Note 16 – Guarantors

The following schedules set forth condensed consolidating financial information as required by Rule 3-10 of Securities and Exchange Commission Regulation S-X as of May 1, 2015, and October 31, 2014, and for the applicable periods ended May 1, 2015, and May 2, 2014, for (a) Esterline Technologies Corporation (the Parent); (b) TA Mfg. Limited, the issuer of the 2023 Notes; (c) on a combined basis, the current subsidiary guarantors (Guarantor Subsidiaries) of the secured credit facility, the 2020 Notes and the 2023 Notes for the periods after April 2015; and (d) on a combined basis, the subsidiaries that are not guarantors (Non-Guarantor Subsidiaries) of the secured credit facility, the 2020 Notes and the 2023 Notes for the period after April 2015. The Guarantor Subsidiaries are direct and indirect wholly-owned subsidiaries of Esterline Technologies Corporation and have fully and unconditionally, jointly and severally, guaranteed the secured credit facility, the 2020 Notes and the 2023 Notes.

Condensed Consolidating Balance Sheet as of May 1, 2015.

In Thousands										Non-
				TA Mfg.			Guarantor			Guarantor
	Parent			Ltd.			Subsidiaries			Subsidiaries			Eliminations			Total
ASSETS

Current Assets
Cash and cash equivalents	$	23,591		$	1,985		$	2,883		$	144,186		$	-		$	172,645
Accounts receivable, net		69			-			142,018			242,575			-			384,662
Inventories		-			-			193,498			286,090			-			479,588
Income tax refundable		-			-			-			9,394			-			9,394
Deferred income tax benefits		31,918			-			(1,220	)		21,826			-			52,524
Prepaid expenses		185			-			8,302			15,405			-			23,892
Other current assets		74			-			111			3,415			-			3,600
Current assets of businesses held for sale		-			-			25,400			14,999			-			40,399
Total Current Assets		55,837			1,985			370,992			737,890			-			1,166,704

Property, Plant & Equipment, Net		1,397			-			160,832			144,369			-			306,598
Goodwill		-			-			372,021			702,416			-			1,074,437
Intangibles, net		-			-			101,998			373,933			-			475,931
Debt issuance costs, net		5,447			5,715			-			-			-			11,162
Deferred income tax benefits		18,169			-			-			44,590			-			62,759
Other assets		276			-			41,394			(19,845	)		-			21,825
Non-current assets of businesses held for sale		-			-			-			56,952			-			56,952
Amounts Due From (To) Subsidiaries		-			349,959			794,188			-			(1,144,147	)		-
Investment in Subsidiaries		3,162,577			642,929			1,009,042			14,644			(4,829,192	)		-
Total Assets	$	3,243,703		$	1,000,588		$	2,850,467		$	2,054,949		$	(5,973,339	)	$	3,176,368

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
Accounts payable	$	3,536		$	-		$	36,820		$	83,092		$	-		$	123,448
Accrued liabilities		16,247			1,189			87,274			159,783			-			264,493
Current maturities of long-term debt		-			-			862			140			-			1,002
Deferred income tax liabilities		558			-			1			2,292			-			2,851
Federal and foreign income taxes		(1,946	)		(2,621	)		(3,898	)		10,082			-			1,617
Current liabilities of businesses held for sale		-			-			3,902			10,279			-			14,181
Total Current Liabilities		18,395			(1,432	)		124,961			265,668			-			407,592

Credit Facilities		90,000			-			-			30,000			-			120,000
Long-Term Debt, Net		250,000			369,567			57,184			46,203			-			722,954
Deferred Income Tax Liabilities		57,654			-			(17,465	)		97,794			-			137,983
Pension and Post-Retirement Obligations		18,904			-			862			38,202			-			57,968
Other Liabilities		14,680			-			194			15,084			-			29,958
Non-current liabilities of businesses held for sale		-			-			17,740			1,687			-			19,427
Amounts Due To (From) Subsidiaries		1,102,689			-			-			400,768			(1,503,457	)		-
Shareholders' Equity		1,691,381			632,453			2,666,991			1,159,543			(4,469,882	)		1,680,486
Total Liabilities and Shareholders' Equity	$	3,243,703		$	1,000,588		$	2,850,467		$	2,054,949		$	(5,973,339	)	$	3,176,368

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three month period ended May 1, 2015.

In Thousands										Non-
				TA Mfg.			Guarantor			Guarantor
	Parent			Ltd.			Subsidiaries			Subsidiaries			Eliminations			Total

Net sales	$	-		$	-		$	234,864		$	266,456		$	(1,240	)	$	500,080
Cost of sales		-			-			153,567			184,102			(1,240	)		336,429
		-			-			81,297			82,354			-			163,651
Expenses
Selling, general and administrative		-			16			35,634			65,092			-			100,742
Research, development & engineering		-			-			12,520			14,480			-			27,000
Restructuring charges		-			-			922			-			-			922
Other (income) expense		-			-			(409	)		409			-			-
Total Expenses		-			16			48,667			79,981			-			128,664

Operating Earnings from Continuing Operations		-			(16	)		32,630			2,373			-			34,987
Interest Income		(4,029	)		(860	)		(7,268	)		(7,490	)		19,523			(124	)
Interest Expense		6,857			889			12,467			7,874			(19,523	)		8,564
Loss on Extinguishment of Debt		329			-			-						-			329
Earnings (Loss) from Continuing Operations Before Income Taxes		(3,157	)		(45	)		27,431			1,989			-			26,218
Income Tax Expense (Benefit)		(560	)		(9	)		5,333			(222	)		-			4,542
Earnings (Loss) from Continuing Operations Including Noncontrolling Interests		(2,597	)		(36	)		22,098			2,211			-			21,676
Earnings Attributable to Noncontrolling Interests		-			-			-			(44	)		-			(44	)
Earnings (Loss) from Continuing Operations Attributable to Esterline, Net of Tax		(2,597	)		(36	)		22,098			2,167			-			21,632
Loss from Discontinued Operations Attributable to Esterline, Net of Tax		-			-			921			(2,743	)		-			(1,822	)
Equity in Net Earnings of Consolidated Subsidiaries		22,407			21,534			51						(43,992	)		-

Net Earnings (Loss) Attributable to Esterline	$	19,810		$	21,498		$	23,070		$	(576	)	$	(43,992	)	$	19,810

Comprehensive Income (Loss)	$	33,393		$	10,537		$	23,443		$	11,737		$	(45,566	)	$	33,544

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six month period ended May 1, 2015.

In Thousands										Non-
				TA Mfg.			Guarantor			Guarantor
	Parent			Ltd.			Subsidiaries			Subsidiaries			Eliminations			Total

Net sales	$	-		$	-		$	443,865		$	504,659		$	(2,100	)	$	946,424
Cost of sales		-			-			293,377			346,146			(2,100	)		637,423
		-			-			150,488			158,513			-			309,001
Expenses
Selling, general and administrative		-			16			74,293			120,089			-			194,398
Research, development & engineering		-			-			22,297			27,158			-			49,455
Restructuring charges		-			-			3,360			612			-			3,972
Other (income) expense		-			-			-			(12,744	)		-			(12,744	)
Total Expenses		-			16			99,950			135,115			-			235,081

Operating Earnings from Continuing Operations		-			(16	)		50,538			23,398			-			73,920
Interest Income		(7,994	)		(860	)		(14,466	)		(15,888	)		38,905			(303	)
Interest Expense		13,201			889			24,795			14,425			(38,905	)		14,405
Loss on Extinguishment of Debt		329			-			-			-			-			329
Earnings (Loss) from Continuing Operations Before Income Taxes		(5,536	)		(45	)		40,209			24,861			-			59,489
Income Tax Expense (Benefit)		(1,109	)		(9	)		6,947			6,863			-			12,692
Earnings (Loss) from Continuing Operations Including Noncontrolling Interests		(4,427	)		(36	)		33,262			17,998			-			46,797
Earnings Attributable to Noncontrolling Interests		-			-			-			(107	)		-			(107	)
Earnings (Loss) from Continuing Operations Attributable to Esterline, Net of Tax		(4,427	)		(36	)		33,262			17,891			-			46,690
Loss from Discontinued Operations Attributable to Esterline, Net of Tax		(774	)		-			(9,655	)		(8,132	)		-			(18,561	)
Equity in Net Earnings of Consolidated Subsidiaries		33,330			21,534			113			-			(54,977	)		-

Net Earnings (Loss) Attributable to Esterline	$	28,129		$	21,498		$	23,720		$	9,759		$	(54,977	)	$	28,129

Comprehensive Income (Loss)	$	(93,457	)	$	10,537		$	23,995		$	(104,298	)	$	56,581		$	(106,642	)

Condensed Consolidating Statement of Cash Flows for the six month period ended May 1, 2015.

In Thousands										Non-
				TA Mfg.			Guarantor			Guarantor
	Parent			Ltd.			Subsidiaries			Subsidiaries			Eliminations			Total

Cash Flows Provided (Used) by Operating Activities
Net earnings (loss) including noncontrolling interests	$	28,236		$	21,498		$	23,720		$	9,759		$	(54,977	)	$	28,236
Depreciation & amortization		-			-			16,611			33,242			-			49,853
Deferred income taxes		(1,337	)		-			21			(6,156	)		-			(7,472	)
Share-based compensation		-			1			2,336			3,215			-			5,552
Gain on release of non-income tax liability		-			-			-			(15,656	)		-			(15,656	)
Loss on assets held for sale		-			-			10,295			5,551			-			15,846
Working capital changes, net of effect of acquisitions:
Accounts receivable		541			-			3,608			8,034			-			12,183
Inventories		-			-			(5,499	)		(18,781	)		-			(24,280	)
Prepaid expenses		(38	)		-			(1,663	)		(3,507	)		-			(5,208	)
Other current assets		6			-			(18	)		(315	)		-			(327	)
Accounts payable		1,785			-			(3,949	)		(756	)		-			(2,920	)
Accrued liabilities		(5,657	)		1,177			(5,888	)		(72	)		-			(10,440	)
Federal and foreign income taxes		336			(14	)		(1,059	)		793			-			56
Other liabilities		139			-			(82	)		2,240			-			2,297
Other, net		(9,711	)		(642,884	)		(33,274	)		693,827			-			7,958
		14,300			(620,222	)		5,159			711,418			(54,977	)		55,678

Cash Flows Provided (Used) by Investing Activities
Purchases of capital assets		(137	)		-			(8,558	)		(14,740	)		-			(23,435	)
Acquisition of businesses, net of cash acquired		-			-			-			(171,070	)		-			(171,070	)
		(137	)		-			(8,558	)		(185,810	)		-			(194,505	)

In Thousands										Non-
				TA Mfg.			Guarantor			Guarantor
	Parent			Ltd.			Subsidiaries			Subsidiaries			Eliminations		Total

Cash Flows Provided (Used) by Financing Activities
Proceeds provided by stock issuance under employee stock plans		9,335			-			-			-			-		9,335
Excess tax benefits from stock option exercises		1,744			-			-			-			-		1,744
Shares repurchased		(127,342	)		-			-			-			-		(127,342	)
Repayment of long-term credit facilities		(190,000	)		-			-			-			-		(190,000	)
Repayment of long-term debt		(161,875	)		-			2,476			(8,079	)		-		(167,478	)
Proceeds from issuance of long-term credit facilities		180,000			-			-			30,000			-		210,000
Proceeds from issuance of long-term debt		-			356,532			-			-			-		356,532
Proceeds from government assistance		-			-			-			3,142			-		3,142
Dividends paid to noncontrolling interests		-			-			-			-			-		-
Debt and other issuance costs		(2,130	)		(5,760	)		-			-			-		(7,890	)
Net change in intercompany financing		284,630			271,953			481			(612,041	)		54,977		-
		(5,638	)		622,725			2,957			(586,978	)		54,977		88,043

Effect of Foreign Exchange Rates on Cash and Cash Equivalents		432			(518	)		(129	)		(14,500	)		-		(14,715	)

Net Increase (Decrease) in Cash and Cash Equivalents		8,957			1,985			(571	)		(75,870	)		-		(65,499	)
Cash and Cash Equivalents - Beginning of Year		14,634			-			3,454			220,056			-		238,144

Cash and Cash Equivalents - End of Period	$	23,591		$	1,985		$	2,883		$	144,186		$	-	$	172,645

Condensed Consolidating Balance Sheet as of October 31, 2014.

In Thousands									Non-
				TA Mfg.		Guarantor			Guarantor
	Parent			Ltd.		Subsidiaries			Subsidiaries		Eliminations			Total
ASSETS

Current Assets
Cash and cash equivalents	$	14,634		$	-	$	3,454		$	220,056	$	-		$	238,144
Accounts receivable, net		610			-		143,158			236,121		-			379,889
Inventories		-			-		188,982			244,613		-			433,595
Income tax refundable		-			-		-			5,266		-			5,266
Deferred income tax benefits		31,486			-		(1,191	)		18,384		-			48,679
Prepaid expenses		147			-		6,703			13,486		-			20,336
Other current assets		80			-		114			1,955		-			2,149
Current assets of businesses held for sale		-			-		26,800			14,646		-			41,446
Total Current Assets		46,957			-		368,020			754,527		-			1,169,504

Property, Plant & Equipment, Net		1,489			-		158,089			159,764		-			319,342
Goodwill		-			-		347,700			724,086		-			1,071,786
Intangibles, net		-			-		106,164			365,213		-			471,377
Debt issuance costs, net		4,134			-		-			161		-			4,295
Deferred income tax benefits		20,455			-		30			50,822		-			71,307
Other assets		130			-		7,502			6,547		-			14,179
Non-current assets of businesses held for sale		-			-		40,737			30,940		-			71,677
Amounts Due From (To) Subsidiaries		-			-		797,342			-		(797,342	)		-
Investment in Subsidiaries		3,307,454			-		1,127,237			20,768		(4,455,459	)		-
Total Assets	$	3,380,619		$	-	$	2,952,821		$	2,112,828	$	(5,252,801	)	$	3,193,467


LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
Accounts payable	$	1,751		$	-	$	36,905		$	76,628	$	-		$	115,284
Accrued liabilities		20,178			-		93,168			149,190		-			262,536
Current maturities of long-term debt		8,750			-		349			3,675		-			12,774
Deferred income tax liabilities		76			-		8			1,689		-			1,773
Federal and foreign income taxes		(2,282	)		-		(2,643	)		6,496		-			1,571
Current liabilities of businesses held for sale		-			-		4,010			10,181		-			14,191
Total Current Liabilities		28,473			-		131,797			247,859		-			408,129

Credit Facilities		100,000			-		-			-		-			100,000
Long-Term Debt, Net		403,125			-		55,176			51,419		-			509,720
Deferred Income Tax Liabilities		58,615			-		(17,333	)		107,883		-			149,165
Pension and Post-Retirement Obligations		18,683			-		1,226			42,784		-			62,693
Other Liabilities		16,762			-		3,944			26,178		-			46,884
Non-current liabilities of businesses held for sale		-			-		17,327			1,549		-			18,876
Amounts Due To (From) Subsidiaries		856,961			-		-			456,861		(1,313,822	)		-
Shareholders' Equity		1,898,000			-		2,760,684			1,178,295		(3,938,979	)		1,898,000
Total Liabilities and Shareholders' Equity	$	3,380,619		$	-	$	2,952,821		$	2,112,828	$	(5,252,801	)	$	3,193,467

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three month period ended May 2, 2014.

In Thousands									Non-
				TA Mfg.		Guarantor			Guarantor
	Parent			Ltd.		Subsidiaries			Subsidiaries			Eliminations			Total

Net sales	$	-		$	-	$	243,425		$	268,512		$	(1,076	)	$	510,861
Cost of sales		-			-		155,232			177,480			(1,076	)		331,636
		-			-		88,193			91,032			-			179,225
Expenses
Selling, general and administrative		-			-		37,903			54,132			-			92,035
Research, development & engineering		-			-		12,490			13,046			-			25,536
Restructuring charges		-			-		1,248			830			-			2,078
Other (income) expense		-			-		-			-			-			-
Total Expenses		-			-		51,641			68,008			-			119,649

Operating Earnings from Continuing Operations		-			-		36,552			23,024			-			59,576
Interest Income		(3,755	)		-		(1,913	)		(13,696	)		19,228			(136	)
Interest Expense		6,237			-		6,730			14,695			(19,228	)		8,434
Loss on Extinguishment of Debt		-			-		-			-			-			-
Earnings (Loss) from Continuing Operations Before Income Taxes		(2,482	)		-		31,735			22,025			-			51,278
Income Tax Expense (Benefit)		(520	)		-		6,996			3,910			-			10,386
Earnings (Loss) from Continuing Operations Including Noncontrolling Interests		(1,962	)		-		24,739			18,115			-			40,892
Earnings Attributable to Noncontrolling Interests		-			-		-			(297	)		-			(297	)
Earnings (Loss) from Continuing Operations Attributable to Esterline, Net of Tax		(1,962	)		-		24,739			17,818			-			40,595
Loss from Discontinued Operations Attributable to Esterline, Net of Tax		(343	)		-		(1,007	)		(2,341	)		-			(3,691	)
Equity in Net Earnings of Consolidated Subsidiaries		39,209			-		802			1,926			(41,937	)		-

Net Earnings (Loss) Attributable to Esterline	$	36,904		$	-	$	24,534		$	17,403		$	(41,937	)	$	36,904

Comprehensive Income (Loss)	$	75,488		$	-	$	25,065		$	56,268		$	(76,700	)	$	80,121

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the six month period ended May 2, 2014.

In Thousands									Non-
				TA Mfg.		Guarantor			Guarantor
	Parent			Ltd.		Subsidiaries			Subsidiaries			Eliminations			Total

Net sales	$	-		$	-	$	463,290		$	536,029		$	(2,518	)	$	996,801
Cost of sales		-			-		295,903			353,456			(2,518	)		646,841
		-			-		167,387			182,573			-			349,960
Expenses
Selling, general and administrative		-			-		73,708			107,459			-			181,167
Research, development & engineering		-			-		24,313			26,869			-			51,182
Restructuring charges		-			-		4,321			2,553			-			6,874
Other (income) expense		-			-		-			-			-			-
Total Expenses		-			-		102,342			136,881			-			239,223

Operating Earnings from Continuing Operations		-			-		65,045			45,692			-			110,737
Interest Income		(7,751	)		-		(3,938	)		(28,372	)		39,806			(255	)
Interest Expense		12,573			-		13,787			30,505			(39,806	)		17,059
Loss on Extinguishment of Debt		-			-		-			-			-			-
Earnings (Loss) from Continuing Operations Before Income Taxes		(4,822	)		-		55,196			43,559			-			93,933
Income Tax Expense (Benefit)		(996	)		-		12,237			7,771			-			19,012
Earnings (Loss) from Continuing Operations Including Noncontrolling Interests		(3,826	)		-		42,959			35,788			-			74,921
Earnings Attributable to Noncontrolling Interests		-			-		-			(383	)		-			(383	)
Earnings (Loss) from Continuing Operations Attributable to Esterline, Net of Tax		(3,826	)		-		42,959			35,405			-			74,538
Loss from Discontinued Operations Attributable to Esterline, Net of Tax		(343	)		-		(2,858	)		(4,355	)		-			(7,556	)
Equity in Net Earnings of Consolidated Subsidiaries		71,151			-		1,234			1,320			(73,705	)		-

Net Earnings (Loss) Attributable to Esterline	$	66,982		$	-	$	41,335		$	32,370		$	(73,705	)	$	66,982

Comprehensive Income (Loss)	$	72,667		$	-	$	42,469		$	44,634		$	(90,087	)	$	69,683

Condensed Consolidating Statement of Cash Flows for the six month period ended May 2, 2014.

In Thousands									Non-
				TA Mfg.		Guarantor			Guarantor
	Parent			Ltd.		Subsidiaries			Subsidiaries			Eliminations			Total

Cash Flows Provided (Used) by Operating Activities
Net earnings (loss) including noncontrolling interests	$	67,365		$	-	$	41,335		$	32,370		$	(73,705	)	$	67,365
Depreciation & amortization		-			-		22,722			36,560			-			59,282
Deferred income taxes		(2,708	)		-		16			(5,718	)		-			(8,410	)
Share-based compensation		-			-		2,891			3,757			-			6,648
Gain on release of non-income tax liability		-			-		-			-			-			-
Loss on assets held for sale		-			-		-			-			-			-
Working capital changes, net of effect of acquisitions:
Accounts receivable		(257	)		-		11,715			21,873			-			33,331
Inventories		-			-		(7,944	)		(25,541	)		-			(33,485	)
Prepaid expenses		33			-		(3,634	)		(4,471	)		-			(8,072	)
Other current assets		-			-		1			(277	)		-			(276	)
Accounts payable		(565	)		-		(132	)		(9,953	)		-			(10,650	)
Accrued liabilities		(6,625	)		-		(1,292	)		(5,307	)		-			(13,224	)
Federal and foreign income taxes		(6,803	)		-		22,219			(19,170	)		-			(3,754	)
Other liabilities		5,308			-		64			(6,959	)		-			(1,587	)
Other, net		(242	)		-		(3,170	)		696			-			(2,716	)
		55,506			-		84,791			17,860			(73,705	)		84,452

Cash Flows Provided (Used) by Investing Activities
Purchases of capital assets		(149	)		-		(7,833	)		(13,315	)		-			(21,297	)
Acquisition of businesses, net of cash acquired		-			-		(44,043	)		-			-			(44,043	)
		(149	)		-		(51,876	)		(13,315	)		-			(65,340	)

In Thousands									Non-
				TA Mfg.		Guarantor			Guarantor
	Parent			Ltd.		Subsidiaries			Subsidiaries			Eliminations		Total

Cash Flows Provided (Used) by Financing Activities
Proceeds provided by stock issuance under employee stock plans		22,957			-		-			-			-		22,957
Excess tax benefits from stock option exercises		5,297			-		-			-			-		5,297
Shares repurchased		-			-		-			-			-		-
Repayment of long-term credit facilities		(25,000	)		-		-			-			-		(25,000	)
Repayment of long-term debt		(4,375	)		-		(205	)		(14,722	)		-		(19,302	)
Proceeds from issuance of long-term credit facilities		25,000			-		-			-			-		25,000
Proceeds from issuance of long-term debt		-			-		-			-			-		-
Proceeds from government assistance		-			-		-			-			-		-
Dividends paid to noncontrolling interests		-			-		-			(780	)		-		(780	)
Debt and other issuance costs		-			-		-			-			-		-
Net change in intercompany financing		(77,490	)		-		(32,008	)		35,793			73,705		-
		(53,611	)		-		(32,213	)		20,291			73,705		8,172

Effect of Foreign Exchange Rates on Cash and Cash Equivalents		5			-		(43	)		1,019			-		981

Net Increase (Decrease) in Cash and Cash Equivalents		1,751			-		659			25,855			-		28,265
Cash and Cash Equivalents - Beginning of Year		7,826			-		4,876			166,476			-		179,178

Cash and Cash Equivalents - End of Period	$	9,577		$	-	$	5,535		$	192,331		$	-	$	207,443