VSE Corporation Investor Presentation — February 2020

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INVESTOR PRESENTATION

Fourth Quarter and Full -Year 2019

28 February 2020R A I S E T H E B A R

This presentation contains certain forward -looking statements .These forward -looking statements, which areincluded inaccordance with thesafe harbor provisions ofthePrivate Securities Litigation

Reform Actof1995 ,may involve known and unknown risks, uncertainties and other factors that may causeVSE’s actual results and performance infuture periods tobematerially different from any

future results orperformance suggested bytheforward -looking statements inthis press release .Although webelieve the expectations reflected insuch forward -looking statements arebased upon

reasonable assumptions, wecangive noassurance that actual results willnotdiffer materially from these expectations .“Forward -looking” statements, assuch term isdefined bytheSecurities Exchange

Commission initsrules, regulations and releases, represent ourexpectations orbeliefs, including, butnotlimited to,statements concerning ouroperations, economic performance, financial condition,

growth and acquisition strategies, investments and future operational plans .Without limiting the generality oftheforegoing, words such as“may,”“will,”“expect,” “believe,” “anticipate,” “intend,”

“forecast,” “seek,”“plan,”“predict,” “project,” “could,”“estimate,” “might,” “continue,” “seeking” orthe negative orother variations thereof orcomparable terminology are intended toidentify

forward -looking statements .These statements, bytheir nature, involve substantial risks and uncertainties, certain ofwhich arebeyond ourcontrol, and actual results may differ materially depending on

avariety ofimportant factors, including, butnotlimited to,those identified inourreports filed with theSecurities and Exchange Commission including ourAnnual Report onForm 10-Kfortheyear ended

December 31,2019 .Allforward -looking statements made herein are qualified bythese cautionary statements and risk factors and there can benoassurance that the actual results, events or

developments referenced herein willoccur orberealized .Weundertake noobligation toupdate orrevise forward -looking statements toreflect changed assumptions, theoccurrence ofunanticipated

events orchanges tofuture operating results .

Included inthis presentation are certain non-GAAP financial measures, such asEBITDA, Adjusted EBITDA and net leverage ratio, designed tocomplement the financial information presented in

accordance with U.S.GAAP because management believes such measures areuseful toinvestors and management .Management believes these non-GAAP financial measures, when taken together with

the corresponding GAAP measures, provide incremental insight into the underlying factors and trends affecting our performance .These non-GAAP financial measures should beconsidered only as