Those Who Serve

First, last and always, we want you to know that we are well aware of the context for all of our activities. These are uncertain times: Our men and women in uniform are deployed right now in harm’s way. Our international allies and friends are important partners in defense and security around the world.

Ours is a culture that has enormous respect for service: A number of our employees are reservists on active duty and many others are veterans themselves, as were generations of Raytheon people before them. It is our goal in the years ahead to honor this commitment, to build on the pillars of performance, relationships and solutions, to maintain process discipline — and to stay totally focused on contributing to the success of our customers, continuing to earn the trust of our shareholders, and creating and empowering innovative teams committed to excellence. Thank you for your confidence in us.

As always, a proud member of the Raytheon team,

William H. Swanson
Chairman and Chief Executive Officer

March 2007