Northrop Grumman Overview

Northrop Grumman Corporation

October 28, 2021

1

Forward-Looking Statements

This presentation and the information we are incorporating by reference contain or may contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "will," "expect," "anticipate," "intend," "may," "could," "should," "plan," "project," "forecast," "believe," "estimate," "guidance," "outlook," "trends," "goals" and similar expressions generally identify these forward-looking statements.

Forward-looking statements include, among other things, statements relating to our future financial condition, results of operations and/or cash flows. Forward-looking statements are based upon assumptions, expectations, plans and projections that we believe to be reasonable when made, but which may change over time. These statements are not guarantees of future performance and inherently involve a wide range of risks and uncertainties that are difficult to predict. Specific risks that could cause actual results to differ materially from those expressed or implied in these forward- looking statements include, but are not limited to, those identified and discussed more fully in the section entitled "Risk Factors" in the Form 10-K for the year ended December 31, 2020 and from time to time in our other filings with the Securities and Exchange Commission (SEC). These risks and uncertainties are amplified by the global COVID-19 pandemic and the related effects on the broader economic environment, which have caused and will continue to cause significant challenges, instability and uncertainty. They include:

• the impact of the COVID-19 pandemic (or future health epidemics, pandemics or similar outbreaks), and the related effects on the broader economic environment, on our business, including our ability to maintain a qualified workforce, the potential for worker absenteeism and leave taking, facility closures, work slowdowns or stoppages, labor shortages, supply chain challenges, evolving and varying government requirements, including related to a vaccine mandate, additional costs and liabilities for which we are not compensated, performance challenges, program delays, our ability to recover costs under contracts, changing government funding and acquisition priorities and processes, changing government payment rules and practices, insurance challenges, and potential impacts on access to capital, the markets and the fair value of our assets
• our dependence on the U.S. government for a substantial portion of our business
• significant delays or reductions in appropriations for our programs, and U.S. government funding and program support more broadly
• investigations, claims, disputes, enforcement actions, litigation and/or other legal proceedings
• the use of estimates when accounting for our contracts and the effect of contract cost growth and/or changes in estimated contract revenues and costs
• our exposure to additional risks as a result of our international business, including risks related to geopolitical and economic factors, suppliers, laws and regulations
• the improper conduct of employees, agents, subcontractors, suppliers, business partners or joint ventures in which we participate and the impact on our reputation and our ability to do business
• cyber and other security threats or disruptions faced by us, our customers or our suppliers and other partners
• the performance and financial viability of our subcontractors and suppliers and the availability and pricing of raw materials and components
• changes in procurement and other laws, regulations, contract terms and practices applicable to our industry, findings by the U.S. government as to our compliance with such requirements, and changes in our customers' business practices globally
• increased competition within our markets and bid protests
• the ability to maintain a qualified workforce with the required security clearances and requisite skills
• our ability to meet performance obligations under our contracts, including obligations that require innovative design capabilities, are technologically complex, require certain manufacturing expertise or are dependent on factors not wholly within our control
• environmental matters, including unforeseen environmental costs and government and third party claims
• natural disasters
• the adequacy and availability of our insurance coverage, customer indemnifications or other liability protections
• products and services we provide related to hazardous and high risk operations, including the production and use of such products, which subject us to various environmental, regulatory, financial, reputational and other risks
• the future investment performance of plan assets, changes in actuarial assumptions associated with our pension and other postretirement benefit plans and legislative or other regulatory actions impacting our pension and postretirement benefit obligations
• our ability appropriately to exploit and/or protect intellectual property rights
• our ability to develop new products and technologies and maintain technologies, facilities, and equipment to win new competitions and meet the needs of our customers
• unanticipated changes in our tax provisions or exposure to additional tax liabilities
• changes in business conditions that could impact business investments and/or recorded goodwill or the value of other long-lived assets

You are urged to consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the accuracy of forward-looking statements. These forward-looking statements speak only as of the date this presentation is first issued or, in the case of any document incorporated by reference, the date of that document. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. This presentation and the attachments also contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the company's use of these measures are included in this presentation.

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Northrop Grumman Today

• Leading global aerospace and defense company
• $36.8 billion sales in 2020

-86% U.S. / 14% International

• $81.0 billion total backlog (as of December 31, 2020)
• ~90,000 employees
• Leading capabilities in:

-Space

-Missiles

-Advanced Weapons

-Aeronautics

-Mission Systems

Focus on Growth and Performance

3 Note:Pre IT services divestiture effective 1/30/21

Four Operating Sectors at a Glance

Aeronautics Systems

Defense Systems

Mission Systems

Space Systems

Autonomous Systems	Integrated Air & Missile Defense	Airborne Sensors and Networks	Launch Vehicles
Aerospace Structures	Platform Modernization and Fleet	Artificial Intelligence/Machine	Propulsion Systems
Advanced Technologies and	Operations Support	Learning	Commercial Satellites
	Networked Information Solutions
Concepts	Advanced Weapons	Military and Civil Space Systems
Aircraft Design, Integration and	Navigation, Targeting and
Precision Munitions	Science and National Security
Manufacturing	Survivability
Software Systems Modernization	Satellites
Long-range Strike	Maritime/Land Systems and
Human Space and Advanced
and Sustainment
	Sensors
Multi-Domain Integration and		Systems
Training and Simulation	Engineering & Sciences
Operations	Space Components
Intelligence, Surveillance	Propulsion Systems	Emerging Concepts Development
Missile Defense
and Reconnaissance		Multi-domain C2
	Space Exploration
Battle Management
	Agile/DevSecOps Systems
	Space ISR Systems
			Strategic Deterrent

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2020 Highlights

• Total backlog increased 25% to $81.0 billion
• Book-to-billof 1.4 times
• Sales of $36.8 billion - 9% increase
• Total operating margin rate 11.0%
• Segment operating margin rate 11.4%(1)
• $4.3 billion cash provided by operations, after $750 million discretionary pension contribution
• $3.7 billion adjusted free cash flow(1)
• Balanced capital deployment
• • Quarterly dividend increased 10%
  • Shares outstanding reduced by 1%

5	(1) Non-GAAP metric. See appendix.
Note:Pre IT services divestiture effective 1/30/21