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Lockheed Martin Successfully Completes System Requirements Review For GPS III


VALLEY FORGE, Pa., November 16, 2006 -- The Lockheed Martin [NYSE: LMT] GPS III team announced today the successful completion of a System Requirements Review (SRR) for the U.S. Air Force’s next generation Global Positioning System Space Segment program, known as GPS Block III.

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

“This important review successfully demonstrated our requirements maturity and readiness to proceed with a low risk, high confidence program to provide exceptional positioning and timing capabilities for both military and civil users worldwide,” said Don DeGryse, vice president, Lockheed Martin Navigation Systems. “We look forward to working with our customer to achieve mission success on this critical initiative.”

Lockheed Martin conducted an SRR under a $10 million follow-on to a 2004 Phase A Concept Development Contract. This effort will culminate with a multi-billion dollar development contract to be awarded to a single contractor 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 spacecraft series. The third GPS Block IIR-M satellite is scheduled for liftoff tomorrow, Nov. 17 from Cape Canaveral.

Lockheed Martin Space Systems Company, a major operating unit of Lockheed Martin Corporation, designs, develops, tests, manufactures and operates a variety 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; launch vehicles, 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.


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