of the Issuer or is a party to any contract, agreement
or understanding required to be disclosed herein.

(b)       The
principal business address of the Reporting Persons is 590 Madison Avenue, 32nd Floor, New York, New York 10022.

(c)       Steel
Holdings is a global diversified holding company that engages or has interests in a variety of operating businesses through its
subsidiary companies. Steel Holdings may seek to obtain majority or primary control, board representation or other significant
influence over the businesses in which it holds an interest. The principal business of SPHG Holdings is holding securities for
the account of Steel Holdings. The principal business of SPHG is serving as the sole member of SPHG Holdings and other affiliates.
The principal business of Steel Holdings GP is serving as the general partner of Steel Holdings, the managing member of SPHG and
the manager of SPHG Holdings. Steel Excel provides drilling and production services to the oil and gas industry and owns a youth
sports business. SPL is a holding company. The principal occupation of Warren G. Lichtenstein is serving as Executive Chairman
of Steel Holdings GP.

(d)       No
Reporting Person nor any person listed on Schedule A has, during the last five years, been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).

(e)       No
Reporting Person nor any person listed on Schedule A has, during the last five years, been party to a civil proceeding of
a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.