DEAR RAYTHEON SHAREHOLDER,

On behalf of Raytheon's Board of Directors and management team, I cordially invite you to attend the Raytheon Company 2017 Annual Meeting of Shareholders on Thursday, May 25, 2017.

In 2016, we continued to effectively execute our long-term global growth strategy. Net sales of $24.1 billion were up 3.5 percent compared to 2015, and marked the company's best sales growth rate since 2009. Our 2016 bookings were up more than 10 percent year-over-year and reached a new company record of $27.8 billion. This growth positions us well for the future, along with our $36.9 billion total backlog at the end of 2016 — a 6 percent increase from the end of 2015. In 2016, our total shareholder return outperformed the S&P 500 for the sixth consecutive year. By executing world-class operational performance in the delivery of our technologically advanced products and services, we believe we have not only created long-term value for our shareholders, but contributed to making the world a safer place.

A key to our success is the active role the Board plays in overseeing the formulation, planning and implementation of the strategy that drives our performance. In addition to an annual review of Raytheon's long-term strategy and five-year financial plan, the Board regularly considers the progress of and challenges to Raytheon's strategy and related risks throughout the year in light of developments in the business environment. Our Board's focus over the past five years on its composition and refreshment have resulted in a Board composed of directors with an array of skills, attributes and experience well suited to support the company's strategy and operations over the long term.

An essential complement to Raytheon's operational and financial performance is our commitment to sound governance and corporate stewardship. Under the Board's oversight, the company has continued its formal outreach twice each year to engage with shareholders on governance and executive compensation matters. In our latest effort to promote transparency and accountability, this newly revamped proxy statement for 2017 reflects a redesign initiative to make information more accessible and understandable for investors. With our shareholders and other stakeholders in mind, we also continue to approach corporate responsibility strategically by pursuing efforts that can really make a difference and have a lasting impact.

We encourage you to review this proxy statement, and to vote your proxy as soon as possible so that your shares will be represented at the meeting.

Thank you.