Cobham Regulatory News (COB)

23 April 2015

AGM Statement

Trading and Outlook

The Board continues to anticipate that the Group's full year trading will be in line with its expectations at current exchange rates and Cobham remains positioned to deliver mid-single digit organic revenue growth. The integration of Aeroflex remains on track and the Group will benefit from a full year contribution from this acquisition in 2015. The Group anticipates that again there will be a greater weighting of earnings to the second half.

The Group's trading started slowly with a pick-up in March and there has been a net modest adverse impact on earnings from foreign currency translation1 in the first quarter. The Group has made encouraging progress towards resolving the previously reported hardware subsystem issues on its aerial refuelling development programmes and it continues to work with its customers to support their programme needs.

Financial Position

At 31 March 2015, net debt was slightly higher than at the year end, in part because Cobham's debt is predominantly denominated in US dollars, which increases the Group's reported net debt at existing currency translation rates.

Board

As previously announced, Alan Semple joined the Board on 25 February 2015 as a Non-executive Director and was appointed to the Board's Audit Committee at that date. At the conclusion of today's Annual General Meeting, Alan will assume the role of Chair of the Audit Committee, replacing Mike Wareing, who will remain a member of that Committee.

Cobham's interim results for the six months ended 30 June 2015 will be announced on 6 August 2015.

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ENQUIRIES

NOTES

1. The foreign currencies that have most impact on translation of the Group's income statement into pounds sterling are the US dollar, the Danish krone, the euro and the Australian dollar. Cobham's US dollar translation exposure to trading profits from its operating companies in the US is partially hedged through its interest line, as a significant proportion of the Group's debt is denominated in US dollars.

2. Cobham protects lives and livelihoods with its differentiated technology and know-how. The Group offers an innovative range of technologies and services to solve challenging problems across commercial, defence and security markets, from deep space to the depths of the ocean. It has market leading positions in air-to-air refuelling; aviation services; wireless; audio, video and data communications, including satellite communications; defence electronics; life support and mission equipment.

3. This document contains 'forward-looking statements' with respect to the financial condition, results of operations and business of Cobham and to certain of Cobham's plans and objectives with respect to these items.

Forward-looking statements are sometimes but not always identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans', 'targets', 'goal', or 'estimates'. By their very nature forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or will occur in the future.

There are various factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, changes in the economies, political situations and markets in which the Group operates; changes in government priorities due to programme reviews or revisions to strategic objectives; changes in the regulatory or competition frameworks in which the Group operates; the impact of legal or other proceedings against or which affect the Group; changes to or delays in programmes in which the Group is involved; the completion of acquisitions and divestitures and changes in commodity prices, inflation or exchange rates.

All written or verbal forward-looking statements, made in this document or made subsequently, which are attributable to Cobham or any other member of the Group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. Cobham does not intend to update these forward-looking statements.