BAE Systems plc invites registered sell-side analysts from the United Kingdom that monitor BAE System’s shares, to submit their forecasts to an external web-based tool independently managed by Vuma Financial Limited (“VUMA”), a company independent of BAE Systems.

The consensus figures are a collation of aggregated, publicly available forecasts collated exclusively by VUMA, but only on the basis of information submitted by those analysts who choose to participate (who may not necessarily be the same analysts who contributed to previous consensus figures). The consensus figure for a particular item represents the arithmetic average of all figures for that item submitted to VUMA by participating analysts.

VUMA has no access to BAE System’s internal forecasts, budgets or any other information which is not publicly available.

The consensus figures are not based on BAE System’s own opinions, estimates or forecasts and are compiled and published without comment from, or endorsement or verification by, BAE Systems. The consensus figures do not necessarily reflect guidance provided from time to time by BAE Systems where given in relation to equivalent metrics, which to the extent available can be found on the BAE Systems website.

By providing a link to the VUMA website displaying and/or enabling the publication of the consensus figures and referencing the same on its website, BAE Systems does not imply that it endorses, confirms or expresses a view on the consensus figures. The consensus figures are provided for information purposes only and are not intended to, nor do they, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments. No warranty or representation, either express or implied, is made by BAE Systems or any of its subsidiary undertakings (as defined in the Companies Act 2006) or their respective directors, officers, employees or workers, in relation to the accuracy, completeness or achievability of the consensus figures and, to the fullest extent permitted by law, no responsibility or liability is accepted by any of those persons in respect of those matters. BAE Systems assumes no obligation to update, revise or supplement the consensus figures to reflect circumstances existing after the date hereof.

BAE Systems does not accept any liability whatsoever for reliance upon, or actions taken based on, any of the information set out in these consensus figures. The consensus figures are forward-looking and as such are speculative and rely on assumptions and events in the future (some or all of which may not be satisfied or may not occur).

The consensus figures do not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Before making an investment decision, a prospective investor should consider its particular investment needs, objectives and financial circumstances, and should seek appropriate professional advice, tailored to the investor's circumstances. Any investment in securities is subject to investment risks.

Prior to and following the release of BAE Systems interim and annual results, participating sell-side analysts are requested to submit their estimates to VUMA. The consensus figures therefore represent the estimates of these analysts only (who may not necessarily be the same analysts who contributed to previous consensus figures) at the time of publication. Analyst estimates can change significantly from time to time, as foreign exchange, among other things, can change rapidly. Any such changes in analysts’ estimates will not be reflected in the consensus figures published on VUMA’s website until BAE Systems invites sell-side analysts to submit their updated forecasts. No analyst who has entered its latest estimates into VUMA has been excluded from the aggregate consensus figures.