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General Dynamics Completes Acquisition of Digital System Resources, Inc.

FALLS CHURCH, Va. – General Dynamics (NYSE: GD) today completed its acquisition of privately-owned Digital System Resources, Inc. (DSR) of Fairfax, Va. Plans for the acquisition were announced on July 30; terms of the agreement were not disclosed.

DSR is a provider of surveillance and combat systems for submarines and surface ships, and has approximately 450 employees. It is now part of General Dynamics Advanced Information Systems, a unit of the company’s Information Systems and Technology group. The acquisition is immediately accretive to General Dynamics’ earnings.

“DSR has an important niche in electronic warfare and acoustic signal processing technologies for the U.S. Navy,” said John F. Stewart, president of General Dynamics Advanced Information Systems. “We are glad to welcome DSR’s employees to our team and excited about the opportunities to apply their innovative technologies and capabilities in even bigger ways as part of General Dynamics.”

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 64,600 people worldwide and anticipates 2003 revenues of $15.5 billion. The company has leading market positions in mission-critical information systems and technologies, land and amphibious combat systems, shipbuilding and marine systems, and business aviation.

Any forward-looking statements in this press release are based on management’s expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "anticipates," "scheduled," "estimates," variations of these words and similar expressions are intended to identify forward-looking statements which include but are not limited to projections of revenues, earnings, segment performance, cash flows and contract awards. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: the company’s successful execution of internal performance plans; performance issues with key suppliers and subcontractors; the status or outcome of legal and/or regulatory proceedings; the status or outcome of labor negotiations; changing priorities or reductions in the U.S. government defense budget; termination of government contracts due to unilateral government action; and the timing and occurrence (or non-occurrence) of circumstances beyond the company’s control.

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General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Wednesday, September 10, 2003
Press Contact: (703) 876-3199