Rockwell Collins Begins Trading on New York Stock Exchange; Spin-off allows company to realize full potential of 70 years leading global avionics and communications technology

CEDAR RAPIDS, Iowa (July 02, 2001) - Rockwell Collins (NYSE: COL), a leader in aviation electronics and communications for commercial and government applications worldwide, today began trading its shares on the New York Stock Exchange under the symbol "COL." As an independent, publicly traded company, Rockwell Collins will own and operate the avionics and communications business previously owned and operated by Rockwell International.

On June 29, 2001, approximately 183 million shares of common stock were distributed in a tax-free spin-off to Rockwell International shareholders (NYSE: ROK) on a one-for-one basis. These shares represent all the outstanding shares of Rockwell Collins common stock, and Rockwell International has no continuing ownership in its former wholly-owned subsidiary.

"This is a great day for all Rockwell Collins employees and shareowners, as we begin to write the next successful chapter of this terrific company," said Clay Jones, president and CEO, Rockwell Collins. "Our customers in the commercial and government sectors have trusted Rockwell Collins to deliver quality, reliability and innovation since we began 70 years ago as Collins Radio. To strengthen those customer relationships, we will continue to expand our offerings with industry-leading products and technologies."

Over the past five years, Rockwell Collins has achieved a compound annual sales growth rate of approximately 14 percent, with sales in 2001 expected to reach $2.9 billion.

"As a stand-alone company, Rockwell Collins has the critical mass and financial firepower to build on our track record of delivering consistent revenue and profitable growth," Jones added. "In addition, we’ll continue to improve operational efficiencies with our Lean ElectronicsSM initiative, which already has generated significant savings. As a new company, we are fully committed to using all our resources to increase customer and shareowner value."

Additional information concerning the spinoff, including a copy of the Form 10 Registration Statement and a webcast of the company’s road show presentation, is available at www.rockwellcollins.com .

About Rockwell Collins

Rockwell Collins ( www.rockwellcollins.com ) designs, produces, markets and supports electronic communications, avionics and in-flight entertainment systems for commercial, military and government customers worldwide. Headquartered in Cedar Rapids, Iowa, the company employs a global workforce of approximately 17,500 people.

Forward-Looking Statements:

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rockwell Collins to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause the actual results to differ materially from management's projection, forecasts, estimates and expectations is contained in the Company's SEC filings.

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