LOCKHEED MARTIN CORPORATION
                           Consolidated Results(1)
                          Preliminary and Unaudited
             (In millions, except per share data and percentages)


                     QUARTER ENDED SEPTEMBER 30, YEAR TO DATE SEPTEMBER 30,

                       2002      2001   % Change   2002      2001   % Change


    Net Sales         $6,542     $6,221      5%  $18,798   $16,656      13%

    Earnings before
     Interest and
     Taxes(2)           $576        $58    N/M    $1,576      $876      80%


    Interest Expense    $147       $172   (15)%     $440      $549    (20)%


    Pre-tax Earnings
     (Loss)             $429      ($114)   N/M    $1,136      $327     247%


    Income Tax Expense
     (Benefit)(3)       $129       ($27)   N/M      $261      $138      89%


      Effective Tax
       Rate(3)           30%        24%              23%       42%

    Earnings (Loss)
     from Continuing
     Operations         $300       ($87)   N/M      $875      $189     363%


    (Loss) Earnings
     from Discontinued
     Operations(4)      ($10)      $300    N/M      ($28)     $273     N/M

    Net Earnings        $290       $213     36%     $847      $462      83%


    Basic Earnings
     (Loss) Per Share:
      Earnings (Loss)
       from Continuing
       Operations      $0.67     ($0.20)   N/M     $1.97     $0.45     338%
     (Loss) Earnings
       from
       Discontinued
       Operations(4)   (0.02)      0.70    N/M     (0.06)     0.64     N/M
    Earnings Per
     Share             $0.65      $0.50     30%    $1.91     $1.09      75%


    Average Basic
     Shares
     Outstanding       448.5      428.0            443.5     425.7

    Diluted Earnings
     (Loss) Per Share:
      Earnings (Loss)
       from Continuing
       Operations      $0.66     ($0.20)   N/M     $1.94     $0.44     341%
     (Loss) Earnings
       from
       Discontinued
       Operations(4)   (0.02)      0.70    N/M     (0.06)     0.63     N/M
    Earnings Per
     Share             $0.64      $0.50     28%    $1.88     $1.07      76%


    Average Diluted
     Shares
     Outstanding       455.7      428.0(5)         450.9     430.3


    (1) On January 1, 2002, the Corporation adopted SFAS No. 142, "Accounting
        for Goodwill and Other Intangible Assets," which eliminates the
        amortization of goodwill.  As part of its adoption of SFAS No. 142,
        the Corporation extended the estimated remaining useful life of
        Aeronautics' contract intangibles related to the F-16 program from 6
        to 10 years. Consolidated results for 2001 are consistent with
        previous disclosures, however for comparative purposes, segment
        results which follow have been adjusted for the adoption of SFAS No.
        142.

    (2) Reflects the Corporation's adoption of SFAS No. 145 in 2002, which
        rescinded SFAS No. 4, "Reporting Gains and Losses from Extinguishment
        of Debt."  As a result the third quarter 2001 loss on extinguishment
        of debt, which was previously reported, net of taxes, as an
        extraordinary item, has been reclassified on a pre-tax basis to other
        income and expenses, net.

    (3) Income tax expense for the year to date period ended September 30,
        2002 include the impact of a research & development tax credit benefit
        of $90 million.  Excluding this benefit the effective tax rate would
        be 31% for the year to date period.

    (4) On December 7, 2001, the Corporation announced that it would exit its
        global telecommunications services business.  Includes discontinued
        operations of LMGT (World Systems, Mobile Communications, Lockheed
        Martin Intersputnik, and COMSAT International) and Lockheed Martin IMS
        Corporation (sold in July 2001).

    (5) Due to antidilution, basic shares are utilized as diluted shares.



                         LOCKHEED MARTIN CORPORATION
          Segment Results Including Nonrecurring and Unusual Items 1
                          Preliminary and Unaudited
                      (In millions, except percentages)

                                    QUARTER ENDED          YEAR TO DATE
                                    SEPTEMBER 30,          SEPTEMBER 30,
                                                 %                      %
                                 2002   2001   Change   2002    2001  Change

    Systems Integration
    Net Sales                   $2,253  $2,237    1  % $6,586  $6,282     5 %
    Segment EBIT                  $248    $246    1  %   $702    $698     1 %
    Margins                      11.0%   11.0%          10.7%   11.1%
    Depreciation and
     Amortization                  $52     $48           $150    $145


    Space Systems(2)
    Net Sales                   $1,843  $1,793    3  % $5,496  $5,023     9 %
    Segment EBIT                  $126    $128   (2) %   $370    $442   (16)%
    Margins                       6.8%    7.1%           6.7%    8.8%
    Depreciation and
     Amortization                  $29     $44           $105    $117


    Aeronautics
    Net Sales                   $1,668  $1,449   15  % $4,549  $3,362    35 %
    Segment EBIT                  $126    $125    1  %   $360    $308    17 %
    Margins                       7.6%    8.6%           7.9%    9.2%
    Depreciation and
     Amortization                  $33     $33            $97     $98


    Technology Services(2)
    Net Sales                     $776    $734    6  % $2,157  $1,972     9 %
    Segment EBIT                   $48     $39   23  %   $131    $109    20 %
    Margins                       6.2%    5.3%           6.1%    5.5%
    Depreciation and
     Amortization                   $9      $9            $30     $18


    Corporate and Other (2)(3)
    Segment EBIT                   $28   ($480) N/M       $13   ($681)  N/M
    Impact of SFAS No. 142
     adoption                        -     $68              -    $205
    Depreciation and
     Amortization                   $8      $5            $21     $17


    (1) As part of its adoption of SFAS No. 142, the Corporation now reports
        all goodwill amortization for periods prior to January 1, 2002 in the
        Corporate and Other Segment. Previously, goodwill amortization for the
        third quarter 2001 had been reported as follows: Systems Integration
        $43 million, Space Systems $9 million, Technology Services $3 million
        and Corporate and Other $5 million.  Additionally, the Corporation
        extended the useful life of Aeronautics' contract intangibles related
        to the F-16 program from 6 to 10 years. This change reduces
        Aeronautics' annual amortization of contract intangibles by $30
        million, or $7.5 million a quarter. Consistent with the treatment of
        goodwill, the impact of this contract intangible amortization change
        is reflected in the Corporate and Other segment for periods prior to
        January 1, 2002.

    (2) On December 7, 2001, the Corporation announced that it would exit its
        global telecommunications services business.  The Corporation
        reassigned LMGT's Systems and Technology line of business, and COMSAT
        General business to the Space segment, LMGT's Enterprise Solutions -
        US to the Technology Services segment and LMGT's telecommunications
        equity investments to the Corporate and Other segment.  Prior period
        amounts have been reclassified to conform to the new reporting
        structure.

    (3) Reflects the Corporation's adoption of SFAS No. 145 in 2002, which
        rescinded SFAS No. 4, "Reporting Gains and Losses from Extinguishment
        of Debt."  As a result the third quarter 2001 loss on extinguishment
        of debt, which was previously reported, net of taxes, as an
        extraordinary item, has been reclassified on a pre-tax basis to other
        income and expenses, net.



                         LOCKHEED MARTIN CORPORATION
      Adjusted Segment Results Excluding Nonrecurring and Unusual Items
                          Preliminary and Unaudited
                      (In millions, except percentages)


                                 QUARTER ENDED             YEAR TO DATE
                                  SEPTEMBER 30,            SEPTEMBER 30,

                                2002    2001  % Change  2002    2001  % Change

    Systems Integration
    Net Sales                  $2,253  $2,237     1 %  $6,586  $6,282     5 %
    Segment EBIT                 $248    $246     1 %    $702    $698     1 %
    Margins                     11.0%   11.0%           10.7%   11.1%
    Depreciation and
     Amortization                 $52     $48            $150    $145


    Space Systems
    Net Sales                  $1,843  $1,793     3 %  $5,496  $5,023     9 %
    Segment EBIT                 $126    $128    (2)%    $370    $331    12 %
    Margins                      6.8%    7.1%            6.7%    6.6%
    Depreciation and
     Amortization                 $29     $44            $105    $117


    Aeronautics
    Net Sales                  $1,668  $1,449    15 %  $4,549  $3,362    35 %
    Segment EBIT                 $126    $125     1 %    $360    $308    17 %
    Margins                      7.6%    8.6%            7.9%    9.2%
    Depreciation and
     Amortization                 $33     $33             $97     $98


    Technology Services
    Net Sales                    $776    $734     6 %  $2,157  $1,972     9 %
    Segment EBIT                  $48     $39    23 %    $131    $109    20 %
    Margins                      6.2%    5.3%            6.1%    5.5%
    Depreciation and
     Amortization                  $9      $9             $30     $18


    Corporate and Other
    Segment EBIT                  $28      $9   211  %    $13     $45   (71)%
    Depreciation and
     Amortization                  $8      $5             $21     $17



                         LOCKHEED MARTIN CORPORATION
      Reconciliation of Adjusted Earnings from Continuing Operations(1)
                          Preliminary and Unaudited
           (In millions, except per share amounts and percentages)


                                              QUARTER ENDED     YEAR TO DATE
                                              SEPTEMBER 30,     SEPTEMBER 30,

                                             2002      2001     2002     2001

    Earnings (Loss) from Continuing
     Operations                              $300      ($87)    $875     $189

    Nonrecurring and Unusual Items in
     Continuing Operations
       Loss on Loral Space Investment         -         235      -        235
       (Gain) on Sale of Surplus Real
        Estate                                -         -        -        (72)
       Loss on Americom Asia-Pacific
        Investment                            -         -        -         65
       Loss on Early Extinguishment of
        Debt 2                                -          36      -         36
       Net Loss on Divestitures and Other     -           3      -          3
       Total                                  -         274      -        267

    Effect of R&D tax credit                  -         -        (90)     -
    Effect of SFAS No. 142 on 2001
     Continuing Operations                    -          67      -        183
    Adjusted Earnings(1)                     $300      $254     $785     $639


    Adjusted Effective Tax Rate               30%       40%      31%      38%


    Earnings (Loss) Per Share from
     Continuing Operations                  $0.66    ($0.20)   $1.94    $0.44

    Nonrecurring and Unusual Items in
     Continuing Operations
       Loss on Loral Space Investment         -        0.54      -       0.55
       (Gain) on Sale of Surplus Real
        Estate                                -         -        -      (0.17)
       Loss on Americom Asia-Pacific
        Investment                            -         -        -       0.15
       Loss on Early Extinguishment of
        Debt(2)                               -        0.08      -       0.08
       Net Loss on Divestitures and Other     -        0.01      -       0.01
       Total                                  -        0.63      -       0.62

    Effect of R&D tax credit                  -         -      (0.20)     -
    Effect of SFAS No. 142 on 2001
     Continuing Operations                    -        0.16      -       0.43
    Adjusted Earnings Per Share(1)          $0.66     $0.59    $1.74    $1.49


    (1) Excludes nonrecurring and unusual items and adjusts for the adoption
        of SFAS No. 142 as of January 1, 2001.

    (2) Previously reported as an extraordinary item.



                         LOCKHEED MARTIN CORPORATION
                         Other Financial Information
                          Preliminary and Unaudited
           (In millions, except per share amounts and percentages)


                                            QUARTER ENDED      YEAR TO DATE
                                             SEPTEMBER 30,     SEPTEMBER 30,

                                            2002    2001      2002      2001

    Adjusted EBIT(1)                        $576    $547    $1,576    $1,491
    Adjusted EBIT to Sales Margin           8.8%    8.8%      8.4%      9.0%
    Amortization of Contract Intangibles     $31     $30       $94       $92
    Depreciation and Amortization           $100    $109      $309      $303
    Adjusted EBITDA                         $707    $686    $1,979    $1,886

    (1) Excludes nonrecurring and unusual items and adjusts for the adoption
        of SFAS No. 142.  Adjusted results exclude goodwill amortization
        expense and include the effect of extending the remaining useful life
        of Aeronautics' contract intangible related to the F-16 program.



                                                  SEPTEMBER 30,   DECEMBER 31,
                                                     2002             2001
    Backlog
    Systems Integration                             $16,789         $17,027
    Space Systems                                    12,573          12,977
    Aeronautics                                      36,003          36,149
    Technology Services                               4,741           5,116
      Total                                         $70,106         $71,269


    Long-Term Debt
    Current maturities                                 $763             $89
    Long-Term                                         6,693           7,422
      Total                                          $7,456          $7,511

    Cash and Cash Equivalents                        $3,490            $912

    Stockholders' Equity                             $7,700          $6,443

    Total Debt-to-Capital                             49.2%           53.8%

    Total Debt-to-Capital (net of invested
     cash)                                            34.0%           50.6%



                         LOCKHEED MARTIN CORPORATION
                     Consolidated Condensed Balance Sheet
                          Preliminary and Unaudited
                                (In millions)


                                                   SEPTEMBER 30,  DECEMBER 31,
                                                      2002             2001
    Assets
    Cash and cash equivalents                        $3,490            $912
    Accounts receivable                               3,730           4,049
    Inventories                                       2,254           3,140
    Assets of businesses held for sale                  508             638
    Other current assets                              1,965           2,039

       Total current assets                          11,947          10,778

    Property, plant and equipment, net                3,153           2,991
    Investments in equity securities                  1,751           1,884
    Goodwill                                          7,371           7,371
    Intangible assets, related to
     contracts and programs acquired                    846             939
    Other noncurrent assets                           3,851           3,691

       Total assets                                 $28,919         $27,654

    Liabilities and Stockholders' Equity
    Accounts payable                                 $1,107          $1,419
    Customer advances and amounts in
     excess of costs incurred                         5,140           5,002
    Other accrued expenses                            2,919           2,792
    Liabilities of businesses held for
     sale                                               328             387
    Current maturities of long-term debt                763              89

       Total current liabilities                     10,257           9,689

    Long-term debt                                    6,693           7,422
    Post-retirement and other noncurrent
     liabilities                                      4,269           4,100
    Stockholders' equity                              7,700           6,443

       Total liabilities and stockholders'
        equity                                      $28,919         $27,654



                         LOCKHEED MARTIN CORPORATION
                Consolidated Condensed Statement of Cash Flows
                          Preliminary and Unaudited
                                (In millions)

                                               NINE MONTHS ENDED SEPTEMBER 30,

                                                      2002              2001

    Operating Activities
    Earnings from continuing operations               $875              $189
    Adjustments to reconcile earnings
     from continuing operations
     to net cash provided by operating
      activities:
      (Loss) earnings from discontinued
       operations                                      (28)              273
      Depreciation and amortization                    403               600
      Changes in operating assets and
       liabilities:
         Receivables                                   319               289
         Inventories                                   756               446
         Accounts payable                             (312)             (216)
         Customer advances and amounts in
          excess of costs incurred                     138               681
         Other                                         577               (68)

       Net cash provided by operating
        activities                                   2,728             2,194

    Investing Activities
    Expenditures for property, plant and
     equipment                                        (396)             (312)
    Acquisitions / investments in
     affiliated companies                              (88)             (235)
    Proceeds from divestitures of
     affiliated companies                               84               875
    Other                                               55                96

       Net cash (used for) provided by
        investing activities                          (345)              424

    Financing Activities
    Net decrease in short-term borrowings                -               (12)
    Net repayments of long-term debt                   (87)           (2,289)
    Issuances of common stock                          431               123
    Common stock dividends                            (149)             (144)

       Net cash provided by (used for)
        financing activities                           195            (2,322)


    Net increase in cash and cash
     equivalents                                     2,578               296
    Cash and cash equivalents at
     beginning of period                               912             1,505

    Cash and cash equivalents at end of
     period                                         $3,490            $1,801



                         LOCKHEED MARTIN CORPORATION
                     Reconciliation of Free Cash Flow(1)
                          Preliminary and Unaudited
                                (In millions)


                                        QUARTER ENDED       NINE MONTHS ENDED
                                        SEPTEMBER 30,         SEPTEMBER 30,

                                       2002     2001         2002       2001

      Net cash provided by
       operating activities -
       GAAP                          $1,180     $997       $2,728      $2,194


      Expenditures for property,
       plant and equipment             (135)    (119)        (396)       (312)


      Proceeds from disposals of
       property, plant and
       equipment                         30       11           55          96


      Income taxes paid on
       divested businesses               10        -           10         391


         Free Cash Flow(1)           $1,085     $889       $2,397      $2,369



    (1) Free cash flow is defined as cash provided by operating activities
    less capital expenditures and excludes any proceeds from, or income tax
    payments on, divestitures.



                         LOCKHEED MARTIN CORPORATION
                           Selected Operating Data


                                        QUARTER ENDED         YEAR TO DATE
                                        SEPTEMBER 30,         SEPTEMBER 30,

                                       2002     2001         2002       2001
    Deliveries
    F-16                                 6       6            16         18
    C-130J                               1       5             6          5

    Launches
    Atlas                                2       2             4          3
    Proton                               1       -             3          2