Lockheed Martin 4th Quarter 2014 Financial Results Conference Call

● 2015 Guidance Assumptions ☆ FAS/CAS Pension Adjustment Favorable $475M Income Discount Rate at 4.00% Versus 4.25% Assumed in October Long Term Asset Return at 8.0%...Actual 2014 Return ~ 6% No 2015 Contributions / 2015 CAS Recovery ~ $1.6B • Research & Development Tax Credit Excluded ≥$2B in Share Repurchase Activity Chart 9 January 27, 2015

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