BETHESDA, MD, April 23rd, 2002 -- Lockheed Martin Corporation (NYSE: LMT) today reported first quarter 2002 earnings from continuing operations of $0.50 per share, compared to 2001 earnings from continuing operations of $0.30 per share. There were no nonrecurring and unusual items in the first quarter of 2002. Adjusting the first quarter 2001 earnings per share for the impact of adopting SFAS No. 142 and excluding nonrecurring and unusual items, pro forma earnings per share from continuing operations would have been $0.40 per share. Including discontinued operations, the Corporation reported net earnings of $0.49 per share in the first quarter 2002 versus net earnings of $0.25 per share in the first quarter of 2001. Body

Meghan Mariman, 301/897-6195

Investor Relations Contact: James Ryan, 301/897-6584 or Randa Middleton, 301/897-6455

Conference call: Lockheed Martin will webcast the earnings conference call (listen-only mode) at 11 a.m. E.S.T. on April 23, 2002. A live audio broadcast will be available on the Investor Relations page of the company's web site at http://www.lockheedmartin.com/investor. An on-demand replay of the webcast will be available following the call and will continue for the following 30 days.

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NOTE: Statements in this press release, including the statements relating to projected future financial performance, are considered forward-looking statements under the federal securities laws. Sometimes these statements will contain words such as "believes," "expects," "intends," "plans," "estimates," "outlook," "forecast," and other similar words. These statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to be materiallydifferent from those we may project.

Our actual financial results will likely be different from those projected due to the inherent nature of projections and may be better or worse than projected. Given these uncertainties, you should not rely on forward-looking statements. Forward-looking statements also represent our estimates and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates to forward-looking statements, and the estimates and assumptions associated with them, after the date of this press release to reflect events or circumstances or changes in expectations or the occurrence of anticipated events.