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General Dynamics Awarded $66 Million Tank Ammunition Contract

ST. PETERSBURG, Fla. – General Dynamics Ordnance and Tactical Systems, a business unit of General Dynamics (NYSE: GD), has been awarded a $66 million shared-source multiyear ammunition contract for the supply of 120mm M831A1 High Explosive Anti-Tank and M865 Kinetic Energy Tank Training Ammunition by the Department of the Army Headquarters, Joint Munitions Command at Rock Island, Ill. If all options are exercised, the value of the contract could exceed $218 million over the four-year contract period.

The M831A1 and M865 rounds are fired from the Abrams tank and provide realistic training at a substantially reduced cost over using tactical rounds. This contract will be managed out of General Dynamics St. Petersburg, Fla. facility. Manufacture of projectiles will be conducted at the Red Lion, Penn. facility. Subcontractors throughout the U.S will produce other components.

For more than 10 years, General Dynamics Ordnance and Tactical Systems has partnered with the Project Manager for Maneuver Ammunition Systems (PM-MAS) and the Armament Research Development and Engineering Center (ARDEC) at Picatinny Arsenal, N.J., and the Joint Munitions Command at Rock Island, Ill., on 120mm tank training rounds. On February 18, the company celebrated the production of its two-millionth round.

General Dynamics Ordnance and Tactical Systems manufactures large- and medium-caliber ammunition, bomb bodies and precision metal components; provides explosive load, assemble and pack services for a variety of tactical missile and rocket programs; and designs and produces shaped charge warheads and control actuator systems.

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 - Thursday, February 19, 2004
Press Contact: (727) 578-8144