GenCorp Inc. (NYSE: GY) announced that its subsidiary, Aerojet-General
Corporation (Aerojet), has completed the acquisition of the assets of General
Dynamics’ Ordnance and Tactical Systems Space Propulsion and Fire Suppression
business. At the request of the parties, the Federal Trade Commission granted
an early termination of its pre-merger review of the transaction under the
Hart-Scott-Rodino statute on Friday, September 26, 2002. The companies
completed the transaction today. Deutsche Bank Securities served as financial
advisor to GenCorp in connection with the transaction.

The acquisition strengthens Aerojet’s position in spacecraft propulsion
and emerging Missile Defense applications, expands the Company’s role on the
NASA Space Shuttle Program, and enables expansion into new growth areas such
as electric propulsion.

Located in Redmond, Washington, the acquired business employs about 300
people. It will continue to operate in Redmond as an integrated component of
Aerojet’s operations.

Aerojet, headquartered in Sacramento, California, is a world-recognized
aerospace and defense leader principally serving the missile and space
propulsion, and defense and armaments markets. GenCorp Inc. is a multi-
national, technology-based manufacturer with leading positions in the
aerospace and defense, pharmaceutical and automotive industries. For more
information, please visit http://www.aerojet.com and http://www.gencorp.com .

General Dynamics (NYSE: GD), headquartered in Falls Church, Virginia,
employs approximately 54,000 people worldwide and anticipates 2002 revenue of
$14 billion. The company has leading market positions in mission-critical
information systems and technologies, land and amphibious combat systems,
shipbuilding and marine systems, and business aviation. More information
about the company can be found at www.generaldynamics.com.

This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements in this
release and in subsequent discussions with the Company’s management, other
than historical information, may be deemed to be forward-looking statements. A
variety of factors could cause actual results or outcomes to differ materially
from those expected by the Company and expressed in the Company’s
forward-looking statements.

Some of these factors include, but are not limited to, the following:
general economic conditions and trends affecting the Company’s markets and
product offerings; changes in the short-term and long-term plans of major
customers and potential customers; governmental and regulatory policies,
including environmental regulations, and increases in the amount or timing of
environmental remediation and compliance costs; an unexpected adverse result
or required cash outlay in toxic tort or other environmental or other
litigation, proceeding or investigation pending against the Company; the
Company’s ability to secure additional financing as needed; the Company’s
acquisition, disposition and joint venture activities; Department of Defense,
NASA and other funding for aerospace and defense programs for which the
Company is a supplier or competes for new business; future funding for
commercial launch vehicles and propulsion systems; restrictions on the
Company’s operating activities imposed from time to time by the agreements
relating to the indebtedness; the ability of the Company to satisfy contract
performance criteria; the ability of the Company to maintain a high level of
product performance, particularly related to the continued success of the
Company’s propulsion systems for launch vehicle platforms; the Company’s mix
of fixed price and cost-plus contracts; potential liabilities which could
arise from any release or explosion of dangerous materials; and work stoppages
at a Company facility or in the facility of one of the Company’s significant
customers.

These factors are described in more detail in the Company’s Annual Report
on Form 10-K for the year ended November 30, 2001 and its other filings with
the Securities and Exchange Commission. Additional risks may be described from
time to time in future filings with the U.S. Securities and Exchange
Commission. All such risk factors are difficult to predict, contain material
uncertainties that may affect actual results, and may be beyond the Company’s
control.