Leonardo DRS Announces Pricing of an Upsized Secondary Offering of Common Stock by a Leonardo S.p.A. Subsidiary

LEONARDO DRS INC. (NASDAQ: DRS) Leonardo DRS, Inc. (“DRS”) announced today the pricing of an upsized public secondary offering of 18,000,000 shares of its common stock at an offering price of $17.75 per share by Leonardo US Holding, LLC (the “Selling Stockholder”), a subsidiary of Leonardo S.p.A. The Selling Stockholder granted the underwriters a 30-day option to purchase up to an additional 2,700,000 shares of DRS’s common stock from the Selling Stockholder at the public offering price, less underwriting discounts and commissions. The offering is expected to close on November 21, 2023, subject to customary closing conditions. Upon completion of the offering, Leonardo S.p.A. will beneficially own approximately 73.3% of the outstanding common stock of DRS, or approximately 72.3% if the underwriters fully exercise their option to purchase additional shares. All of the shares in the offering will be sold by the Selling Stockholder. DRS is not offering any shares of common stock in this offering and will not receive any proceeds from the sale of shares by the Selling Stockholder.

Morgan Stanley, BofA Securities and J.P. Morgan are acting as joint book-running managers for the offering. Baird, Goldman Sachs & Co. LLC and Truist are acting as joint book-runners for the offering. CJS Securities is acting as co-manager for the offering.

The shares of common stock in the offering are being offered pursuant to an automatically effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”) on November 15, 2023. The offering is being made only by means of a prospectus supplement and the accompanying prospectus that forms a part of the registration statement. Copies of the prospectus and prospectus supplement relating to the offering may be obtained if you request it by contacting: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; BofA Securities, Inc., Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001 or by email at [e-mail]; or J.P. Morgan Securities LLC, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at 866-803-9204 or by email at [e-mail].