Market Overview

Harris Corporation to Provide New Fully Digital Signals Under $243 Million GPS III Follow-On Contract

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Highlights:

  • Provides most powerful, reliable, flexible GPS signal technology yet
  • Improves capabilities over 70-percent-digital payload used for GPS III
    SV01-10
  • Extends 40-plus-year legacy of GPS payload technology leadership

Harris Corporation (NYSE:HRS) has received a $243 million contract from
Lockheed Martin (NYSE:LMT) to provide fully digital navigation signals
for the first two GPS III Follow-On (GPS IIIF) satellites – to deliver
stronger signals, with greater operational flexibility.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190409005304/en/

Harris Corporation (NYSE:<a class=HRS) has received a $243 million contract from Lockheed Martin (NYSE:LMT) t ... " src="https://mms.businesswire.com/media/20190409005304/en/714356/4/Lockheed_Martin_GPS_IIIF_%28SV11%2B%29_Satellite_%28003%29.jpg">

Harris Corporation (NYSE:HRS) has received a $243 million contract from Lockheed Martin (NYSE:LMT) to provide fully digital navigation signals for the first two GPS III Follow-On (GPS IIIF) satellites – to deliver stronger signals, with greater operational flexibility. (Photo: Business Wire)

Harris' GPS IIIF fully-digital Mission Data Unit (MDU), the heart of the
satellite's navigation payload which generates the GPS signals, will
provide more powerful signals, assure flawless clock operations for GPS
users, and add flexibility to adapt to advances in GPS technology, as
well as future changes in mission needs. It will provide improved
capabilities over Harris' 70-percent-digital MDU used for GPS III Space
Vehicles 01-10 (GPS III SV01-10).

The new MDU also offers the Air Force a smooth transition to its GPS OCX
ground control segment. Harris will seamlessly port its digital signal
design, minimizing both integration risks and associated costs.

In September 2018, the U.S. Air Force selected Lockheed Martin, with
Harris as its navigation signal partner, to build up to 22 GPS IIIF
satellites, with a total estimated contract value up to $7.2 billion.

The Air Force expects the first GPS IIIF satellite, SV11, to be
available for launch in 2026.

Launched aboard GPS III SV01 in December 2018, Harris' first GPS III
navigation payload began broadcasting navigation signals on January 8.
While testing of the first-of-its-kind satellite continues, the payload
has performed beyond expectations.

Harris has provided navigation technology for every U.S. GPS satellite
ever launched, enabling the reliable GPS signal that millions of people
– including U.S. soldiers – and billions of dollars in commerce depend
on every day.

About Harris Corporation

Harris Corporation is a leading technology innovator, solving customers'
toughest mission-critical challenges by providing solutions that
connect, inform and protect. Harris supports government and commercial
customers in more than 100 countries and has approximately $6 billion in
annual revenue. The company is organized into three business segments:
Communication Systems, Electronic Systems and Space and Intelligence
Systems. Learn more at harris.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect
management's current expectations, assumptions and estimates of future
performance and economic conditions. Such statements are made in
reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. The company cautions investors that any forward-looking statements
are subject to risks and uncertainties that may cause actual results and
future trends to differ materially from those matters expressed in or
implied by such forward-looking statements. Statements about the value
or expected value of orders, contracts or programs and about system
capabilities, payload capabilities and future payload deliveries are
forward-looking and involve risk and uncertainties. Harris disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.

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