Capital Markets Day Cobham Aviation Services RAF Shawbury .../media/Files/C/Cobham-IR/reports-and... · CONTRACTOR AWARD 2012 Director’s Award for Environment, Health and Safety

The most important thing we build is trust

ADVANCED ELECTRONIC SOLUTIONS AVIATION SERVICES COMMUNICATIONS AND CONNECTIVITY MISSION SYSTEMS

Capital Markets Day – Cobham Aviation Services RAF Shawbury, 1 October 2014 Introduction Bob Murphy, Cobham Chief Executive Officer

Page 1 of 75

Cobham plc Cobham plc Capital Markets Day – CEO introduction

• Aviation Services has a robust business model:

- Long term contracts and customer relationships, with good revenue visibility and significant order book

- Attractive end markets

- Differentiated capabilities and know-how

- Consistently good financial performance

- Excellent management team

• No update today on Group trading – Q3 IMS on 6 November

Welcome to RAF Shawbury Capital Markets Day

Page 2 of 75

Cobham plc Cobham plc

Timeline Provision of services has long been part of Cobham’s operating model

1948 to

1949

Cobham Supports

Berlin Airlift

1954

Flight Refuelling

Becomes a Public

Limited Company

1985

Contract win to provide Electronic

Warfare (EW) training to Royal

Navy

1934

Flight Refuelling Ltd formed 1996

FBH JV formed – wins UK Defence Helicopter Flying School Contract

2003

Acquisition of Trans Australian Air for AU$25m 2011

2013

Acquisition of outstanding 50% of FBH JV for £74m

AU$500m expanded Qantas-

Link contract, further expanded in 2013

2008

AU$1bn Sentinel Contract renewed

to 2021

2013

£200m extension of UK Operational

Readiness Training to 2019

1996

£52m

2000

£143m

2003

£180m

2008

£222m

2013

£365m

2011

£308m

2000

Acquisition of National Jet Systems in Australia for

AU$64m

Revenue growth over an extended timeframe ...

Capital Markets Day – CEO introduction

A growing business … largely built through organic investment

Page 3 of 75


Cobham Aviation Services Revenue

Cobham Group Revenue FY2013

c£1.8bn

Cobham Group Proforma Revenue

c£2.2bn

Cobham Mission Systems

Cobham Aviation Services

Cobham Advanced Electronic Solutions

* FY 2013 Revenue according to realigned Sectors, excludes non-core businesses. Proforma includes full year Aeroflex actual revenue from y/e 30 June 2013 at 2013 average FX rate and estimated full year FBH revenue annualised from H1 2014

Cobham Mission Systems


Cobham Advanced Electronic Solutions

Cobham Communications & Connectivity

Cobham Communications & Connectivity

A significant proportion of the Group

Cobham Aviation Services revenue remains c20% of Group post Aeroflex

Page 4 of 75


SSA Board

Chief Executive Officer

Bob Murphy

Chief Financial Officer

Simon Nicholls

Chief Operating Officer

Global Technology Sectors

David Squires

Advanced Electronic Solutions Sector

Jill Kale

Aviation Services Sector

Peter Nottage

Communications and Connectivity Sector

Pete Raby

Mission Systems Sector

Mark Barclay

Cobham Senior Business & Finance Team

Page 5 of 75



Capital Markets Day, RAF Shawbury – 1 October 2014 Aviation Services Sector Overview Peter Nottage, Sector President

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NOTE: Figures exclude Aviation Defense Joint Venture

Special Mission

Commercial Aviation • Sales of £205.5m (H1 2014)

• 140 aircraft

• 120,000 flying hours per annum

• Presence in 10 countries

• 2,500 employees

Aviation Services Snapshot

Rotary Wing

Capital Markets Day - Sector Overview Page 7 of 75


Special Mission Commercial Aviation Rotary Wing

Aviation Services Business overview and structure

Regional Services

Australia/PNG

Aircraft operations in support of mining,

oil & gas. High priority freight operations.

Airline Services Australia

Operate, maintain and support a fleet of aircraft under the

Qantas brand.


A unique span of complementary capabilities, market-facing structure with global reach

Capital Markets Day - Sector Overview

Helicopter Services Global

Rotary-wing training, operations and platform support for military and

government.

Special Mission Global

Surveillance and Search and Rescue for government Operational Readiness

Training for the military. Flight calibration services and military platform support.

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Aviation Services Goal 2 – Committed to safety, people, operational excellence

Safety is our first priority, our staff and customers are central to all we do

May I extend my personal thanks to you and your team for your flexibility and determination. With very short notice in which to generate the aircraft and aircrew, please extend my thanks to your team who worked seamlessly with my Air Department to ensure your Company was represented in the finest traditions of flying. Royal Navy [August 2014]

Replacing our turboprop services with jet services represents great value for money and will increase efficiencies as it enables us to consolidate our FIFO schedule and still travel direct to our sites with gravel runways, while increasing passenger comfort. Gold Fields Australia [June 2014]

The job of relocating a flight overseas is an enormous undertaking, a military process that can take anything from 12-18 months of very hard work. The fact that it took just 4 months from the time Commander Land Forces directed me to send 25 Flt AAC to Kenya, to the time the flight was established has been nothing short of remarkable. Joint Helicopter Command [April 2013]

Customer feedback

2013 Managing Safe Work & Fatality Prevention

OUTSTANDING CONTRACTOR AWARD

2012 Director’s Award for Environment, Health and Safety

Performance

Recognised for safety

2013 Gorgon Project

Quarantine Facilities Management Award

Capital Markets Day - Sector Overview

Snapshot of customer representation on Aviation Services’ SPIRIT Reward & Recognition Programme (2006-2014)

Page 9 of 75


Aviation Services Goal 3 – Global reach with presence in select geographies

Presence in 10 countries with 2,500 employees



Sector President Peter Nottage

Vice President Human Resources Steve Barrett

Vice President/ General Manager Special Mission Darren Moncrieff

Vice President/ General Manager Regional Services Ryan Both

Special Mission Commercial Aviation Rotary Wing

Vice President Finance & Enterprise Risk Matt Lang

Vice President Safety, Risk & Environment Chris McKie

Vice President Operations Ben Gower

Vice President Commercial Contracts Paul Armstrong

Vice President Sales and Business Development Jeff McCulloch

Aviation Services Goal 4 – Integrated organisation

Vice President/ General Manager Helicopter Services Roger Luscombe

One team leveraging scale, relationships and capability

General Manager Airline Services Russell Dyer



Aviation Services Goal 5 – Strong financial performance

0

200

400

600

800

1,000

1,200

1,400

2009 2010 2011 2012 2013

£'m

050

100150200250300350400450

2009 2010 2011 2012 2013

£'m

Revenue Orders

0%20%40%60%80%

100%120%140%160%

2009 2010 2011 2012 2013

0%

5%

10%

15%

20%

2009 2010 2011 2012 2013

Order book Revenue & orders

Cash conversion Profit percent

Helicopter Services was accounted for as a Joint Venture up until 30 June 2013.

Sustained organic growth, resilient margins, cash generation ahead of Group average



iation Services Strategic alignment

We will build and maintain leading positions in our chosen

markets by leveraging innovative technology and know-how with a deep insight into customer

needs.

This will enable us to generate sustainable top and bottom line growth, relative to the markets

in which we operate, while consistently generating good free cash flow and creating

shareholder value.

Group Strategic Objective

1. To be a scale, portfolio business focused in three market segments:

a) Special mission operations and support

b) Targeted commercial aviation operations and support

c) Rotary-wing training, operations and support

including associated platform modification and systems integration for all segments

2. To be widely recognised for our commitment to safety, people and operational excellence

3. To have global reach with presence in select geographies

4. To function as one integrated organisation leveraging scale, relationships and capabilities

5. To deliver sustainable growth and peer-leading financial performance




Commercial in Confidence

Capital Markets Day, RAF Shawbury – 1 October 2014 Cobham Aviation Services – Commercial Aviation, Regional Services

Ryan Both, Vice President/General Manager

Page 14 of 75

Cobham plc

Regional Services Australian resource projects often occur in remote locations

Capital Markets Day - Regional Services Page 15 of 75

Cobham plc

London, UK

=

Regional Services Fly in, fly out (FIFO) connects people with remote projects

Madrid, Spain

Barrow Island

Perth

≈1300km

2 hours flight time


Cobham plc

Regional Services Strong fundamentals drive FIFO requirement

Growth in labor demand drives FIFO market

Capital Markets Day - Regional Services

Source: Deloite Access Economics, Modelling employment demand and supply in the resources sector 2013

China

Less developed regions, excluding China

Continued urbanisation in emerging markets drives demand for energy and resources

250,000

260,000

270,000

280,000

290,000

300,000

310,000

320,000

2013 2014 2015 2016 2017 2018

Mining, Oil & Gas operations

F F F F

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Cobham plc

Regional Services Customer value proposition

Unmatched gravel kit jet capability

Only jet freighter within curfew hours

Exceptional safety standard Bespoke service (e.g. quarantine)


Innovation

Track record of high performance

Page 18 of 75

Cobham plc

Regional Services Capable of operating within airport night-time curfew hours

• Only jet aircraft type authorised to operate into Sydney Airport during curfew hours, protected under Sydney Airport Curfew Act 1995

• 24 hour / 7 day operations and maintenance control

• Dedicated team focused on night freight operations



Perth

Granny Smith

Regional Services Gravel-kit jets drive productivity and savings

35% faster

45% cheaper per seat


“The flexibility introduced by the gravel-kitted jets removed substantial costs while increasing productivity. They delivered on their promise.” Xstrata Nickel

“Replacing our turboprop services with jet services represents great value for money and will increase efficiencies as it enables us to consolidate our FIFO schedule and still travel direct to our sites with gravel runways, while increasing passenger comfort.”

Gold Fields Australia

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Cobham plc

Regional Services Embraer 190 innovation will streamline logistics and drive savings


Fuel delivered to fuel depot

in Port Headland

Decanted into airport fuel tankers

To Karratha Airport by road tanker

To Dampier Port facility by fuel truck

Loaded onto barge

Transferred into ISO-Tainers.

Barge from Dampier to Barrow Island

ISO-Tainers unloaded from barge

Trucked to Barrow Island Airport

Fuel transferred into the 200,000 lts fuel tank,

from which the airport fuel truck is filled

Fuel received at Perth facility

Fuel transferred to airport

Cobham E190 flight to Barrow Island

No fuel uplift required from Barrow Island for Cobham’s

primary aircraft services

Cobham RJ100 flight to Barrow Island & return

Cobham return flight to Perth

Current Fuel Delivery Process Future Process

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Cobham plc

• Customer-centric - Business that is relentlessly focused on customer needs

• Differentiated - Set of capabilities that are unique and deliver sustainable differentiation

• Performance - A market leading position delivering top-quartile margins


Regional Services Summary

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Cobham plc Page 23 of 75

Cobham plc Page 24 of 75

Cobham plc 1 October 2014 Page 25 of 75



Capital Markets Day, RAF Shawbury – 1 October 2014 Cobham Aviation Services – Commercial Aviation, Airline Services

Russell Dyer, General Manager

Page 26 of 75

Cobham plc

Airline Services A track record of organic growth

B717 Fleet Growth

Organic growth: Five Boeing 717s delivered on time, on budget in 2013/14

Capital Markets Day - Airline Services

0

2

4

6

8

10

12

14

16

18

20

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

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Cobham plc

Airline Services Customer value proposition


Exceptional safety standard Customer service Responsiveness/Flexibility

Speed to market

Capital Markets Day - Airline Services

Cost effective

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Cobham plc Capital Markets Day - Airline Services

• Cobham offers a strong value proposition built on safety, cost effectiveness, high quality performance and flexibility

• A proven track record of delivering large project growth, highly agile market expansion, and on time performance

• A trusted partnership with Qantas for more than 20 years, the only third party trusted with the Qantas brand

Airline Services Summary

Page 29 of 75



Capital Markets Day, RAF Shawbury – 1 October 2014 Cobham Aviation Services – Special Mission Darren Moncrieff, Vice President/General Manager

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Cobham plc

Special Mission What is surveillance?

Capital Markets Day - Special Mission

Canberra

Suspected illegal entry vessel

The safe and secure transfer of information using highly-modified aerial platforms

3

1 2

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Cobham plc

Special Mission Cobham conducts surveillance operations in two key geographies


10 x Dash 8

2 x F406

1 x Dash 8 (LADS Navy)

Surveillance Fleet

2 x Dornier 228

1 x Islander

Exclusive Economic Zone

Oil Spill Response Zone

Page 32 of 75

Cobham plc

Special Mission What is Operational Readiness Training (ORT)?


Royal Navy

Electronic jamming

Royal Air Force

An advanced training solution for armed forces using leading-edge technology

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Cobham plc

Special Mission Cobham conducts ORT in various regions throughout the world


15 x Falcon 20

1 x DA42

Operational Readiness Training Fleet

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Cobham plc

Special Mission Flight inspection services & Air Traffic Control systems


Airport sensors

Airport Traffic Control

The calibration and certification of flight navigation aids at airports

3 x Beechcraft King Air

1 x DA42

Flight Inspection Fleet

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Cobham plc

Special Mission Market Trends & Opportunities


Opportunity to become integrated aviation service provider in the Special Mission sector through fixed wing and rotary wing capability

Opportunity for further growth beyond western countries into other nations, including the Middle East

Opportunity to further evolve services with existing clients to introduce and support next generation technology

Continued trend to performance-based outsource contracts with monthly and hourly charges

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Cobham plc

Special Mission Customer value proposition



Blend of military capabilities with commercial approach

Domain know-how

Outcome-oriented services

Cost effective

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Cobham plc

Special Mission A track record of innovation in mission platforms for surveillance


Australian Defence

Force (ADF) border

surveillance started

ADF outsources

border surveillance

ADF Navy

Tracker aircraft retired

Seascan aircraft

introduced

Sentinel surveillance

contract submission

process begins


contract commences

Cobham introduces Surveillance Information Management (SIM) system

Cobham introduces operatable

door innovation

for SAR

Cobham wins surveillance contract and introduces

Dash 8 aircraft

1968 1975 1984 1991 1996 2002 2006 2008 2010 2012 2014

Cobham wins


contract

Evolution of mission platforms

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Cobham plc

Special Mission A track record of innovation in ORT training technology


UK MoD outsources EW training Royal Navy (RN)

1985 1990 2000 2006 2008 2012 2014 2015 2017 2018 2020

Typhoon Fighter

enters RAF service

Type 45 Destroyer enters RN

service

JSF (Lightning II) due to enter service

QE Carrier due to enter

service

Evolution of operational readiness training technology

Type 23 Frigates

Upgraded with new

Radar

Cobham wins contract to

provide Electronic

Warfare (EW) training to RN

RN & RAF EW contracts merged

& 020 contract awarded 10Y, major EW pod

upgrade

Development of new

complex threat

simulator pods for RN

Development of new advanced

Digital Radio Frequency Memory

(ADRFM) pods for RN

Introduction of new CTS

pods & frequency extended

ADRFM pods for RAF

Planned introduction of

new EW capabilities with

synthetic training enhancements

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Cobham plc

Special Mission Summary


• Our objective is to retain our market-leading position and grow our footprint internationally

• We deliver outcome-orientated services at a fraction of the cost than what has traditionally been provided by government bodies

• We continue to look ahead and evolve our offerings to meet emerging technology driven requirements

• The outsourcing trend is extending to governments and militaries beyond western nations, we are focused and delivering on these opportunities

• We now have an opportunity to become an integrated aviation service provider to customers that have a requirement for both fixed and rotary wing capability

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Capital Markets Day, RAF Shawbury – 1 October 2014 Highlights Peter Nottage, Sector President

Page 41 of 75


Customs and Border Protection Qantas Hydrographic Survey

Surveillance Operational Readiness Training

Search & Rescue Resource sector support

Oil Spill Response

Defence Helicopter Flying School

Aviation Services Long term trusted relationships, technology and know-how enabled services

Capital Markets Day - Highlights Page 42 of 75


Commercial / Government / Military / Multiple Geographies

Aviation Services Very broad capabilities, a full service or any part thereof

REPAIR

DESIGN

INTEGRATION

CERTIFICATION MISSION

OPERATORS

AIRFIELD

MANAGEMENT

HEAVY

MAINTENANCE

LINE MAINTENANCE

REGULATORY

APPROVALS

TERMINAL

PASSENGERS

AIRCREW

OPERATIONS REPAIR

DESIGN

INTEGRATION

CERTIFICATION

OPERATIONS REAR CREW

REGULATORY APPROVALS

MISSION

OPERATORS

HEAVY

MAINTENANCE

LINE MAINTENANCE

AIRCREW



Kenya in 4 months

Customer-centric

mindset

Jets into gravel runways B717 In-flight entertainment Electronic warfare pods

Catering stowage units

Dash 8 - search and

rescue capability

Mission information systems

Leveraging military UAS technology

Aviation Services A focus on innovation, a high performance customer-centric culture

Continuous improvement



Aviation Services Questions

Page 45 of 75



Commercial in Confidence

Capital Markets Day, RAF Shawbury – 1 October 2014 Cobham Aviation Services – Helicopter Services Peter Richardson, Executive Director

Page 46 of 75

Cobham plc

Maintenance & modification

Training • 700 employees

• 8 countries of operation

• 40,000 flying hours per annum

• 64 aircraft owned

• Key locations: − Basingstoke, UK

− RAF Shawbury, UK

− Doha, Qatar

Critical emergency response

Capital Markets Day – Helicopter Services

Helicopter Services Snapshot

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Cobham plc

Curacao

Cyprus

United Kingdom

Brunei Trinidad

Bahrain

Kenya

Qatar

Helicopter Services Operating in select geographies worldwide

Capital Markets Day – Helicopter Services Page 48 of 75

Cobham plc

Helicopter Services Defence Helicopter Flying School

• Tri-service rotary wing training provision at RAF Shawbury, RAF Valley and the Army Aviation Centre Middle Wallop

• Base support services at RAF Shawbury and Army Aviation Centre Middle Wallop


Cobham plc

Helicopter Services Defence Helicopter Flying School


• Pilot/crew basic to advanced flying training

• Day/night tactical flying

• Simulator/cockpit procedures trainers

Page 50 of 75

Cobham plc

At SARTU, based at RAF Valley, we provide:

• Basic and advanced Search & Rescue training for pilots, winchmen and winch operators

• Dry and wet winching (over land and sea)

• Pilots and rear-crew supporting SARTU operations


Helicopter Services Search and Rescue Training Unit (SARTU)

Page 51 of 75

Cobham plc Capital Markets Day – Helicopter Services

Helicopter Services AMSU and CATCS

Aircraft Maintenance and Storage Unit (AMSU)

• Over 100 aircraft in storage

• Major servicing of RAF Aerobatic Team Hawks

Central Air Traffic Control School (CATCS)

• Training of all military Air Traffic Controllers

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Cobham plc

• Responsible for maintenance support to the British Army Lynx Training Helicopters at Middle Wallop


Helicopter Services Base Support Services at RAF Shawbury & AAC Middle Wallop

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Cobham plc

• 3 specially modified helicopters, with full engineering support incl. facilities

• British Army 25 Flight

• Support to Battlefield Training, including range clearance and medical/casualty evacuation

• Pilot training undertaken at Middle Wallop for Kenya and Brunei pilots


Helicopter Services Kenya – MEDEVAC & SH Operations, Maintenance

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Cobham plc

Helicopter Services Cyprus – SAR, MEDEVAC, Surveillance, Firefighting & SH Operations, Maintenance


• 3 highly modified helicopters, with full engineering support

• RAF 84 Squadron

• Primary role Search and Rescue, but also various activities in support of the UK military and the local community

Page 55 of 75

Cobham plc

Helicopter Services Curacao - Surveillance, SAR, Counter Narcotics Operations, Maintenance


• 2 highly modified helicopters, pilots and full engineering support

• Dutch Caribbean Coast Guard

• Coastguard Operations, including surveillance, SAR and counter narcotics

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Cobham plc

• AW139 Search and Rescue helicopter and training in the UK at RAF Valley

• Provision of engineers, pilots and crewman instructors in Trinidad to support the Trinidad and Tobago Air Guard AW139 helicopters

• Contracted through AgustaWestland


Helicopter Services Trinidad – SAR Training, Operational Oversight, Maintenance

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Cobham plc

Helicopter Services Qatar – Operational Training Development, Maintenance

• Support to the Qatar Emiri Air Force (QEAF)

• Provision of aircrew to support QEAF Sea King helicopter squadron

• Provision of maintenance support to the QEAF AW139 helicopter fleet


Cobham plc

Helicopter Services Bahrain – Maintenance Oversight

• Provision of engineers

• Rolling contract with the Bahrain Defence Force

• Covering - Bell 430, Sikorsky S76, Sikorsky S92



• National Security budget constraints are drawing attention to the comparative cost effectiveness of outsourcing

• Cost/capability of civil/para-military versus military requirements is being recognised

• Availability of civil versus military helicopters is apparent

• The broader helicopter market, including oil and gas, is growing

Helicopter Services Market trends

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Cobham plc

Helicopter Services Customer value proposition

Bespoke service

• Responsiveness and flexibility

International reach

Blend of military capabilities with commercial approach

Maintenance and modification know-how


Cobham plc

Helicopter Services Know-how and capability to provide bespoke services

Customised alternative military and civil training solutions provided in the UK or overseas, on Cobham or the customer’s helicopters


Students trained from various countries, including Albania, Algeria, Croatia, Cyprus, Denmark, Egypt, Finland, Hong Kong, Netherlands, Poland, Qatar,

Trinidad, USA

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Cobham plc

Helicopter Services An operating model that delivers responsiveness and flexibility


Providing additional aircraft for clients in response to changing needs

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Delivering aid in response to the Indonesian Tsunami

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Providing shelter to support Lebanon evacuations

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Creation of Brunei facilities BEFORE: Boat shed AFTER: Aircraft hangar


Creating new facilities, continuing operations in response to unforeseen situations

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Rapid establishment of Kenya operation in 4 months

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Cobham plc

Helicopter Services International reach to support customers worldwide


Regulatory approvals held with:

• UK CAA and UK MoD • EASA • Dutch CAA and Dutch

MoD • Qatar MoD • Trinidad CAA • Aruban CAA

Companies or Branches created in:

• Cyprus • Qatar • Trinidad • Curacao • Kenya

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Cobham plc

Helicopter Services Blend of military capabilities with commercial approach providing value for money


Development of the MRCOA model – Military Registered Contractor Owned Aircraft • Operations under military

procedures • Maintenance and support

under civil airworthiness procedures

• Mixed military and civil

staff – both aircrew and engineers

Use of civil spares to support military aircraft

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Cobham plc

Helicopter Services Maintenance and modification know-how ensuring a turn-key solution


Experienced in:

• Managing and implementing simple or complex helicopter modification programmes

• Providing engineering and parts support for military or civil helicopters around the world

“Of particular note was your Engineer Detachment. Seldom have I witnessed such a professional technical crew”

- Commandant Army Aviation Centre visit to Brunei 2011

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Capital Markets Day, RAF Shawbury – 1 October 2014 Summary Comments Peter Nottage, Sector President

Page 71 of 75


Scale Geographies Portfolio

Safety People Structure

Culture Orders, Sales, Profit and

Cash Performance

Aviation Services Disciplined strategy execution

Capital Markets Day – Summary Comments Page 72 of 75


Aviation Services Strategic alignment

We will build and maintain leading positions in our chosen

markets by leveraging innovative technology and know-how with a deep insight into customer

needs.

This will enable us to generate sustainable top and bottom line growth, relative to the markets

in which we operate, while consistently generating good free cash flow and creating

shareholder value.

Group Strategic Objective

1. To be a scale, portfolio business focused in three market segments:

a) Special mission operations and support

b) Targeted commercial aviation operations and support

c) Rotary-wing training, operations and support

including associated platform modification and systems integration for all segments

2. To be widely recognised for our commitment to safety, people and operational excellence

3. To have global reach with presence in select geographies

4. To function as one integrated organisation leveraging scale, relationships and capabilities

5. To deliver sustainable growth and peer-leading financial performance



Aviation Services Conclusion

Unique blend of capabilities and market presence

Long-term relationships, trusted for execution

Leverage technology, know-how and incumbency

to innovate, retain relevance and lead the market

A strong global team

Track record of growth and strong financial results

Good prospects for ongoing growth

both organically and through acquisition

within and beyond existing geographies



Cautionary Statement

Capital Markets Day – Cautionary Statement

For the purposes of the following disclaimers, references to this “document” shall be deemed to include

references to the presenters’ speeches, the question and answer session and any other related verbal or written

communications.

This document contains certain “forward-looking statements” with respect to the financial condition, results of

operations and business of Cobham plc (Cobham) and to certain of Cobham’s plans and objectives with respect

to these items. Forward-looking statements are sometimes but not always identified by their use of a date in the

future or such words as “anticipates”, “aims”, “due”, “could”, “may”, “should”, “expects”, “believes”, “intends”,

“plans”, “targets”, “goal”, or “estimates”. By their very nature, forward-looking statements are inherently

unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on

circumstances that may or will occur in the future. There are various factors that could cause actual results and

developments to differ materially from those expressed or implied by these forward-looking statements. These

factors include, but are not limited to, changes in the economies, political situations and markets in which the

Group operates; changes in government priorities due to programme reviews or revisions to strategic

objectives; changes in the regulatory and competition frameworks in which the Group operates; the impact of

legal or other proceedings against or which affect the Group; changes to or delays in programmes in which the

Group is involved; the completion of any acquisitions and divestitures and changes in commodity prices,

inflation or currency exchange rates. All written or verbal forward-looking statements, made in this document or

made subsequently, which are attributable to Cobham or any other member of the Group or persons acting on

their behalf are expressly qualified in their entirety by the factors referred to above. Cobham does not intend to

update these forward-looking statements.

Page 75 of 75

Documents

Capital Markets Day Cobham Aviation Services RAF Shawbury .../media/Files/C/Cobham-IR/reports-and... · CONTRACTOR AWARD 2012 Director’s Award for Environment, Health and Safety