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Navy Awards General Dynamics $443 Million Contract for SSGN Design

Trident Conversion Seen as Model of Military Transformation

GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat, a wholly owned subsidiary of General Dynamics (NYSE: GD), a 5-year, $443 million contract for the design of the Trident SSGN, a multimission submarine optimized for covert strike and special operations support.

Under the terms of the contract, Electric Boat will begin detail design and related support work to convert the first four Ohio-class ballistic-missile submarines (also known as Tridents) to an SSGN configuration. The submarines to be converted, coincident with their mid-life refuelings, are USS Ohio (SSBN-726), USS Michigan (SSBN-727), USS Florida (SSBN-728) and USS Georgia (SSBN-729). Electric Boat designed and built all 18 ships of the Ohio class.

Considered a prime example of military transformation initiatives, SSGNs will carry up to 154 Tomahawk missiles and 102 Special Operations troops. SSGNs also will serve as platforms to develop and test new weapons systems, sensors and operational concepts that could further transform naval warfare, including large unmanned undersea vehicles and off-board sensors.

In addition to the design work, Electric Boat will procure long lead-time material and assemble manufacturing kits for delivery to the Puget Sound Naval Shipyard in Washington, the conversion yard for USS Ohio, the lead SSGN. USS Ohio is expected to rejoin the operational fleet as an SSGN in 2007.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 54,000 people worldwide and anticipates 2002 revenues of approximately $14 billion. The company has leading market positions in land and amphibious combat systems, mission-critical information systems and technologies, shipbuilding and marine systems, and business aviation.

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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Thursday, September 26, 2002
Press Contact: (860) 433-8556