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BAE SYSTEMS And Finmeccanica Agree Revised Eurosystems Transaction

20 Oct 2004

BAE Systems and Finmeccanica have agreed in principle a revised structure for the Eurosystems transaction.

The revised structure will enable BAE Systems to bring together its systems integration activities into a new wholly-owned business comprising the UK operations of AMS, currently a 50/50 joint venture with Finmeccanica, and BAE Systems C4ISR Networked Systems & Solutions business.

In addition, BAE Systems and Finmeccanica will form a new Avionics business comprising BAE Systems UK avionics activities and Finmeccanicas Galileo Avionica business. BAE Systems will hold a 25% interest in this new entity.

Finmeccanica will acquire the UK air traffic management businesses of AMS, together with Gematronik GmbH and AMS (ASI) Inc, in addition to all of the Italian operations of AMS and BAE Systems Communications business - CDI.

This revised structure is consistent with BAE Systems intent to enhance its systems integration and network enabled capabilities (NEC) in the UK.

The transaction is subject to negotiation of definitive agreements and applicable regulatory approvals being obtained.

A further announcement giving details of the transaction will be made upon exchange of definitive contracts.

About BAE SYSTEMS

BAE Systems is an international company engaged in the development, delivery and support of advanced defence and aerospace systems in the air, on land, at sea and in space. The company designs, manufactures and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics and guided weapon systems. It is a pioneer in technology with a heritage stretching back hundreds of years. It is at the forefront of innovation, working to develop the next generation of intelligent defence systems.

BAE Systems has major operations across five continents and customers in some 130 countries. The company has more than 90,000 people and generates annual sales of approximately 12 billion through its wholly-owned and joint venture operations.
BAE Systems, innovating for a safer world.

For further information please contact:

Richard Coltart, BAE SYSTEMS Corporate Communications
Tel: +44 (0) 1252 384875 Mb: +44 (0) 7801 712042