GenCorp Announces Plan to Develop 1,400 Acres of Aerojet's Land in Northern California

SACRAMENTO, Calif., Jan. 20, 2004 -- GenCorp Inc. today announced that it had filed an application with the County of Sacramento, California for the development of a 1,400 acre master plan community called "Easton." The Company expects that the application process will take up to three years and that construction could begin in 2007.

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Close to existing growth centers and transportation, the Easton site is located adjacent to U.S. Highway 50 between Rancho Cordova and Folsom, California. It provides a unique opportunity due to its size, location and existing infrastructure, as well as natural assets and single ownership. All planning closely follows Smart Growth principles advocated by the Sacramento Area Council of Governments (SACOG).

The Easton mixed-use development will be anchored by a village center complete with Light Rail, already under construction. The new Light Rail station, to be operational early in the Easton development process, will be an important entryway to Easton and its existing employment campus.

Easton is considered an "infill" development because it is already served by a network of roads, water, sewer and utilities and is surrounded by existing uses. Designed with pedestrians and community living in mind, Easton will feature walking, biking and jogging trails connecting the various destinations within the community.

Housing choices will be available at various income levels, and will include single family homes, townhouses, live/work units, apartments over retail centers and other innovative housing options.

GenCorp is a technology-based company with positions in the aerospace and defense, pharmaceutical fine chemicals and automotive industries. For more information, visit the Company's Web site at www.GenCorp.com.