Cobham Air-to-Air Refuelling Programmes

11 February 2015

Update on Air-to-Air Refuelling Development Programmes

Cobham today announces that it will recognise in its 2014 underlying results a one-off provision of £15m before tax on its air-to-air refuelling (AAR) development programmes. This provision addresses cost escalation and outstanding risks related to a small number of hardware subsystem development and design maturity issues.

These issues have also resulted in a delay in the achievement of certain of the Group's contract milestones from 2014 into 2015, with an associated delay in receipt of cash of approximately £30m. Cobham is working closely with its customers to resolve these outstanding issues promptly and does not expect any significant impact on its future financial performance.

The overall performance of the Group in other respects has been in line with the Board's expectations.

Cobham will announce its results for the year ended 31 December 2014 on 5 March 2015.

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ENQUIRIES

NOTES

1. 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.