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Statement by Titan's Gene Ray on Lockheed Martin’s Announcement to Terminate Merger Agreement.

Statement by Gene W. Ray, chairman, president and chief executive officer, Titan Corporation (NYSE:TTN), on Lockheed Martin Corporation's announcement to terminate the Merger Agreement with Titan

San Diego, CA -- June 26, 2004 -- Statement by Gene W. Ray, chairman, president and chief executive officer, Titan Corporation (NYSE:TTN), on Lockheed Martin Corporation's announcement to terminate the Merger Agreement with Titan:

"I envision Titan's future with great confidence.

"Since the merger was announced with Lockheed Martin in September of 2003, Titan has continued to operate successfully as one of the country's largest Information Technology contractors providing national security solutions, with annualized revenues of approximately $2 billion.

"We expect continued growth and record revenues for 2004. This will follow a 2003 year-over-year organic growth of 26% that yielded revenues totaling $1.8 billion, and 21% year-over-year organic growth in the first quarter of 2004, resulting in revenues of $459 million.

"The offer of a merger came from Lockheed Martin, not Titan. Our people put in a tremendous effort supporting the merger over the past several months, while continuing to deliver strong growth and customer satisfaction. I am disappointed that we were not able to complete the merger as we set out to do nine months ago. Going forward, we will be able to focus all our energy and resources on providing the highest quality product and services to our customers for the benefit of our country.

"Many of our customers are pleased that Titan retains its creative independence. Our senior management team looks forward to the next few years with a great deal of enthusiasm, and I find that is true with all our senior executives and our employees as a whole. All of the general managers in charge of our business units have stayed in place through this proposed merger period, and are enthusiastically looking forward to the Titan opportunities ahead. We are dedicated to building an even more successful company with a blend of existing and new programs that we believe will provide our shareholders with significant value growth going forward.

"Titan is financially strong, and today has a backlog in excess of $5 billion in U.S. Government contracts. We are proud of our entrepreneurial culture, which has made us a leader in many high technology areas of critical national importance. Titan has successfully competed against the largest defense contractors on numerous occasions, including most recently the large "US-VISIT" contract won by the Accenture team, in which Titan is a major subcontractor. This win will further bolster our backlog in 2004.

"Titan now begins executing on its future. I know that I speak for all Titan employees when I say that we look to that future with great confidence and the anticipation of great success. We look forward to resuming our normal communications program and intend to re-establish relations with the investing community in the coming days.

"From Titan's point of view, all systems are go."

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