#1Elbit Systems™ Investor Overview August 2021#2Disclaimer This presentation, reference to which herein includes information that may be provided by Elbit Systems Ltd. (collectively with any or all of its subsidiaries, the "Company" or "Elbit") orally or in writing in connection therewith, is provided for general information only, and should not be relied upon for making any investment decision. By attending or viewing this presentation, each attendee ("Attendee") agrees that he or she (i) has read this disclaimer, (ii) is bound by the restrictions set out herein, (iii) is permitted, in accordance with all applicable laws, to receive such information, (iv) is solely responsible for his or her own assessment of the business and financial position of the Company and (v) will conduct his or her own analysis and be solely responsible for forming the Attendee's view of the potential future performance of the Company's business. This presentation does not constitute, is not intended to be, and should not be construed as a recommendation, regarding any securities nor part of any offer, or the solicitation of any offer, to buy, subscribe for or sell any securities of the Company, and nothing in this presentation will in any way constitute or form part of any legal agreement or be relied upon in connection with any contract, commitment or investment decision. Nothing in this presentation constitutes investment advice or any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific Attendee. No representation, warranty or undertaking, express or implied, is given by the Company and/or its respective directors, officers, employees, agents, representatives and/or advisers as or in relation to the accuracy, completeness or sufficiency of the information contained in this presentation or as to the reasonableness of any assumption contained therein. To the maximum extent permitted by law, the Company and its respective directors, officers, employees, agents, representatives and/or advisers expressly disclaim any and all liability that may arise from any use of this presentation, including any errors or omissions relating to the presentation. The information in this presentation is not intended to replace the need to review Elbit's filings with the Israel Securities Authority ("ISA") and the U.S. Securities and Exchange Commission ("SEC"), including without limitation its annual report on Form 20-F for fiscal year 2020, filed with the SEC on March, 24, 2021 (the "2020 20-F"), prior to making any investment in Elbit securities. In case of any inconsistencies between the information provided in this presentation and Elbit's filings, the latter will prevail. This presentation may contain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Israeli Securities Law, 1968) regarding the Company, to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions about future events. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business. Therefore, actual future results, performance and trends may differ materially from these forward-looking statements due to a variety of factors. Further information is contained in the 2020 20-F. All forward-looking statements speak only as of the date of this presentation. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. The Company does not undertake to update its forward-looking statements. Elbit, its logo, brand, product, service and process names appearing in this presentation or used in this conference are the trademarks or service marks of Elbit or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Unless otherwise indicated, all numbers in this presentation are as of 30 June 2021. The Company does not undertake to update this presentation or publish any of the data contained therein in the future. 2 2021 Elbit Systems | Elbit Systems Proprietary Elbit Systems™#3Elbit Systems | A Highly Innovative Global Defense Company Internationally diversified presence and client base Broad range of market leading products & technologies aligned with customer priorities $ Significant investment $ Large backlog in R&D to generate market leading IP provides good visibility Integrated and supportive supply chain 3 2021 Elbit Systems | Elbit Systems Proprietary র Conservative balance sheet management Long-term Track record investment horizon of value creating M&A Elbit Systems™#4Elbit Systems at a glance ~$6bn Market cap - NASDAQ & TASE listed $ $13.6 bn order backlog at Q2 21 $4.9 bn revenues in LTM to Q2 21 ~18,000 employees Headquarters in Haifa, Israel Subsidiaries in numerous countries OUR VISION To be a world-leading source of innovative, technology-based systems for diverse defense and civilian applications 2021 Elbit Systems | Elbit Systems Proprietary Elbit Systems™#5Geographically balanced customer portfolio Our DIVERSE CLIENT BASE reduces exposure to defense budget fluctuations in a single country or geographic region 5 2021 Elbit Systems | Elbit Systems Proprietary APAC 22% Europe 17% Other LATAM 3% 3% LTM Sales by geography North America 32% Israel 23% Elbit Systems™#6Israel's largest defense company Maintaining Israel's technological edge Operational imperative to develop and deploy innovative solutions quickly and effectively. Access to high quality talent pool with significant operational military experience Elbit Systems is the IDF's primary supplier of C4ISR, EW, electro-optics, training systems, avionics, cyber, artillery and unmanned systems Elbit Systems develops supplies and maintains advanced technological solutions for the Israel Defense Forces and Israel's security services in all domains, from underwater to space. 6 2021 Elbit Systems | Elbit Systems Proprietary Elbit Systems™#7Broad global footprint Elbit's global geographical presence supports revenue growth through the cycle and reduces risk Elbit Systems™ 2021 Elbit Systems | Elbit Systems Proprietary * Elbit Systems has subsidiaries, facilities and representative offices in additional countries and locations#8The U.S. is our largest market 8 1990 F-16 JHMCS II $189M U.S. Sales 2021 Elbit Systems | Elbit Systems Proprietary F-18 2000 F-15 AH-64 JDAM $844M 2010 F-35 CLRF-IC V-22 HOMELAN MELAND $1,501M ENVG-B 2020 T-7A F-35 HMD Elbit Systems™#9We provide advanced innovative capabilities for defense and commercial customers More than 3,000 employees in facilities across the US 9 2021 Elbit Systems | Elbit Systems Proprietary ☐ Military and Commercial Avionics Electronic Warfare Underwater Warfare Homeland Security ☐ Night Vision Systems Soldier Systems ☐ Laser Designators ☐ Indirect Fires ☐ Precision Guided Munitions Elbit Systems™#10Sustained R&D investment and technology development... Robotics Training & Simulation Lasers Artificial Intelligence Electro-Optics 9% of sales in R&D* *~8% self funded and -1% customer funded R&D in 2020 10 2021 Elbit Systems | Elbit Systems Proprietary Networked Warfare Active Protection Systems Avionics Autonomous Systems Precision Guided Munitions Elbit Systems™#11..to develop and maintain market leading positions Elbit Systems is a top three global player in multiple markets including: DIRCM Helicopter & Fixed-Wing HMD Electronic Warfare Laser Systems Command and Control Imaging Systems Active Protection Systems Tactical Radios 11 2021 Elbit Systems | Elbit Systems Proprietary *Based on Elbit Systems' proprietary market analysis, competitions and contract wins. Artillery Systems Elbit Systems™#12Areas of operations AIR & SPACE LAND NAVAL HOMELAND SECURITY COMMERCIAL Electro-Optics 9% Others 4% Land 25% LTM revenue split UNMANNED CYBER Broad product portfolio provides solutions to multiple domains and markets 12 2021 Elbit Systems | Elbit Systems Proprietary Airborne 36% C4ISR 26% Elbit Systems™#13Business Lines Airborne Systems Helicopter & Fixed- Wing HMD Avionics & Aircraft Upgrades Electronic Warfare Training & Simulation C4ISR Land Command & Control Systems Advanced Comm's & Networks, Naval and Maritime Unmanned Systems for Intelligence Operations Combat Vehicle Systems Artillery Systems Unmanned Ground Platforms Active Protection Systems www Lasers Electro Optics Visual and Thermal Imaging & EO Counter Measures Integrated Payloads 13 2021 Elbit Systems | Elbit Systems Proprietary Space & Airborne ISR 4X-DGA- Elbit Systems™#14Value creating M&A | Major acquisitions ELOP ELISRA Electro Optics EW & SIGINT 2000 SOLTAM Artillery IMI Land Systems & Munitions 01 02 03 04 06 07 08 09 11 12 14 16 17 18 19 2005 2010 2015 HNV Night Vision 2020 21 TADIRAN NICE CYBER & INTEL. UNIVERSAL SPARTON Communications & C4I Cyber Commercial Avionics Underwater Warfare Multiple bolt-on acquisitions since 2000 to acquire technologies or market positions Elbit Systems™ 14 2021 Elbit Systems | Elbit Systems Proprietary#15Corporate Responsibility | Environmental - Social - Governance Caring for our communities We promote technological education around the world, especially among female students and youth from challenging backgrounds ■ 5,100 of our employees volunteered in their communities in 2020, supporting the less fortunate and those impacted by the COVID-19 pandemic ■ We support our warfighters, veterans and their families Protecting the environment ■ We are working to reduce our environmental footprint by reducing consumption of water, energy and paper, waste generation & emissions ■ Our technologies help monitor the environment ■ We participated in the 2020 Carbon Disclosure Project Corporate Governance, Ethics and Anti-Corruption We conduct our activities based on a firm commitment to ethical and corporate governance best practices Our company-wide ethics compliance program incorporates a range of policies and procedures including a zero tolerance for corruption policy ■ We were awarded Maala's highest “Platinum+” rating, 15th year in a row 15 2021 Elbit Systems | Elbit Systems Proprietary Elbit Systems™#16Revenues & backlog | Growth through the cycle 12,000 11,000 11,024 10,000 9,000 10,029 9,399 8,000 7,000 7,561 6,909 6,000 6,564 6,265 5,683 5,822 5,000 5,446 5,528 4,000 3,000 2,670 2,818 2,889 2,000 1,000 0 HH 4,508 4,663 3,684 2,925 2,958 3,108 3,260 3,378 2010 2011 2012 2013 2014 ■Revenues ($M) 2015 2016 2017 2018 2019 2020 ■Backlog ($M) 16 2021 Elbit Systems | Elbit Systems Proprietary Elbit Systems™#17Historic Financials Six Months Ended June 30 2017 2018 2019 2020 6M 20 6M 21 Sales ($M) 3,378 3,684 4,508 4,663 2,151 2,421 Non-GAAP Op. Profit ($M) 353.0 340.7 379.7 390.1 183.1 207.9 Non-GAAP Op. Margin (%) 10.5% 9.2% 8.4% 8.4% 8.5% 8.6% GAAP Op. Profit ($M) 324.4 292.8 321.6 325.7 197.5 201.0 GAAP Op. Margin (%) 9.6% 7.9% 7.1% 7.0% 9.2% 8.3% Non-GAAP EPS ($) 6.41 6.25 6.79 7.20 3.18 3.83 GAAP EPS ($) 5.59 4.83 5.20 5.38 3.46 3.94 DPS ($) 1.76 1.76 1.76 1.67 0.79 0.90 Operating cash Flow ($M) 101 192 (53) 279 169 157 Backlog ($M) 7,561 9,399 10,029 11,024 10,790 13,639 *For non-GAAP reconciliations reference the appendix to this presentation and Elbit Systems' investor relations website Elbit Systems™ 17 2021 Elbit Systems | Elbit Systems Proprietary#18Appendix Non-GAAP Financial Data Non-GAAP financial data is presented to enable investors to have additional information on our business performance as well as a further basis for periodical comparisons and trends relating to our financial results. We believe such data provides useful information to investors by facilitating more meaningful comparisons of our financial results over time. Such non-GAAP information is used by our management to make strategic decisions, forecast future results and evaluate our current performance. However, investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies. The non-GAAP financial data below includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS. In arriving at non-GAAP presentations, companies generally factor out items such as those that have a non-recurring impact on the income statements, various non-cash items, including significant exchange rate differences, significant effects of retroactive tax legislation, changes in accounting guidance and other items and financial transactions not considered to be part of regular ongoing business, which, in management's judgment, are items that are considered to be outside the review of core operating results. In our non-GAAP presentation, we made certain adjustments as indicated in the table below. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. We believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Investors should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP. 18 2020 Elbit Systems | Elbit Systems Proprietary Elbit Systems™#19Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data: (US Dollars in millions, except for share and per share amount) 2017 Year ended December 31, 2018 Six Months Ended June 30, 2019 2020 2020 2021 GAAP gross profit Adjustments: 1,003.1 976.2 1,136.5 1,165.1 569.9 620.5 Amortization of purchased intangible assets 22.2 19.1 22.0 22.7 11.9 12.3 Covid-19 related expenses and write-offs 56.0 Expenses related to acquisitions 66.6 55.0 Impairment of long-lived assets 3.4 Non-GAAP gross profit 1,025.3 1,061.9 1,213.5 1,247.2 581.8 632.8 Percent of revenues 30.4% 28.8% 26.9% 26.7% 27.1% 26.1% GAAP operating income 324.4 292.8 321.6 325.7 197.5 201.0 Adjustments: Amortization of purchased intangible assets 28.6 26.5 36.1 39.4 20.6 21.6 Covid-19 related expenses and write-offs 56.6 Expenses related to acquisitions 66.8 55.0 Impairment of long-lived assets 3.4 Gain from change in holdings (45.4) (1.2) Capital gain (31.8) (35.0) (35.0) (14.7) Non-GAAP operating income 353.0 340.7 379.7 390.1 183.1 207.9 Percent of revenues 10.5% 9.2% 8.4% 8.4% 8.5% 8.6% Elbit Systems™ 19 2021 Elbit Systems | Elbit Systems Proprietary#20Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data: (US Dollars in millions, except for share and per share amount) Six Months Ended June 2017 Year ended December 31, 2018 30. 2019 2020 2020 2021 GAAP net income attributable to Elbit Systems' shareholders 239.1 206.7 227.9 237.7 152.9 174.3 Adjustments: Amortization of purchased intangible assets 28.6 26.5 36.1 39.4 20.6 21.6 Covid-19 related expenses and write-offs 56.6 Expenses related to acquisitions 66.8 55.0 Gain from changes in holdings (45.4) (1.2) Capital gain (31.8) (35.0) (35.0) (24.9) Revaluation of investment measured under fair value option (8.3) (20.8) (18.6) (1.5) Impairment of investments and long-lived assets 17.6 3.7 7.9 4.4 Non-operating foreign exchange losses 3.4 24.6 33.4 6.8 Tax effect and other tax items, net 6.2 (8.1) (8.2) (0.7) 9.7 0.2 Non-GAAP net income attributable to Elbit Systems' shareholders 273.9 267.5 297.8 318.5 140.8 169.7 Percent of revenues 8.1% 7.3% 6.6% 6.8% 6.5% 7.0% GAAP diluted net EPS Adjustments, net Non-GAAP diluted net EPS 20 2021 Elbit Systems | Elbit Systems Proprietary 5.59 4.83 5.20 5.38 3.46 3.94 0.82 1.42 1.59 1.82 (0.28) (0.11) 6.41 6.25 6.79 7.20 3.18 3.83 Elbit Systems™#21Elbit Systems™ THANK YOU elbitsystems.com f INVESTOR CONTACTS Joseph Gaspar, Executive VP & CFO Tel: +972-772946663 [email protected] Rami Myerson, Investor Relations Director Tel: +972-772948984 [email protected]