DRS Technologies Names Donald G. Hardman as Corporate Treasurer.

Business Editors

PARSIPPANY, N.J.--(BUSINESS WIRE)--Dec. 9, 2002

DRS Technologies, Inc. (NYSE: DRS) announced today that Donald G. Hardman has joined the company as corporate treasurer at its Parsippany, New Jersey headquarters.

Mr. Hardman will report to Richard A. Schneider, executive vice president and chief financial officer of DRS Technologies, who formerly held the position of treasurer in addition to his other responsibilities and established the new full-time position of treasurer to support the company's growth.

As treasurer of DRS, Mr. Hardman will be responsible for the day-to-day management of the global treasury operations of the corporation and its subsidiaries, including arranging short- and long-term financing, maintaining relationships with commercial and investment banks and credit rating agencies, overseeing domestic and international cash management, forecasting, developing and executing foreign exchange strategies, and providing interest rate risk management and capital structure analysis.

"We are delighted to welcome Donald Hardman, who brings a wealth of treasury management skills and experience to our corporate team," said Mark S. Newman, chairman, president and chief executive officer of DRS Technologies. "His efforts are expected to play an important role in our financial management strategies to support the company's growth, ensuring effective oversight of DRS's assets, maintenance of banking and credit relationships, and comprehensive evaluation and implementation of alternative financing solutions."

Mr. Hardman has more than fifteen years of diverse and progressively responsible corporate treasury experience with multinational Fortune 500 companies. Before joining DRS, he acted as assistant treasurer at Exide Technologies in Princeton, New Jersey, where he directed its domestic and global treasury departments, as well as provided oversight of a European finance company. In this capacity, he ensured efficient, low-cost bank infrastructure and monitored covenant compliance for the global banking facilities, bond indentures and a European asset security program. He also developed processes and systems to measure and monitor Exide's global foreign currency and interest rate exposure, and developed and executed tax strategies for the repatriation of cash from non-U.S. operations.

Prior to that, he was employed as assistant treasurer at U.S. Industries, Inc., a $2.7 billion multinational manufacturer and distributor, where he performed in a similar capacity and led negotiations for new syndicated bank facilities.

Earlier positions included director, treasury operations, at Sealed Air Corporation; manager, corporate treasury, at Lucent Technologies; and treasurer, WorldPartners Company, a joint venture company of AT&T and three international telecommunications companies.

Mr. Hardman graduated cum laude with a Bachelor of Science degree in accounting from Montclair State University in Upper Montclair, New Jersey, and a Master of Business Administration degree in finance from Rutgers Graduate School of Business in Newark, New Jersey.

DRS Technologies provides leading edge products and services to government and commercial customers worldwide. Focused on defense electronics, the company develops and manufactures a broad range of mission critical systems and components in the areas of communications, combat systems, rugged computers, electro-optics, power conversion, data storage, digital imaging, flight safety and space.

For more information about DRS Technologies, please visit the company's web site at www.drs.com .