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General Dynamics Receives $8 Million Award for Submarine Modernization Work

GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat an $8 million modification to an existing contract for submarine modernization and related work at the Naval Submarine Support Facility, Groton. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).

Initially awarded in Oct. 2001, the overall contract could be worth $149 million over five years if all options are exercised and funded. Work will be performed in Groton, Conn., and is expected to be completed in March 2005.

Under the terms of the modification, Electric Boat will continue to perform non-nuclear submarine modernization and repair services at the Naval Submarine Support Facility at the submarine base. These services include intermediate and depot-level overhaul, repair and modernization activities in support of submarines and the Shippingport floating dry-dock, as well as support and service craft.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 71,600 people worldwide and anticipates 2004 revenue in excess of $19 billion. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; 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 - Tuesday, January 25, 2005
Press Contact: (860) 433-8556

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