X0306 4 2015-11-03 0001583513 Global Defense & National Security Systems, Inc. GDEF 0001326389 Polar Securities Inc. 401 BAY STREET, SUITE 1900, PO BOX 19 TORONTO A6 M5H 2Y4 ONTARIO, CANADA 0 0 1 0 0001590457 North Pole Capital Master Fund C/O POLAR SECURITIES INC., 401 BAY ST. SUITE 1900, PO BOX 19 TORONTO A6 M5H 2Y4 ONTARIO, CANADA 0 0 1 0 Common Stock 2015-11-03 4 S 0 329077 10.63 D 799609 I See footnote 1. Polar Securities Inc. ("PSI") serves as investment manager to North Pole Capital Master Fund, a Cayman Islands exempted company ("NPM", and together with PSI, the "Reporting Persons") and has investment discretion with respect to the securities reported herein which are held by NPM. The Reporting Persons disclaim beneficial ownership of such securities, and this report shall not be deemed an admission that any reporting person is the beneficial owner of the securities for the purposes of Section 16 or for any other purpose, except to the extent of the Reporting Persons' pecuniary interest therein. POLAR SECURITIES INC. for itself and investment manager to NORTH POLE CAPITAL MASTER FUND /s/ Robyn Schultz, Chief Compliance Officer 2015-11-05