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General Dynamics Santa Bárbara Sistemas Signs Spanish Contracts Valued at $672 Million

MADRID – General Dynamics Santa Bárbara Sistemas, a business unit of General Dynamics (NYSE: GD), signed two contracts in December 2003 valued at approximately $672 million (535 million euros) to finance the acquisition of an updated version of the Pizarro Infantry Fighting Vehicle and to modernize 95 BMR wheeled armoured vehicles, both of which are for the Spanish Army.

The Pizarro contract, valued at $640 million (509 million euros), includes funding for technological development of the second phase of the Pizarro program, which extends through 2012. This is the initial funding of a contract approved by the Spanish Government on September 5, 2003, with an overall value of $889 million (707 million euros) for the development and production of 212 vehicles.

Vehicles to be manufactured in this phase of the program include 170 infantry/cavalry combat vehicles, plus 42 specialized variants, including five command post vehicles, 28 forward observer vehicles, eight recovery vehicles and one combat engineer vehicle. General Dynamics Santa Bárbara Sistemas has already delivered 144 vehicles to the Spanish Army in the first phase of the Pizarro program.

The Pizarro is a tracked combat vehicle designed to operate in conjunction with main battle tanks. It weighs 25 tons, provides space for a crew of 11 and has a top speed of 70 kilometers per hour. With a 30mm machine gun as its main weapon, it is regarded as one of the best infantry combat vehicles in the world.

Under the second contract, valued at $33 million (26 million euros), General Dynamics Santa Bárbara Sistemas will overhaul and modernize 95 BMR wheeled armored vehicles. General Dynamics Santa Bárbara Sistemas has already modernized approximately 600 BMR vehicles, used by the Spanish Army in scenarios such as Bosnia, Kosovo and Iraq.

General Dynamics Santa Bárbara Sistemas, which employs approximately 2,300 people in nine facilities in Spain and Germany, is the Spanish Army’s main supplier of land combat vehicles and ammunition. The company has production contracts for the Spanish Leopard tank, the Pizarro Infantry Fighting Vehicle and the 155/52 APU SIAC Howitzer, in addition to other systems, and its products are marketed in 47 countries.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 67,600 people worldwide and had 2003 revenue of $16.6 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 - Wednesday, January 28, 2004
Press Contact: (703) 876-3199