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General Dynamics Awarded $19 Million Contract Modification for Submarine Services

GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $19 million contract modification for work on operational and new-construction submarines. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Under the terms of the award, Electric Boat will provide engineering support services and material to support major alterations, which will include changes to the hulls, mechanical and electrical systems, command and control systems and subsystems. The contract being modified was initially awarded in May 1999 and could be worth more than $742 million if all options are exercised and funded.

The work will be performed in Groton (54 percent); Kings Bay, Ga. (19 percent); Bangor, Wash. (19 percent); Newport, R.I. (4 percent) and Quonset Point, R.I. (4 percent). Work performed under this modification is expected to be complete by the end of Sept. 2004.

General Dynamics, headquartered in Falls Church, Va., 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, February 25, 2004
Press Contact: (860) 433-8556

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