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2017 Investor Conference Transcript Client Id: 77 THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT LLL.N - L3 Technologies Inc Investor Conference EVENT DATE/TIME: DECEMBER 05, 2017 / 1:30PM GMT THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 DECEMBER 05, 2017 / 1:30PM, LLL.N - L3 Technologies Inc Investor Conference CORPORATE PARTICIPANTS Andy Ivers Christopher Eugene Kubasik L3 Technologies, Inc. - President & COO David M. Van Buren L3 Technologies, Inc. - Corporate SVP of Program Development Heidi Rolande Wood L3 Technologies, Inc. - Corporate SVP of Strategy Jeff E. Miller L3 Technologies, Inc. - Senior VP & President of the Sensor Systems Segment Mark Von Schwarz L3 Technologies, Inc. - Senior VP & President of Aerospace Systems Business Segment Michael T. Strianese L3 Technologies, Inc. - Chairman & CEO Ralph G. D'Ambrosio L3 Technologies, Inc. - Senior VP & CFO Richard A. Cody L3 Technologies, Inc. - SVP of Washington Operations Todd W. Gautier L-3 Communications Corporation - Head of Precision Engagement Sector CONFERENCE CALL PARTICIPANTS George D. Shapiro Shapiro Research - CEO and Managing Partner Kristine Tan Liwag BofA Merrill Lynch, Research Division - VP Myles Alexander Walton Deutsche Bank AG, Research Division - Director and Senior Research Analyst Noah Poponak Goldman Sachs Group Inc., Research Division - Equity Analyst Jonathan Phaff Raviv Citigroup Inc, Research Division - VP Michael Frank Ciarmoli SunTrust Robinson Humphrey, Inc., Research Division - Research Analyst Sheila Karin Kahyaoglu Jefferies LLC, Research Division - Equity Analyst Cai Von Rumohr Cowen and Company, LLC, Research Division - MD and Senior Research Analyst Carter Copeland Melius Research LLC - Founding Partner, President and Research Analyst of Aerospace & Defense Peter J. Arment Robert W. Baird & Co. Incorporated, Research Division - Senior Research Analyst Byron King Callan Capital Alpha Partners, LLC - Director PRESENTATION Heidi Rolande Wood - L3 Technologies, Inc. - Corporate SVP of Strategy Good morning, everyone, and welcome to L3's 2017 Investor Conference. Thank you so much for joining us today. I am Heidi Wood, Senior Vice President and Chief Strategy Officer of L3 Technologies. Before we get started, I'd like to share some brief announcements. We're webcasting today's event in listen-only mode and extend a warm welcome to those who join us online. Listeners will be able to access the broadcast over the Internet at www.L3T.com. Presentation materials will be available live and archived on the company's website. I'd like to remind you that today's presentation includes forward-looking statements. Forward-looking statements are subject to future events and uncertainties that could cause our actual results to differ materially from those statements. All forward-looking statements should be considered in conjunction with the cautionary statements on this slide and the risk factors included in our filings with the SEC. As a reminder to those who are in the room this morning, please refrain from taking photos of the slides on the screen. 2 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 DECEMBER 05, 2017 / 1:30PM, LLL.N - L3 Technologies Inc Investor Conference Before I turn the show over to Chris, let me mention that we will have time for questions at the end of today's program. We will have roving microphones in the audience, so please raise your hand and a microphone will be brought to you. And for the benefit of listeners on the webcast, please wait for a microphone before proceeding with your question, so please just speak directly into it. And also one brief financial housekeeping item: all the numbers you see today will reflect the move of Vertex to discontinued operations. Now I'd like to welcome Chris to the podium. Christopher Eugene Kubasik - L3 Technologies, Inc. - President & COO Okay. Well, Good morning, and thank you, Heidi. Let me also welcome everybody to our Investor Conference. I know it's a busy time of the year. It's great to see so many familiar faces in the audience and a couple of new faces. Let me first make a couple of introductions. We have several members of our Board of Directors with us today, and I can ask them to stand and face the audience. We have Bob Millard, Chairman of MIT. He's our lead director and Chairman of our Compensation Committee. Lew Kramer, Lew is a retired Ernst & Young partner. Mike Strianese and I used to work for Lew back in the 80s. I was a low-level guy, about 19 levels below Lew. He would send a memo and tell us how to do better audits and he's the Chairman of our Audit Committee. Tom Corcoran, Tom is a retired executive from both General Electric and Lockheed Martin. Vince Pagano, a retired partner from Simpson Thacher and also Chairman of our Nominating and Corporate Governance Committee. And Claude from MIT as well, a longtime member. So thanks for joining us, Claude. And, of course, a gentleman who needs no introduction, but I will nonetheless because he actually likes it, Mike Strianese, our CEO and Chairman of the Board, who is also with us. So in the last year since we've been together, a lot has changed. If we go back to early 2017, we reorganized the corporation into 4 segments from 3, so we could get closer to our customers and better align our strategies. You will hear from all 4 group presidents today as of January 1, 3 of the 4 will have been in their jobs less than a year. All internal promotions and I think you'll be impressed with their strategies, their passion and their energy. So, I guess we went through these. I have titled my presentation, L3 Technologies 3.0, which is really a way to parallel the advances in the web. And if you recall, web 1.0, it was just a bunch of static websites that were unable to connect to each other. Web 2.0 kind of became the hot thing and it was much more dynamic and allowed for hosted services, so some of the social media things that we read and hear about. And now you hear a lot about Web 3.0, which is all about connected intelligence. So what that basically means is you can take data anywhere in the world, anywhere it resides and present it to people who need it. And that's the parallel to L3 Technologies and our L3T 3.0. We're going to be able to take our capabilities wherever they reside, whether it's people or technology, bundle them together and provide them to our customers around the world in a timely, innovative, creative and cost affordable manner. And that's what's you're going to hear from me and rest of the team over the next several hours. So let me try to describe L3 Technologies. It's been a couple of years. A lot of people have asked about it, and I can tell you, it is unique and different. And sometimes that's a good thing and sometimes it's a bad thing, but I can assure you it's a very good thing. Mike and I and the team just spent the last couple of days as some of you in the audience were out in California at the Reagan -- Ronald Reagan National Defense Forum. We've heard from customers, members of Congress and there is clearly a desire by our customers for speed. They want systems quicker before the technologies become obsolete and to be able to quickly adapt to evolving [threats]. And you will hear today how we think our unique business model and culture will allow us to meet those growing needs. So we talk about being a high tech, the only high tech innovative aerospace and defense company as a collection of entrepreneurs. And we take advantage of the small company attributes such as innovation and agility and the benefits of being a $10-plus billion company relative to leverage and scale, and that's the secret sauce that I've inherited and it's my job to continue to keep that secret sauce through our competitive advantage. 3 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2017 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. Client Id: 77 DECEMBER 05, 2017 / 1:30PM, LLL.N - L3 Technologies Inc Investor Conference We're going to talk a lot about a multistep process to create shareholder value. Near the end, I will talk about our '18 plan, our midterm plan and our long-term plan, but it starts with the integration, we're going to be doing more and more integration in the year ahead, and you'll hear from the group presidents what we have in mind and integration comes in different forms and flavors. We're talking about actual physical consolidation of the facilities in some cases. In other cases, we're talking about optimizing the backroom operations or changing the management structure.
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