Leidos Holdings Investor Presentation — October 2018

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Earnings Conference Call

Leidos ProprietaryForward -Looking Statements

2Certain statements in this release contain or are based on "forward -looking" information within the meaning of the Private Securities Li tigation 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 r evenues, EBITDA margins

(including on a non -GAAP basis), operating income, earnings, earnings per share (including on a non -GAAP basis), charges, backlo g, bookings, contract values,

outstanding shares and cash flows, as well as statements about future dividends, share repurchases, acquisitions and disposit ions. 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 the guidance and other forward -looking statements made in this release 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 the U.S. Gov ernment 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 compet itor protests; changes in U.S.

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

Government and other government procurement rules and regulations; governmental reviews, audits and investigations of our Com pany; our ability to effectively