Leidos Holdings Investor Presentation — February 2017

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Earnings Conference Call

February 23, 2017 ©2017 LEIDOS. ALL RIGHTS RESERVED. Forward -Looking Statements

2 Certain statements in this presentation contain or are based on “forward -looking” information within the meaning of the Private Securities Litigation Reform Act of

1995. Actual performance and results may differ materially from the guidance and other forward -looking statements made in this presentation depending on a

variety of factors, including: changes to our reputation and relationships with government agencies, developments in the U.S. Government defense budget,

including budget reductions, implementation of spending cuts (sequestration) or changes in budgetary priorities; delays in th e U.S. Government budget process;

delays in the U.S. Government contract procurement process or the award of contracts; delays or loss of contracts as a result of competitor protests; changes in

U.S. Government procurement rules, regulations and practices; changes in interest rates and other market factors out of our c ontrol; our compliance with various

U.S. Government and other government procurement rules and regulations; governmental reviews, audits and investigations of ou r Company; our ability to

effectively compete for and win contracts with the U.S. Government and other customers; our ability to attract, train and ret ain skilled employees, including our

management team, and to obtain security clearances for our employees; factors relating to the transaction with Lockheed Marti n, including, tax treatment, the

possibility that we may be unable to achieve expected synergies and operating efficiencies within the expected time -frames or at all, the integration of the

acquired Information Systems & Global Solutions business being more difficult, time -consuming or costly than expected, the effec t of any changes resulting from