Dear Fellow Shareholders, This is a milestone year for Lockheed Martin: our 100$^{th}$ anniversary. Our company’s  success over the past century is due to the exceptional character and ingenuity of the  hundreds of thousands of people who have walked through the doors of our heritage  companies. As this remarkable enterprise begins its second century, we and our customers  face unprecedented global security challenges and an uncertain economic environment. Despite the unsettling business climate, Lockheed Martin reaffirmed its reputation as an  industry leader by recording another year of excellent financial and operational results.  We were well served in 2011 by a durable, well-balanced portfolio, and a strategy that  focuses on execution, affordability, and the agility to respond effectively to change. Our Leadership Team:  From Left to Right: Larry A. Lawson Executive Vice President, Aeronautics (effective April 1); Joanne M. Maguire, Executive  Vice President, Space Systems; Marillyn A. Hewson, Executive Vice President, Electronic Systems; Robert J. Stevens, Chairman and Chief Executive  Officer; Christopher E. Kubasik, President and Chief Operating Officer; Linda R. Gooden, Executive Vice President, Information Systems & Global  Solutions; Ralph D. Heath, Executive Vice President, Aeronautics (retiring April 1); Bruce L. Tanner, Executive Vice President and Chief Financial  Officer. This photograph of our leadership team against the backdrop of our NexGen Cyber Innovation and Technology Center underscores the  commitment of Lockheed Martin’s leadership to protecting our customers’ networks with trusted, reliable, mission-resilient systems. Lockheed Martin  addresses cyber security challenges worldwide with innovative technologies that keep us ahead of a constantly evolving threat. Cyber security is a  critical component of everything we do, and every solution we develop. I 2011  Annual Report