Dear Raytheon Stakeholder,

With a history of innovation spanning 86 years, Raytheon is a company of enduring value that has been entrusted to our stewardship. What does stewardship mean to us?

• It means dedication to sound corporate governance, to a framework that emphasizes accountability and transparency.
• It means a strong commitment to ethics, to an ethical culture that encourages outstanding behavior. The company’s ethics and compliance program is now more than 20 years old, and our ethics education tools are constantly being refreshed. The program’s importance and success have repeatedly been reaffirmed by our employees.
• It means technology excellence, which plays a pivotal role in supporting the critical needs of our customers around the world — and when our servicemen and women see the Raytheon name, we want them to have “no doubt” about our systems and services doing what they are supposed to do.
• It means caring for the safety of our 72,000 employees. Since 1998, we have reduced our employee injury rates by substantial margins — as we continue to strive toward our ultimate goal of an injury-free workplace.
• It means reducing waste and conserving energy, which are good for the environment and for our business. We’re committed to being a good corporate citizen.

At its heart, we believe strongly that stewardship is ultimately about people. To this end, we are focused on retaining, attracting and developing the best talent. Valuing diversity helps us to draw on the largest pool of good talent — and to benefit from different perspectives that encourage the best ideas. In this manner, and with our clearly defined vision, strategy, goals and values, we continue to build a welcoming, inclusive environment for our employees.

With all of these efforts, it would be easy to assume that our focus is on the “here and now,” but, as stewards of our company, we are committed to securing Raytheon’s future as well. So, just as we invest in R&D funding for our technical future, so too are we investing in the math and science education of today’s youth to help secure a strong talent pipeline for the future.

Raytheon’s MathMovesU® program reaches out to middle school students on their own terms to inspire them to develop and sustain an interest in math and science. We encourage student innovation and competition through our financial and employee volunteer support of FIRST Robotics and MATHCOUNTS®, and we provide scholarships through vehicles such as the Raytheon Scholars program for the children of employees.

In the pages that follow, you will have the opportunity to read more about these and other efforts we have undertaken over the past year to strengthen and expand our stewardship programs — efforts that have resulted in both external recognition and employee pride.

Stewardship is a journey, one that both teaches and inspires us to do our best every day for our customers, employees, shareholders and communities. We know a great legacy has been entrusted to us — and that we will someday entrust it to others. On behalf of all 72,000 employees worldwide, we thank you for your confidence in our company. We will do our utmost to continue to earn it.

As I get ready to start my 37th year with Raytheon, I am a very proud member of the Raytheon team,

William H. Swanson
Chairman and
Chief Executive Officer