AGM Statement

6 May 2011

Cobham INTERIM MANAGEMENT STATEMENT

At the Annual General Meeting of Cobham plc ('Cobham' or 'the Group') at 12.00 noon today the following Interim Management Statement will be delivered:

Current trading and outlook

"In the first quarter, trading was in line with the Board's expectations and the Group's order book at the end of this period was steady at £2.5bn.

US defence and security markets remain weak in the quarter due to a general slow-down in procurement awards, exacerbated by the Continuing Resolution. Commercial markets were mixed, showing improvements in certain areas. The Group continues to see challenges and uncertainties in some of its markets and consequently the Board is still not anticipating revenue growth in 2011. Good progress is being made to achieve the planned £21m of cost savings this year from the Group's operational improvement programme, Excellence in Delivery.

Cobham has strong positions in attractive markets with superior long-term growth prospects and is focusing its technology investment and acquisition strategy in areas of customer spending priority. This approach, together with customer and cost benefits from the operational improvement programme and other management actions, gives the Board confidence that the Group will continue to make progress over the medium term.

Planned divestments

Consistent with its previously announced strategy to focus on those strategic business units where the Group has real technological and competitive advantage, and to exit certain businesses that do not have scale positions, Cobham today announces its intention to divest its Commercial Systems and Analytic Solutions businesses.

Commercial Systems, with its integrated beacons business, specialises in the manufacture of emergency locator transmitters for non-core retail markets and also provides a number of niche avionics products.

Analytic Solutions provides a range of scientific, systems engineering and network centric warfare services to the US missile defence and national security markets. Recent changes to the US Government Organisational Conflict of Interest rules have diluted the strategic benefit to the Group of operating in this market.

Exiting these two businesses will result in increased investment in, and greater focus on, the products and services of the remaining strategic business units, each of which has a leading position in its market.

Operational update

Cobham has announced a number of material events and transactions during the period, as follows:

·; The acquisition of Telerob for EUR78m, a privately-owned German-based manufacturer of advanced bomb disposal robots primarily operating in homeland security markets, was announced in January and the acquisition of Corp Ten International Inc. for up to US$24m, a company that designs and develops software for multiple tracking and surveillance devices primarily for homeland security applications, was announced in February;

·; A US$21m order for vehicle intercoms and close combat radios to an undisclosed Middle East customer was announced in January;

·; A US$25m contract to supply aerial refuelling systems and refuelling tanks for C-130 aircraft to the US Air Force and US Marine Corps was announced in February;

·; The divestment of Cobham's non-core Engineering Consultancy business for £13.5m was announced in February;

·; Selection by Boeing to provide aerial refuelling systems on the new KC-46 Tanker Aircraft programme was announced in February. The US Air Force plans to acquire some 179 aircraft each equipped with Cobham's centreline drogue system and approximately 30 tankers will be provided with a pair of Cobham's wing-mounted aerial refuelling pods;

·; An initial order for US$5m was announced in March for the initial design and development of a mobile infrared/ultraviolet threat simulator for the US Army, which could grow to US$56m over the next five years;

·; Selection by Inmarsat as the maritime launch partner for its new Global XpressTM global broadband service was announced in March, with a distribution network opportunity valued at US$40m or more over the next five years;

·; A five year, US$45m long-term agreement was announced in March to manufacture advanced composite products for the F135 and F119 Pratt & Whitney engines, to be used on the F-35 Joint Strike Fighter;

·; A contract for more than £18m was announced in March for chaff and flare defensive aid systems for Tranche 3A of the Eurofighter Typhoon aircraft.

Financial position

Net debt had decreased to £319m at the end of March 2011 (31 December 2010: £326m). As anticipated, the Group achieved very strong operating cash conversion in the first quarter, as some of the year end working capital increase unwound. The Group made significant payments in the period relating to its two acquisitions, which partly offset the operating cash inflow. The share buy-back is progressing as planned.

Board changes

As previously announced, Peter Hooley is stepping down from the Board at the conclusion of today's Annual General Meeting (AGM), after nine years' service. The Board would like to thank Peter for his wise counsel and his assured contribution as Chairman of the Board's Audit Committee. Michael Wareing will take over as Chairman of the Audit Committee at the conclusion of the AGM."

Cobham's interim results for the six months ended 30 June 2011 will be announced on 4 August 2011.

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ENQUIRIES

Cobham plc +44 (0)1202 857738 (on 6 May)

Andy Stevens, Chief Executive Officer +44 (0)1202 882020

Warren Tucker, Chief Financial Officer +44 (0)1202 882020

Julian Wais, Director of Investor Relations +44 (0)1202 857998

Brunswick

Nick Claydon/Mike Harrison +44 (0)20 7404 5959

NOTES

1. Cobham's products and services have been at the heart of sophisticated military and civil systems for more than 75 years, keeping people safe, improving communications and enhancing the capabilities of land, sea, air, and space platforms. The Company has three divisions employing more than 11,000 people on five continents, with customers and partners in over 100 countries and annual revenue of some £1.9bn / USD $3 billion.

2. 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 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.