NASSCO Joins General Dynamics Shipbuilding Team October 8, 1998--San Diego, California. NASSCO and General Dynamics (GD) today signed an agreement for GD to buy all the shares of NASSCO Holdings Incorporated (NHI). NASSCO has made great progress in the last three to four years. Quality continues to improve and cost and cycle times continue to be reduced. Joining resources with GD will enable NASSCO to continue its progress toward matching the best shipyards in the world. By becoming part of the larger GD shipbuilding team, NASSCO can: Improve its ability to enter new markets Improve its financial resources and its ability to upgrade the shipbuilding facility Improve its technical capabilities Improve its political support in Congress to get new Navy programs funded. Joining the GD shipbuilding team is a very good move for NASSCO. GD wants all the NASSCO management team to stay on and manage the company and all the senior managers want to stay to continue the company's excellent progress. GD, headquartered in Virginia, had $5 billion in revenue and earned net profits of over $300 million last year. Total employment in three principal business areas is 29,000 employees. Other members of the GD Marine Division are Bath Iron Works, Electric Boat, and AMSEA. For additional information on the General Dynamics companies, visit their website at www.generaldynamics.com.

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