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Dear Fellow Shareholders,

I am pleased to report that 2008 was another strong year for our company. We successfully executed our strategy and had strong operating results, reflected in a record year-end backlog of $38.9 billion, nine percent sales growth and 23 percent growth in adjusted earnings per share from continuing operations. We had excellent operating cash flow of $2 billion for the year, and we continued to improve Return on Invested Capital. All of our businesses performed well.

The Raytheon team has worked hard these last several years to intensify our focus on the customer, to reshape and focus our portfolio on our core government and defense business, to become extremely process disciplined, and to perform strongly on our programs and stay on budget. This last point has been of utmost importance to us. 

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