Leidos Holdings Investor Presentation — February 2019

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Earnings Conference Call

February 19, 2019Forward -Looking Statements

2Certain statements in this release contain or are based on "forward -looking" information within the meaning of the Private Secur ities Litigation Reform Act of 1995. In

some cases, you can identify forward -looking statements by words such as "expects," "intends," "plans," "anticipates," "believes ," "estimates," "guidance" and similar

words or phrases. Forward -looking statements in this release include, among others, estimates of future revenues, adjusted EBITD A margins, diluted EPS (including on a

non-GAAP basis) and cash flows provided by operating activities, as well as statements about future dividends, share repurchases , acquisitions and dispositions. These

statements reflect our belief and assumptions as to future events that may not prove to be accurate.

Actual performance and results may differ materially from those results anticipated by our guidance and other forward -looking st atements made in this release depending

on a variety of factors, including, but not limited to: changes to our reputation and relationships with government agencies, developments in the U.S. government defense

budget, including budget reductions, implementation of spending limits (sequestration) or changes in budgetary priorities; de lays in the U.S. government budget process

or approval of raises to the debt ceiling; delays in the U.S. government contract procurement process or the award of contrac ts;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 o ther market factors out of our control; our

compliance with various U.S. government and other government procurement rules and regulations; governmental reviews, audits andinvestigations of our Company;