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DENVER, Colo., December 21, 2006 -- The U.S. Air Force has awarded Lockheed Martin [NYSE: LMT] a contract valued at approximately $50 million to execute a System Design Review for the next generation Global Positioning System Space Segment program, known as GPS Block III.

GPS III will address the challenging military transformational and civil needs across the globe, including advanced anti-jam capabilities and improved system security, accuracy and reliability. The program will enhance space-based navigation and performance and set a new world standard for positioning and timing services.

"With a successful requirements review accomplished, we have quickly turned our focus to meeting the design requirements under this important contract," said Don DeGryse, vice president, Lockheed Martin Navigation Systems. "Our team continues to work diligently to provide a low-risk, high-confidence GPS III block approach and we are well prepared to help our customer achieve mission success on this essential program."

Lockheed Martin recently conducted a successful GPS III System Requirements Review under a $10 million follow-on to a 2004 Phase A Concept Development Contract. In November, the team was awarded a $49.9 million contract to conduct a GPS III System Design Review (SDR) in March 2007. This effort will further help the government define its approach to the space segment specification. A multi-billion dollar development contract is scheduled to be awarded by the Global Positioning Systems Wing, Space and Missile Systems Center, Los Angeles Air Force Base, Calif. in 2007.

For GPS III, Lockheed Martin and its navigation payload provider ITT are building on their successful experience on the government's Block IIR and IIR-M programs. The third GPS Block IIR-M satellite was launched on Nov. 17 from Cape Canaveral and declared operational for navigation users worldwide on Dec. 12 by Air Force Space Command at Schriever Air Force Base, Colo. The fourth GPS Block IIR-M satellite was delivered to Cape Canaveral last week to support a 2007 launch, if requested by the Air Force for constellation sustainment.

Lockheed Martin Space Systems Company, a major operating unit of Lockheed Martin Corporation, designs, develops, tests, manufactures and operates a full spectrum of advanced-technology systems for national security, civil and commercial customers. Chief products include human space flight systems; a full range of remote sensing, navigation, meteorological and communications satellites and instruments; space observatories and interplanetary spacecraft; laser radar; fleet ballistic missiles; and missile defense systems.

Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2005 sales of $37.2 billion.

Steve Tatum, 408-742-7531; e-mail,

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