PSN Parsons Corporation

Parsons Corporation (NYSE: PSN) announced today that the company has entered into a Cooperative Research and Development Agreement (CRADA) with the U.S. Army Command, Control, Communications, Computer, Cyber, Intelligence, Surveillance and Reconnaissance (C5ISR) Center in support of Project Linchpin, the Army’s emerging Artificial Intelligence and Machine Learning (AI/ML) Program.

Under the CRADA, Parsons will examine diverse datasets, models, and deployment scenarios to determine the optimal metrics, specifications, and governance for AI/ML operational use cases provided by the Project Linchpin Program. The company will also collaboratively research with C5ISR and Project Linchpin, deployment and model monitoring standards to support streamlined ML operations across the Army community, fostering a mature and repeatable process to integrate AI/ML effectively into Army Systems of Record.

“Parsons is a leading provider of Artificial Intelligence integration and operational hardening across the national security enterprise,” said Ryan Gabriele, Senior Vice President and Chief Technology Officer for Parsons Defense and Intelligence market. “We bring technology innovation and a deep history of AI/ML implementation across warfighting functions, including Project Maven, which began in 2017. This cooperative agreement further enhances our growing portfolio in the rapidly maturing Department of Defense AI/ML community, and directly supports the Army’s Modernization Strategy.”

Project Linchpin (PL), led by the Army's Program Executive Office for Intelligence, Electronic Warfare, and Sensors (PEO IEW&S), is a program that aims to deliver trusted Artificial Intelligence (AI) capabilities across the Army enterprise. Through innovation within its Artificial Intelligence Operations and Services (AIOps+) ecosystem, PL provides a strategic framework that leverages partnerships, innovative acquisition processes, standardization, security, and regulatory compliance to ensure the effective and trustworthy integration of AI technologies.

Parsons has decades of experience supporting the Army and other DoD and Intelligence Community partners in integrating emergent technologies into their systems of record, from research and development, prototyping, integration, and test-and-evaluation to mission-critical deployments.

To learn more about Parsons’ AI/ML capabilities, please visit www.parsons.com/ai/.

About Parsons:Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

Media Contact:Angie Benfield+1 803.334.5277Angie.Benfield@parsons.com

Investor Relations Contact:Dave Spille+ 1 703.775.6191Dave.Spille@Parsons.com