<SEC-DOCUMENT>0001178913-20-000217.txt : 20200129
<SEC-HEADER>0001178913-20-000217.hdr.sgml : 20200129
<ACCEPTANCE-DATETIME>20200129073600
ACCESSION NUMBER:		0001178913-20-000217
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200129
FILED AS OF DATE:		20200129
DATE AS OF CHANGE:		20200129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GILAT SATELLITE NETWORKS LTD
		CENTRAL INDEX KEY:			0000897322
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21218
		FILM NUMBER:		20556378

	BUSINESS ADDRESS:	
		STREET 1:		C/O GILAT SATELLITE NETWORKS INC
		STREET 2:		1651 OLD MEADOW RD
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		7037349401

	MAIL ADDRESS:	
		STREET 1:		GILAT HOUSE YEGIA KAPAYIM STREET
		STREET 2:		DANIV PARK
		CITY:			KIRYAT ARYE PETAH TI
		STATE:			L3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2023885.htm
<DESCRIPTION>6-K
<TEXT>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">UNITED STATES</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">SECURITIES AND EXCHANGE COMMISSION</div>
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">FORM 6-K</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">For the Month of January 2020</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25;">Commission File Number 000-21218</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Gilat Satellite Networks Ltd.</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 9pt;">(<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Translation of registrant&#8217;s name into English</font>)</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Gilat House, Yegia Kapayim Street</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Daniv Park, Kiryat Arye, Petah Tikva, Israel</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', serif; font-size: 9pt;">(Address of principal executive office)</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; text-align: center;">Form 20-F &#9746; &#160; &#160; &#160; Form 40-F &#9744;</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
      Securities Exchange Act of 1934.</div>
    <div style="line-height: 1.25; text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="line-height: 1.25; text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">Yes &#9744; </font>&#160; &#160; &#160;&#160; No &#9746;</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25;">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">This Form 6-K is being incorporated by reference into the Registrant&#8217;s Form S-8 (Registration Statements File Nos. 333-180552, 333-187021, 333-204867, 333-210820, 333-217022, 333-221546, 333-223839,
      333-231442 and 333-236028) and on Form F-3 (Registration No. 333-232597).</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
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    <div style="text-align: justify; line-height: 1.25;"> <br>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-style: italic; font-weight: bold;">Merger Agreement</div>
    <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">On January 29, 2020, Gilat Satellite Networks Ltd., a company organized under the laws of the State of Israel (&#8220;<font style="font-weight: bold; font-style: italic;">Gilat</font>&#8221;), entered into an
      Agreement and Plan of Merger (the &#8220;<font style="font-weight: bold; font-style: italic;">Merger Agreement</font>&#8221;) with Comtech Telecommunications Corp., a Delaware corporation (&#8220;<font style="font-weight: bold; font-style: italic;">Comtech</font>&#8221;),
      and Convoy Ltd., a company organized under the laws of the State of Israel and a wholly-owned subsidiary of Comtech (&#8220;<font style="font-weight: bold; font-style: italic;">Merger Sub</font>&#8221;), pursuant to which, among other things, Comtech will
      acquire Gilat by way of the merger of Merger Sub with and into Gilat (the &#8220;<font style="font-weight: bold; font-style: italic;">Merger</font>&#8221;), with Gilat surviving the Merger as a wholly-owned subsidiary of Comtech.&#160;&#160;The Merger is structured as a
      statutory merger pursuant to Sections 314-327 of the Companies Law, 5759-1999, of the State of Israel.</div>
    <div style="text-align: justify; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">On the terms and subject to the conditions of the Merger Agreement, (i) each ordinary share, nominal value NIS 0.20, of Gilat (the &#8220;<font style="font-weight: bold; font-style: italic;">Gilat Shares</font>&#8221;),



      issued and outstanding immediately prior to the effective time of the Merger will be cancelled and extinguished and automatically converted into the right to receive (the &#8220;<font style="font-weight: bold; font-style: italic;">Merger Consideration</font>&#8221;)



      a combination of (A) $7.18 in cash, without interest, plus (B) 0.08425 of a validly issued, fully paid and nonassessable share of the common stock of Comtech, par value $0.10 per share (the &#8220;<font style="font-weight: bold; font-style: italic;">Comtech



        Common Stock</font>&#8221;), with cash payable in lieu of fractional shares of Comtech Common Stock, implying a total consideration of approximately $10.25 per Gilat Share.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">The foregoing description of the Merger Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement,
      which shall be filed by Gilat with the SEC. We encourage you to read the Merger Agreement for a more complete understanding of the transaction.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-style: italic; font-weight: bold;">Voting Agreement</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">Concurrently with the execution of the Merger Agreement, Comtech entered into Voting Agreements (collectively, the &#8220;<font style="font-weight: bold; font-style: italic;">Voting Agreement</font>&#8221;),
      with certain shareholders of Gilat, including directors and executive officers of Gilat who beneficially own Gilat Shares (each, a &#8220;<font style="font-weight: bold; font-style: italic;">Shareholder</font>&#8221; and, collectively, the &#8220;<font style="font-weight: bold; font-style: italic;">Shareholders</font>&#8221;) representing approximately 45% of the issued and outstanding Gilat Shares in the aggregate, pursuant to which each Shareholder has agreed, among other things, to: (i)&#160;vote its
      beneficially owned Gilat Shares (a)&#160;in favor of the Merger and the other transactions contemplated by the Merger Agreement, including any matter necessary for the consummation of the Merger, (b)&#160;in favor of any proposal to adjourn or postpone any
      meeting of Gilat shareholders at which any of the foregoing matters are submitted for consideration and vote of the Gilat shareholders if there are not sufficient votes for approval of any such matters on the date on which the meeting is held,
      (c)&#160;against any third party acquisition transactions and (d)&#160;against any other proposal made in opposition to the adoption of the Merger Agreement or that would reasonably be expected to prevent the consummation of the Merger; and (ii)&#160;comply with
      certain restrictions on the disposition of such shares, in each case subject to the terms and conditions contained therein.&#160; The Voting Agreement will terminate upon the earliest to occur of (A)&#160;the consummation of the Merger, (B)&#160;the termination of
      the Merger Agreement pursuant to and in compliance with its terms, (C)&#160;a change of recommendation of the Gilat Board that is unanimously approved by the Gilat Board in accordance with the Merger Agreement, or (D)&#160;with respect to any Shareholder, the
      mutual written agreement of Comtech and such Shareholder to terminate the Voting Agreement, or at the option of such Shareholder, upon the entry without the prior written consent of such Shareholder into any amendment or modification of the Merger
      Agreement which results in a decrease in the Merger Consideration or imposes any material restrictions or material constraints on the payment of the consideration to be paid for the Gilat Shares.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">The foregoing description of the Voting Agreement does not purport to be complete and is qualified in its entirety by reference to the form of Voting Agreement, which shall be filed by Gilat with the
      SEC. We encourage you to read the Voting Agreement for a more complete understanding of the transaction.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; font-style: italic; font-weight: bold;">Press Release </div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">On January 29, 2020, Gilat and Comtech issued a joint press release announcing the execution of the Merger Agreement.&#160;&#160;A copy of the joint press release is attached as Exhibit 99.1 hereto and is
      hereby incorporated into this report by reference.&#160;&#160;</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; text-align: center;">2<br style="line-height: 1.25;">
    </div>
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    </div>
    <div style="text-align: justify; line-height: 1.25; font-style: italic; font-weight: bold;">No Offer or Solicitation</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">This communication is being made in respect of a proposed business combination involving&#160;Comtech&#160;and Gilat. This document does not constitute an offer to sell or the solicitation of an offer to buy
      or subscribe for any securities or a solicitation of any vote or approval nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation, sale, issuance or transfer would be unlawful prior to
      registration or qualification under the securities laws of any such jurisdiction.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-style: italic; font-weight: bold;">Additional Information and Where to Find It</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">The proposed transaction will be submitted to the shareholders of Gilat for their consideration. Comtech intends to file with the SEC a Registration Statement on Form&#160;S-4&#160;that will include a
      preliminary prospectus with respect to&#160;Comtech&#160;Common Stock to be issued in the proposed transaction and a proxy statement of Gilat in connection with the Merger. The information in the preliminary proxy statement/prospectus is not complete and may
      be changed.&#160;Comtech&#160;may not sell the common stock referenced in the proxy statement/prospectus until the Registration Statement on Form&#160;S-4&#160;filed with the SEC becomes effective. The proxy statement/prospectus will be provided to the Gilat
      shareholders.&#160;Comtech&#160;and Gilat also plan to file other documents with the SEC regarding the proposed transaction. This document is not a substitute for any prospectus, proxy statement or any other document that&#160;Comtech&#160;or Gilat may file with the SEC
      in connection with the proposed transaction. Investors and security holders of&#160;Comtech&#160;and Gilat are urged to read the proxy statement/prospectus and any other relevant documents that will be filed with the SEC carefully and in their entirety when
      they become available because they will contain important information about the proposed transaction.&#160; You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC&#8217;s website (www.sec.gov).<font style="background-color: #FFFFFF;"> In addition, </font>investors and security holders <font style="background-color: #FFFFFF;">will be able to obtain a free copy of the proxy statement/prospectus (when they become available) and other documents
        filed with the SEC by Comtech on Comtech&#8217;s Investor Relations page on Comtech&#8217;s web site at </font><u>www.comtechtel.com</u><font style="background-color: #FFFFFF;"> or by writing to Comtech, Investor Relations, (for documents filed with the SEC
        by Comtech), or by Gilat on Gilat&#8217;s Investor Relations page on Gilat&#8217;s web site at </font><font style="background-color: #FFFFFF;"><u>www.Gilat.com</u></font><font style="background-color: #FFFFFF;"> or by writing to Gilat, Investor Relations (for
        documents filed with the SEC by Gilat).</font><font style="font-family: Calibri, sans-serif; font-size: 8pt;">&#160;</font> </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">Comtech and Gilat and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the
      proposed transaction. Information about Comtech&#8217;s directors and executive officers is available in Comtech&#8217;s proxy statement for its 2019 Annual Meeting of Stockholders filed with the SEC on November 15, 2019. Information about directors and
      executive officers of Gilat is available in its Annual Report on Form 20-F for the year ended December 31, 2018 filed with the SEC on March 18, 2019. Other information regarding the participants in the proxy solicitation and a description of their
      direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the Merger when they become available. Investors should read the
      proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Comtech or Gilat using the sources indicated above.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">This report on Form&#160;6-K,&#160;including the exhibits attached hereto, is filed with the Securities and Exchange Commission and is incorporated by reference into Gilat&#8217;s Form S-8 (Registration Statements
      File Nos. 333-180552, 333-187021, 333-204867, 333-210820, 333-217022, 333-221546, 333-223839, 333-231442 and 333-236028) and on Form F-3 (Registration No. 333-232597).</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-style: italic; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">This communication contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. These forward-looking statements involve
      risks and uncertainties that could significantly affect the expected results of the proposed transaction and are based on certain key assumptions. Due to such uncertainties and risks, no assurances can be given that such expectations will prove to
      have been correct, and readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. The forward-looking statements contained herein include, but are not limited to, statements about the
      expected completion of the proposed transaction with Comtech&#160;and the timing thereof, the satisfaction or waiver of any conditions to the proposed transaction, anticipated benefits, growth opportunities and other events relating to the proposed
      transaction, and Gilat&#8217;s plans, objectives and expectations for future operations, including its projected results of operations.&#160;&#160;Forward-looking statements are often characterized by the use of forward-looking terminology such as &#8220;may,&#8221; &#8220;will,&#8221;
      &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;believe,&#8221; &#8220;should,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;project&#8221; or other similar words, but are not the only way these statements are identified.&#160;&#160;These forward-looking statements are based upon Gilat&#8217;s management&#8217;s
      current estimates and projections of future results or trends.&#160;&#160;Factors that could cause actual events, results, performance, circumstances or achievements to differ from such forward-looking statements include, but are not limited to, the following:
      (1) Gilat may not be able to satisfy all of the conditions to the closing of the proposed transaction; (2) the proposed transaction may involve unexpected costs, liabilities or delays; (3) Gilat&#8217;s business may suffer as a result of uncertainty
      surrounding the proposed transaction and diversion of management attention on transaction related matters; (4) the outcome of any legal proceedings related to the proposed transaction; (5) Gilat may be adversely affected by other economic, business,
      and/or competitive factors; (6) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; (7) difficulties in&#160;recognizing benefits of the proposed transaction; (8) the proposed
      transaction may disrupt current plans and operations and raise difficulties for employee retention; (9) impact of the transaction on relationships with customers and suppliers; (10) other risks to consummation of the transaction, including the risk
      that the transaction will not be consummated within the expected time period or at all; and (11) the potential requirement for Gilat to pay the Termination Fee.&#160;&#160;Actual results may differ materially from those projected as a result of certain risks
      and uncertainties, including those risks discussed under the heading &#8220;Risk Factors&#8221; in our most recent Annual Report on Form 20-F filed with the SEC.&#160;&#160;These forward-looking statements are made only as of the date hereof, and Gilat undertakes no
      obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; text-align: center;">3<br style="line-height: 1.25;">
    </div>
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    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">SIGNATURES</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-indent: 27.7pt; line-height: 1.25;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 38%;" colspan="2">Gilat Satellite Networks Ltd.</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">&#160;</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" align="left" style="width: 50%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><br>
              </div>
            </td>
            <td valign="top" style="width: 3%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">By: </div>
            </td>
            <td valign="top" align="left" style="width: 35%; border-bottom: #000000 2px solid;">
              <div>/s/ Yael Shofar</div>
            </td>
            <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="bottom" align="left" style="width: 35%;">
              <div style="line-height: 1.25;">
                <div style="font-family: 'Times New Roman',Times,serif;">Name: Yael Shofar</div>
              </div>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
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            <td valign="top" style="width: 35%;">Title: &#160;&#160; General Counsel</td>
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      </table>
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    <div style="text-align: justify; text-indent: 36.2pt; line-height: 1.25;">Date: January 29, 2020</div>
    <div style="text-align: justify; text-indent: 36.2pt; line-height: 1.25;"> <br>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">4<br>
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    <div style="text-align: center; line-height: 1.25; font-weight: bold;">Exhibit Index</div>
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              <div style="line-height: 1.25;"><a href="exhibit_99-1.htm">Exhibit 99.1</a></div>
            </td>
            <td style="width: 81.27%; vertical-align: top;">
              <div style="line-height: 1.25;"><a href="exhibit_99-1.htm">Joint Press Release, dated January 29, 2020.</a></div>
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    <div style="line-height: 1.25; text-align: center;">5<br style="line-height: 1.25;">
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><u><font style="font-weight: bold;">Exhibit 99.1</font></u><br>
    </div>
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      <div style="text-align: center; margin-right: 13.25pt; margin-left: 4.5pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Comtech Telecommunications Corp. to Acquire Gilat Satellite Networks</div>
      <div style="text-align: center; margin-right: 13.25pt; margin-left: 4.5pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">for $532.5 Million in a Strategic and Cash Accretive Transaction</div>
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        <div style="line-height: 1.25;">The transaction reflects a company value of approximately $577.3 million</div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;"><font style="font-weight: bold;">MELVILLE, N.Y., and PETAH TIKVA, ISRAEL; January 29, 2020 7:00 A.M. ET</font> -- Comtech Telecommunications Corp. (Nasdaq: CMTL) (&#8220;Comtech&#8221;) and
        Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) (&#8220;Gilat&#8221;) jointly announced today that Comtech has agreed to acquire Gilat in a cash and stock transaction for $10.25 per Gilat ordinary share of which 70% will be paid in cash and 30% in
        Comtech common stock, resulting in an enterprise value of approximately $532.5 million. Founded in 1987 with its headquarters in Israel, Gilat is a worldwide leader in satellite networking technology, solutions and services with market leading
        positions in the satellite ground station and in-flight connectivity solutions markets and deep expertise in operating large network infrastructures.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Based on Comtech&#8217;s fiscal year 2019 actual results and Gilat&#8217;s trailing twelve-month results through June 30, 2019, on a pro-forma basis, Comtech would have reported approximately
        $926.1 million of revenue with Adjusted EBITDA of approximately $130.2 million (see definition and reconciliation to GAAP financial measures in the table below). The combined companies would employ approximately 3,000 people and offer best-in-class
        satellite technology, public safety and location technology and secure wireless solutions to commercial and government customers around the world.</div>
      <div style="line-height: 1.25"><br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Fred Kornberg, Chairman of the Board and CEO of Comtech, said, &#8220;I am excited to have reached this agreement with Gilat and believe this combination is beneficial to the
        stakeholders of both companies. The acquisition better positions Comtech to take advantage of key marketplace trends, particularly the growing demand for satellite connectivity and the enormous long-term opportunity set that is emerging in the
        secure wireless communications market. I believe that the combination of accelerating satellite connectivity demand and the increasing availability of low-cost satellite bandwidth, makes this a perfect time to unify Comtech and Gilat&#8217;s solutions
        and offer our combined customers best-in-class platform-agnostic satellite ground station technologies. Gilat is an exceptional business that has developed extraordinary technology and has a well-respected product portfolio supported by strong
        research and development capabilities. I welcome Gilat&#8217;s entire talented workforce to the Comtech family.&#8221;</div>
      <div style="line-height: 1.25"><br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Dov Baharav, Chairman of the Board of Gilat, said, &#8220;The Gilat Board of Directors and management believe this highly strategic combination is compelling. It is an excellent outcome
        for our shareholders who receive both cash and an equity interest in a strong company with a broader range of products and the benefits of combined expertise and resources that is well positioned to create future value against a highly favorable
        industry backdrop. I have long admired Comtech&#8217;s commitment to technology leadership and I firmly believe that employees will have expanded opportunities for career development. No doubt, the future will be very bright for Comtech and Gilat and all
        of our stakeholders.&#8221;</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;">Key Strategic Benefits for Comtech Include:</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">
        <div>
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                <td style="width: 17.95pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Drives global market access by creating a world leader with combined pro-forma sales approaching nearly $1.0 billion annually;</div>
                </td>
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          </table>
        </div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">
        <div>
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                </td>
                <td style="width: 17.95pt; vertical-align: top; align: right;">&#8226;</td>
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                  <div>Strengthens Comtech&#8217;s position as a leading supplier of advanced communication solutions, uniquely capable of servicing the expanding need for ground infrastructure to support both existing and emerging satellite networks;</div>
                </td>
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          </table>
        </div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">
        <div>
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                </td>
                <td style="width: 17.95pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Expands Comtech&#8217;s product portfolio with highly complementary technologies, including Gilat&#8217;s high-performance TDMA-based satellite modems and its next generation solid-state amplifiers;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
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                </td>
                <td style="width: 17.95pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Broadens leadership position in the rapidly growing in-flight connectivity and cellular backhaul markets which are expected to expand given the availability of lower-cost bandwidth and the adoption of satellite technologies into the
                    5G cellular backhaul ecosystem;</div>
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        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">
        <div>
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                <td style="width: 17.95pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Bolsters world-class research and development capabilities, enabling Comtech to offer customers more complete end-to-end technology solutions;</div>
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      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">
        <div>
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                <td style="width: 17.95pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Enhances ability to accelerate shareholder value creation by contributing to Comtech&#8217;s ongoing strategy to move toward higher margin solutions and by increasing customer diversification geographically and by market; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">
        <div>
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                </td>
                <td style="width: 17.95pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Potentially offers increased liquidity for existing and new Comtech shareholders, as Comtech plans to pursue a dual listing on the Nasdaq and Tel Aviv Stock Exchange (&#8220;TASE&#8221;) to become effective upon the closing of the transaction.</div>
                </td>
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      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;">Acquisition Expected to be Cash Accretive and Have Minimal Integration Risks</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Excluding the impact of acquisition plan costs (including transaction expenses) and with conservative anticipated synergies of only $2.0 million derived from the elimination of
        Gilat&#8217;s public company costs, the acquisition of Gilat is expected to be cash accretive to Comtech during the first twelve months post-closing. Comtech believes that with careful planning and execution, it can capitalize on opportunities to achieve
        both sales growth and further efficiencies during the second-year post-closing.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Both companies&#8217; talented global workforces are expected to remain in place and focus intently on meeting all customer commitments and expectations, including supporting all
        existing products, services and agreements. The transaction enlarges Comtech&#8217;s global market footprint with a significant physical presence in key international markets. This increased presence addresses a growing need for local touch points that
        can offer integrated secure connectivity solutions including public safety and location solutions. At the same time, Gilat will gain access to Comtech&#8217;s strong relationships with the U.S. government, allowing expanded distribution of Gilat&#8217;s
        products and solutions to the U.S. government. As such, Comtech believes the transaction carries minimal integration risk while creating numerous opportunities for potential long-term revenue and efficiency synergies going forward.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Comtech will continue to emphasize capturing growth opportunities from favorable market trends, including: expected increased demand for solutions to provide high speed in-flight
        satellite connectivity; the adoption of new satellite ground station technologies into the 5G cellular backhaul eco-system; and the expected need for equipment and network upgrades to accommodate an anticipated increase in satellite capacity when
        new Very High Throughput Satellites (&#8220;VHTS&#8221;) and high capacity Medium Earth Orbit (&#8220;MEO&#8221;) and Low Earth Orbit (&#8220;LEO&#8221;) satellite constellations are launched and fully operational.&#160; Together with its previously announced pending acquisition of UHP
        Networks, Comtech believes it will be uniquely positioned to take advantage of these important trends.</div>
      <div style="line-height: 1.25"><br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Gilat announced on November 19, 2019 that it expects to achieve sales of between $260.0 million and $270.0 million with Adjusted EBITDA ranging from $38.0 million to $42.0 million
        for its fiscal year ended December 31, 2019. Comtech announced on December 4, 2019 that it expects to achieve sales of between $712.0 million and $732.0 million with Adjusted EBITDA ranging from $99.0 million to $103.0 million for its fiscal year
        ending July 31, 2020. Neither Comtech nor Gilat is revising their previously announced respective fiscal year financial outlook.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">In light of the agreement between Comtech and Gilat, Gilat has cancelled its fourth quarter and fiscal 2019 year-end conference call and webcast previously scheduled for February
        19, 2020. Once the transaction closes, Comtech will provide combined revenue, Adjusted EBITDA and diluted earnings per share guidance in a future announcement.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 2 of 8</font></div>
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      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;">Leadership and Business Structure</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Fred Kornberg, Comtech&#8217;s Chairman of the Board and Chief Executive Officer (&#8220;CEO&#8221;) will continue in his role as CEO of the combined company.&#160; Michael Porcelain, Comtech&#8217;s Chief
        Operating Officer, who was promoted and named President of Comtech earlier today, will work hand-in-hand with both Comtech and Gilat employees to maximize the potential of the combined company. Michael Bondi will continue in his role as Chief
        Financial Officer (&#8220;CFO&#8221;) of the combined company. Comtech will continue to maintain its headquarters in Melville, New York.</div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Post-closing of the transaction, Gilat will become a wholly owned subsidiary of Comtech and will maintain its well renowned and highly regarded brand. Gilat will continue to
        maintain its corporate headquarters and research and development facility in Petah Tikva, Israel under the leadership of Yona Ovadia, Gilat&#8217;s CEO and Adi Sfadia, Gilat&#8217;s CFO. Mr. Sfadia will also be assuming the role of Gilat&#8217;s Chief Integration
        Officer, helping to plan a smooth acquisition and to maximize shareholder value.</div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">No Comtech or Gilat facility locations are expected to be closed as a result of the transaction and each key business area is expected to continue to be led by its respective
        existing proven leadership teams after the transaction closes.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;">Transaction Structure and Terms</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Under the terms of the agreement, unanimously approved by both companies&#8217; Board of Directors, Gilat shareholders will receive total consideration of $10.25 per share, comprised of
        $7.18 per share in cash and 0.08425 of a share of Comtech common stock for each share of Gilat held.</div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;"><font style="font-weight: bold;">The total consideration </font>of $10.25 <font style="font-weight: bold;">represents a premium of </font>approximately <font style="font-weight: bold;">14.52% </font>to Gilat&#8217;s 90-day volume-weighted average trading price<font style="font-weight: bold;">.</font></div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Upon completion of the transaction, Gilat&#8217;s shareholders will own approximately 16.1% of the combined company.</div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;">Financing and Acquisition Plan Expenses</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">As of September 30, 2019, Gilat had approximately $53.1 million of unrestricted cash and cash equivalents with debt of approximately $8.2 million. As of October 31, 2019, Comtech
        had approximately $46.9 million of cash and cash equivalents and debt of approximately $169.0 million.</div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Comtech expects to fund the acquisition and related transaction costs by redeploying a portion of the $100.0 million of pro forma combined cash and cash equivalents plus
        additional cash expected to be generated prior to closing, and by drawing on a new $800.0 million secured credit facility to be provided by Citibank, N.A., Manufacturers and Traders Trust Company (&#8220;M&amp;T Bank&#8221;), Santander Bank, N.A., BMO Harris
        Bank, N.A. (&#8220;Bank of Montreal&#8221;), Regions Bank, Israel Discount Bank of New York and Goldman Sachs Bank USA. Comtech expects that the cash interest rate on this facility will approximate 4.0% to 5.0% on an annual basis, before any origination fees.
        Furthermore, Comtech expects the terms of the facility will be based on a net leverage ratio providing significant flexibility. The exact terms of the credit facility will be finalized at or prior to the closing of the acquisition.</div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">On a pro forma basis including preliminary estimated combined acquisition plan expenses of approximately $27.0 million, the repayment of Gilat bank debt and funding of Comtech&#8217;s
        other pending acquisitions, Comtech would have approximately $45.0 million of unrestricted cash at closing with total net debt of approximately $500.0 million or net leverage of 3.85x. Total net debt is expected to decrease quickly and
        significantly.&#160; Based on expected strong cash flows to be generated from the combined businesses, net leverage twelve months after closing will decrease to approximately 3.00x.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-right: 4.9pt; margin-left: 6pt; line-height: 1.25;">Comtech expects that it will maintain its annual targeted dividend of $0.40 per share.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">In connection with the acquisition of Gilat, Comtech expects to incur acquisition plan expenses (including professional fees for financial and legal advisors and debt refinancing
        costs). Some of these expenses are expected to be immediately expensed both prior to and upon closing, another portion expensed during the first year following the closing and the balance capitalized.&#160; Pursuant to accounting rules, the acquisition
        is expected to result in a material increase in annual amortization expense related to intangibles and other fair value adjustments.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;">Shareholder Support and Closing Conditions</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Gilat&#8217;s directors, executive officers and certain significant shareholders holding approximately 45% of Gilat&#8217;s issued and outstanding shares in the aggregate have entered into
        voting agreements pursuant to which they have agreed, subject to certain terms and conditions, to vote in favor of the transaction.&#160; In the upcoming weeks, Gilat will call for an Extraordinary General meeting of Shareholders to vote on the merger.
        The transaction requires the affirmative vote of the holders of a majority of the ordinary shares present (in person or by proxy) at the meeting and voting on such matter (including abstentions and broker non-votes).</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">The transaction is subject to customary closing conditions (including, among others, the approval of Gilat&#8217;s shareholders and expiration of the applicable waiting period under the
        Hart-Scott Rodino Antitrust Improvements Act of 1976) and the transaction is expected to close late in Comtech&#8217;s fiscal year 2020 or the first part of its fiscal 2021. No approval by Comtech stockholders is required and the consummation of the
        transaction is not subject to any financing condition.</div>
      &#160;
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;">Conference Call, Investor Presentation and Other Information</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Comtech&#8217;s management will discuss the transaction in more detail at a special conference call and live webcast scheduled for&#160;this morning (January 29, 2020)&#160;at&#160;8:00 AM U.S. ET.
        Dov Baharav, the Chairman of the Board of Gilat will also join the call.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Investors are invited to access a live webcast of the conference call from the Investor Relations section of the&#160;Comtech&#160;web site at&#160;<u>www.comtechtel.com.</u> Alternatively,
        investors can access the conference call by dialing (800) 791-4813 (domestic) or (785) 424-1102 (international) and using the conference I.D. of &#8220;Comtech&#8221; or &#8220;2668324.&#8221; A replay of the conference call will be available for 30 days by dialing (800)
        839-5484 or (402) 220-1522.<font style="font-weight: bold;">&#160;</font>An online archive of the webcast will be available on the Investor Relations section of Comtech&#8217;s web site for at least 30 days following the call. A separate investor presentation
        relating to the acquisition is available at <u>www.comtechtel.com.</u></div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="text-align: justify; margin-right: 12.8pt; margin-left: 6pt; line-height: 1.25; font-weight: bold;">Advisors</div>
      <div style="text-align: justify; margin-right: 12.8pt; margin-left: 6pt; line-height: 1.25; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">Goldman Sachs and Co. LLC is serving as an exclusive financial advisor to Comtech. Proskauer Rose LLP and Goldfarb Seligman &amp; Co. are acting as Comtech&#8217;s legal counsel.
        Alnitak &amp; Co. Inc., Jefferies LLC and Quilty Analytics LLC are serving as financial advisors to Gilat. Naschitz Brandes Amir &amp; Co. is acting as Gilat&#8217;s legal counsel.</div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 4 of 8</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; margin-right: 12.8pt; margin-left: 6pt; line-height: 1.25; font-weight: bold;">Additional Information and Where to Find It</div>
      <div style="text-align: justify; margin-right: 12.8pt; margin-left: 6pt; line-height: 1.25; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25;">This press release is being made in respect of a proposed business combination involving Comtech and Gilat.&#160; This press release does not constitute an offer to sell or the
        solicitation of an offer to buy or subscribe for any securities or a solicitation of any vote or approval nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be
        unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed transaction will be submitted to the shareholders of Gilat for their consideration. Comtech intends to file with the U.S. Securities
        and Exchange Commission (the &#8220;SEC&#8221;) a Registration Statement on Form S-4 that will include a preliminary prospectus with respect to Comtech&#8217;s common stock to be issued in the proposed transaction and a proxy statement of Gilat in connection with
        the merger of an indirect subsidiary of Comtech with and into Gilat, with Gilat surviving.&#160;The information in the preliminary proxy statement/prospectus is not complete and may be changed. Comtech may not sell the common stock referenced in the
        proxy statement/prospectus until the Registration Statement on Form S-4 becomes effective. The proxy statement/prospectus will be provided to Gilat shareholders.&#160; Comtech and Gilat also plan to file other documents with the SEC regarding the
        proposed transaction.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-right: 0.2pt; margin-left: 6pt; line-height: 1.25;">This press release is not a substitute for any prospectus, proxy statement or any other document that Comtech or Gilat may file with the SEC in connection
        with the proposed transaction. Investors and security holders of Comtech and Gilat are urged to read the proxy statement/prospectus and any other relevant documents that will be filed with the SEC carefully and in their entirety when they become
        available because they will contain important information about the proposed transaction.</div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="text-align: justify; margin-right: 0.2pt; margin-left: 6pt; line-height: 1.25;">You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC&#8217;s website (www.sec.gov). In addition,
        investors and security holders will be able to obtain free copies of the proxy statement/prospectus (when they become available) and other documents filed with the SEC by Comtech on Comtech&#8217;s Investor Relations page on Comtech&#8217;s web site at <u>www.comtechtel.com</u>
        or by writing to Comtech, Investor Relations, (for documents filed with the SEC by Comtech), or by Gilat on Gilat&#8217;s Investor Relations page on Gilat&#8217;s web site at <u>www.Gilat.com</u> or by writing to Gilat, Investor Relations, (for documents
        filed with the SEC by Gilat).</div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="text-align: justify; margin-right: 0.2pt; margin-left: 6pt; line-height: 1.25;">Comtech and Gilat and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the
        solicitation of proxies in respect of the proposed transaction. Information about Comtech&#8217;s directors and executive officers is available in Comtech&#8217;s proxy statement for its 2019 Annual Meeting of Stockholders filed with the SEC on November 15,
        2019. Information about directors and executive officers of Gilat is available in its Annual Report on Form 20-F for the year ended December 31, 2018 filed with the SEC on March 18, 2019. Other information regarding the participants in the proxy
        solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the merger when they
        become available. Investors should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Comtech or Gilat using the sources
        indicated above.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;">About Comtech</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-right: 0.65pt; margin-left: 6pt; line-height: 1.25;">Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. The
        company sells products to a diverse global customer base and offers a variety of advanced secure communication solutions including satellite ground station technologies (such as modems and amplifiers), public safety and location technologies (such
        as 911 call routing and mapping solutions), mission-critical technologies (such as tactical satellite-based networks and ongoing support for complicated communication networks) and high-performance transmission technologies (such as troposcatter
        systems and solid-state, high-power amplifiers). For more information, visit <u>www.comtechtel.com</u>.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 5 of 8</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;">About Gilat</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-right: 0.65pt; margin-left: 6pt; line-height: 1.25;">Gilat Satellite Networks Ltd. is a leading global provider of satellite-based broadband communications. With 30 years of experience, Gilat designs and
        manufactures cutting-edge ground segment equipment, and provides comprehensive solutions and end-to-end services, powered by Gilat&#8217;s innovative technology. Delivering high value competitive solutions, Gilat&#8217;s portfolio comprises of a cloud based
        VSAT network platform, high-speed modems, high performance on-the-move antennas and high efficiency, high power Solid State Amplifiers (SSPA) and Block Upconverters (BUC).</div>
      <div style="line-height: 1.25">&#160; <br>
      </div>
      <div style="text-align: justify; margin-right: 0.65pt; margin-left: 6pt; line-height: 1.25;">Gilat&#8217;s comprehensive solutions support multiple applications with a full portfolio of products to address key applications including broadband access,
        cellular backhaul, enterprise, in-flight connectivity, maritime, trains, defense and public safety, all while meeting the most stringent service level requirements. For more information, please visit: <u>www.gilat.com</u>.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;">Forward-Looking Statements</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; margin-right: 0.65pt; margin-left: 6pt; line-height: 1.25;">Certain information in this press release contains forward-looking statements, including, but not limited to, information relating to Comtech&#8217;s and Gilat&#8217;s
        future performance and financial condition, plans and objectives of Comtech's management and Gilat&#8217;s management and Comtech's and Gilat&#8217;s assumptions regarding such future performance, financial condition and plans and objectives that involve
        certain significant known and unknown risks and uncertainties and other factors not under Comtech's or Gilat&#8217;s control which may cause their actual results, future performance and financial condition, and achievement of plans and objectives of
        Comtech's management and Gilat&#8217;s management to be materially different from the results, performance or other expectations implied by these forward-looking statements. Words such as &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;seeks,&#8221;
        &#8220;estimates,&#8221; variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. Forward-looking statements could be affected by factors including, without
        limitation: risks associated with the ability to consummate the proposed transaction and the timing of the closing of the proposed transaction or the occurrence of any event, change or circumstance that could give rise to the termination of the
        merger agreement; the risk that requisite regulatory approvals will not be obtained; the possibility that the expected synergies from the proposed transaction or other recent acquisitions will not be fully realized, or will not be realized within
        the anticipated time periods; the risk that Comtech&#8217;s and Gilat&#8217;s businesses will not be integrated successfully; the possibility of disruption from the proposed transaction or other recent acquisitions making it more difficult to maintain business
        and operational relationships or retain key personnel; the risk that Comtech will be unsuccessful in implementing a tactical shift in its Government Solutions segment away from bidding on large commodity service contracts and toward pursuing
        contracts for its niche products with higher margins; the risks associated with Comtech&#8217;s ongoing evaluation and repositioning of its location technologies solutions offering in its Commercial Solutions segment; the nature and timing of receipt of,
        and Comtech&#8217;s performance on, new or existing orders that can cause significant fluctuations in net sales and operating results; the timing and funding of government contracts; adjustments to gross profits on long-term contracts; risks associated
        with international sales; rapid technological change; evolving industry standards; new product announcements and enhancements, including the risks associated with Comtech's launch of its Heights<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup> Networking Platform; changing customer
        demands and or procurement strategies; changes in prevailing economic and political conditions; changes in the price of oil in global markets; changes in foreign currency exchange rates; risks associated with legal proceedings, customer claims for
        indemnification and other similar matters; risks associated with Comtech's obligations under its Credit Facility; risks associated with large contracts; the impact of H.R.1, also known as the Tax Cuts and Jobs Act, which was enacted in December
        2017 in the U.S.; and other factors described in this and Comtech's and Gilat&#8217;s other filings with the SEC. Neither Comtech nor Gilat undertakes any duty to update any forward-looking statements contained herein.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 6 of 8</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;">Use of Non-GAAP Financial Information</div>
      <div style="text-align: justify; margin-left: 6pt; line-height: 1.25; font-weight: bold;"> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" align="right" id="z5201714d5db443f0a61358256bffdb31" style="width: 96%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Comtech</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Gilat</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 1.25; font-weight: bold;">Excludes Synergies</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top;">
                <div style="line-height: 1.25;">($ in millions)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td colspan="6" style="vertical-align: top;">
                <div style="text-align: center; line-height: 1.25; font-weight: bold;">Four Fiscal Quarters Ended:</div>
              </td>
              <td colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td colspan="2" style="vertical-align: top;">
                <div style="text-align: center; line-height: 1.25; font-weight: bold;">Pro Forma</div>
              </td>
              <td colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 1.25; font-weight: bold;"> July 31, 2019</div>
              </td>
              <td colspan="1" style="vertical-align: bottom; white-space: nowrap; padding: 0px 0px 2px;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 1.25; font-weight: bold;">June 30, 2019</div>
              </td>
              <td colspan="1" style="vertical-align: bottom; white-space: nowrap; padding: 0px 0px 2px;">&#160;</td>
              <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 1.25; font-weight: bold;">Combined<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
              </td>
              <td colspan="1" style="vertical-align: bottom; white-space: nowrap; padding: 0px 0px 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" rowspan="1" style="vertical-align: top; width: 64%; font-weight: bold;">&#160;Reconciliation of GAAP Net Income to Adjusted EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>:</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">Net income</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">25.0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">20.2</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">45.2</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Provision for (benefit from) income taxes</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">3.9</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">(0.9</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">3.0</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Interest income and other</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Write-off of deferred financing costs</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">3.2</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">3.2</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Interest expense</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">9.2</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">3.5</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">12.8</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Amortization of stock-based compensation</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">11.4</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">1.8</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">13.2</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Amortization of intangibles</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">18.3</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">1.1</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">19.5</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Depreciation</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">11.9</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">10.5</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">22.4</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Estimated contract settlement costs</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">6.4</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">6.4</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Settlement of intellectual property litigation</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">(3.2</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">)</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">(3.2</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">)</div>
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            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Acquisition plan expenses</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">5.9</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">-</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">5.9</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Facility exit costs</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">1.4</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">
                <div style="line-height: 1.25;">1.4</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">&#160;&#160;Trade secret litigation</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">-</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">(0.1</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">)</div>
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              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">(0.1</div>
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              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">)</div>
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            <tr>
              <td valign="bottom" rowspan="1" style="vertical-align: top; width: 64%; padding-bottom: 2px;">
                <div style="line-height: 1.25;">&#160; Reorganization costs</div>
              </td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">- <br>
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              <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">0.6 <br>
              </td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">0.6 <br>
              </td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">Adjusted EBITDA</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">93.5</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">36.7</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">$</div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="line-height: 1.25;">130.2</div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td>
            </tr>

        </table>
        <div style="clear: both;"> <br>
        </div>
      </div>
      <div style="line-height: 1.25">
        <div>
          <div style="text-align: justify; line-height: 1.25;">
            <div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 18pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top; align: right;"><br>
                    </td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>Note: Totals may not foot due to rounding</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="line-height: 1.25">&#160;<br>
          </div>
        </div>
      </div>
      <div style="text-align: justify; line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3082b054280746afa1cd52f57a6bb67f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">(1)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Company's Adjusted EBITDA is a Non-GAAP measure that represents earnings (loss) before income taxes, interest (income) and other, write-off of deferred financing costs, interest expense, amortization of stock-based compensation,
                    amortization of intangible assets, depreciation expense, estimated contract settlement costs, acquisition plan expenses or strategic alternatives analysis expenses, facility exit costs, settlement of intellectual property litigation and
                    other. The Company's definition of Adjusted EBITDA may differ from the definition of EBITDA used by other companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is also a
                    measure frequently requested by the Company's investors and analysts. The Company believes that investors and analysts may use Adjusted EBITDA, along with other information contained in its SEC filings, in assessing the Company's
                    performance and comparability of its results with other companies.&#160; Non-GAAP financial measures have limitations as an analytical tool as they exclude the financial impact of transactions necessary to conduct the Company&#8217;s business,
                    such as the granting of equity compensation awards, and are not intended to be an alternative to financial measures prepared in accordance with GAAP. These measures are adjusted as described in the reconciliation of GAAP to Non-GAAP,
                    but these adjustments should not be construed as an inference that all of these adjustments or costs are unusual, infrequent or non-recurring. Non-GAAP financial measures should be considered in addition to, and not as a substitute for
                    or superior to, financial measures determined in accordance with GAAP.&#160; Investors are advised to carefully review the GAAP financial results that are disclosed in the Company&#8217;s SEC filings.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb16180f92e6a41e8a93d0250c46b509a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;">(2)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Pro forma combined results exclude all expenses resulting from the acquisition (including, for example, changes in interest expense associated with the credit facility commitment received by Comtech, as well as synergies and changes
                    in amortization of acquired intangibles).</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 7 of 8</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: right; line-height: 1.25;">PCMTL</div>
      <div style="text-align: center; line-height: 1.25;">###</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Contact Information</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">For Gilat Satellite Networks</div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Media and Investor Relations</div>
      <div style="text-align: justify; line-height: 1.25;">Doreet Oren, Director Corporation Communications</div>
      <div style="text-align: justify; line-height: 1.25;">DoreetO@gilat.com</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">or</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">June Filingeri, of Comm-Partners LLC</div>
      <div style="text-align: justify; line-height: 1.25;">+1-203-972-0186</div>
      <div style="text-align: justify; line-height: 1.25;">junefil@optonline.net</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25; font-weight: bold;">For Comtech Telecommunications Corp.</div>
      <div style="line-height: 1.25; font-weight: bold;">Media or Investor Relations</div>
      <div style="text-align: justify; line-height: 1.25;">Michael D. Porcelain, President and Chief Operating Officer</div>
      <div style="text-align: justify; line-height: 1.25;">631-962-7000</div>
      <div style="text-align: justify; line-height: 1.25;"><u>info@comtechtel.com</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 8 of 8</font>
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