Lockheed Martin Announces Workforce Reductions On Space Shuttle External Tank Program

NEW ORLEANS, LA, August 1st, 2008 — Lockheed Martin (NYSE: LMT) informed its Michoud Operations workforce today that employee reductions would begin in the fall of 2008 and continue through September 2010 as a result of the build-out of External Tanks to support the planned fly-out of the Space Shuttle program.

Reductions will impact operations in Huntsville, AL, the Kennedy Space Center, FL, and New Orleans, LA where the External Tank is designed and assembled at the NASA Michoud Assembly Facility. Lockheed Martin currently employs 2,445 at the three sites.

Workforce reductions are necessary as various production activities near completion on the 154-foot long, 28-foot in diameter non-reusable External Tanks. All tanks necessary to support the remaining 10 planned Space Shuttle missions currently are in production, with two scheduled for delivery to NASA by the end of 2008. Since program inception in 1973, Lockheed Martin has delivered 124 External Tanks to NASA.

The exact timing and numbers of the reductions through 2010 will be determined by production schedules and Lockheed Martin efforts to secure other work opportunities for affected employees. Retraining and outplacement services will be available for individuals impacted by the reductions.

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 2007 sales of $41.9 billion.

Media Contact: Marion LaNasa, 504-257-1307, 504-220-2072 or marion.a.lanasa@lmco.com