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SACRAMENTO, Calif., Dec. 22 /PRNewswire-FirstCall/ -- GenCorp Inc. (NYSE: GY) announced today that the Sacramento County Board of Supervisors has unanimously approved the Final Environmental Impact Report and amendments to Sacramento County's General Plan for the Glenborough at Easton and Easton Place project. The actions occurred at the Board of Supervisors' December 10 and December 17, 2008 meetings. Located on approximately 1,400 acres in eastern Sacramento County, the project is located between Hazel Avenue and Prairie City Road south of Highway 50.

"We are pleased to have achieved these strategic real estate milestones," said Scott Neish, interim president and chief executive officer of GenCorp. "Our real estate team has done a great job moving the project through a complex regulatory process."

The Board of Supervisors also unanimously voted for an intent motion to approve the balance of the project's requested zoning amendments and map conditions, which are expected to be ratified at the Board's January 28, 2009 meeting.

"In 2004, GenCorp and the County initiated a collaborative planning process that represents a new model in land use planning in Sacramento County," said David C. Hatch, vice president, GenCorp Realty Investments, LLC. "We are very proud of this achievement. The Board of Supervisors' unanimous votes are a testament to the quality of the project and the success of the process."

Grounded in principles for smart growth and sustainability, the project's land use plan includes 4,883 units in a wide range of residential densities and 4.2 million feet of commercial and office space. The project also includes more than 480 acres of open space and parks, and an extensive network of biking and walking trails that link it to the American River Parkway and the Hazel Light Rail station.

"We have taken great care to design a project that will capitalize on the unique opportunities presented by the land and enhance the Alder Creek open space area that has been inaccessible to the public for more than 50 years," said Hatch.

Surrounding the Light Rail station at Hazel Avenue, Easton Place will be a major transit-oriented development, encompassing high-density, mixed-used areas featuring residential, employment, retail and entertainment opportunities, as well as civic and public spaces.

The approximately 6,000-acre Easton master plan is comprised of a series of smaller planning areas known as "boroughs." In addition to Glenborough at Easton and Easton Place, the boroughs of Easton include Rio del Oro and Westborough located in the City of Rancho Cordova, California, as well as Hillsborough located in the Folsom, California Sphere of Influence.

Forward Looking Statements

This release may contain certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, relating to the timing and planning of the Company's real estate projects. Such statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances. A variety of factors could cause actual results or outcomes to differ materially from those expected and expressed in the Company's forward-looking statements. Some important risk factors that could cause actual results or outcomes to differ from those expressed in the forward-looking statements are described in the section "Risk Factors" in Item 1A of the Company's Annual Report to the SEC on Form 10-K for the fiscal year ended November 30, 2007.

About GenCorp

GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale and leasing of the Company's excess real estate assets. Additional information about the Company can be obtained at the Company's web sites at http://www.GenCorp.com, http://www.Aerojet.com, and http://www.Easton-ca.com