Unisys Well Positioned for Continued Growth in 200

Unisys Corporation
                  

Unisys Corporation (NYSE:UIS) has successfully completed its multiyear
transformation to a services-led, technology-enabled solutions provider, the
company told the investment community today. The company is winning in the
information technology services and solutions marketplace and is well positioned
for continued growth in 2004, said Unisys Chairman and CEO Lawrence A. Weinbach.

'We remain dedicated to the vision we articulated in 1997: To provide
value-added, end-to-end solutions in our key industry segments,' Weinbach said.
'Because of our constant focus on and execution against this vision, we are
winning in the marketplace, closing major deals with top-tier clients such as
ING Group, Washington Mutual and the United States Transportation Security
Administration.'

Speaking at the company's annual financial analysts conference in New York, and
to a wider audience on the Internet, Weinbach reviewed the company's
accomplishments in 2003, saying the company was on track to achieve its earnings
target of 77 cents per share despite a significant year-over-year decline in
pension income.

Weinbach also cited several key business successes during the first nine months
of 2003. These included top-line revenue growth driven by its services business,
which accounted for 79 percent of revenue, double-digit revenue growth in
business process outsourcing, as well as in systems integration and consulting
services. Sales of ES7000 servers during that period were up about 50 percent
compared with 2002.

Looking to 2004, Unisys anticipates a continued gradual recovery in capital
spending for global businesses, with particular strength in federal government,
security and business process outsourcing solutions. Based on this, the company
projects mid single-digit revenue growth for the year, driven by continued
growth in services with a slight decline in technology.

Excluding the impact of pension accounting in both 2003 and 2004, the company
expects about a 20 percent growth in 2004 earnings per share. The impact of
pension accounting in 2003 is expected to be approximately $30 million of
income, or six cents per share. For 2004, the impact of pension accounting
cannot be finally determined until December 31, 2003 when the actual amount of
pension plan assets is known and the discount rate can be determined. If the
same assumptions as 2003 were used, preliminary estimates of the impact of
pension accounting in 2004 would be an expense of $5 million to $10 million.
These amounts will change if final year-end assumptions change from the prior
year. For example, reducing the discount rate to a rate reflecting market
conditions at November 30, 2003, as well as amortization of certain amounts as
required by pension accounting rules, would result in pension expense for 2004
of approximately $80 million to $90 million, which is the more probable
scenario. However, after establishing assumptions at year-end, as required by
pension accounting rules, the company will announce its estimate of the impact
of pension accounting for 2004 when it releases its year-end earnings in
January.

The company also expects a significant improvement in its operational cash flow,
with free cash flow (operational cash flow reduced by capital expenditures)
estimated to exceed $100 million.

Weinbach said the company has set five strategic objectives for 2004, including
to:

    --  Continue double-digit revenue growth in business process outsourcing.

    --  Drive continued growth in systems integration and consulting through
        Unisys Business Blueprinting, and through initiatives that focus on
        industry trends such as the United States Check 21 legislation in the
        financial services industry, supply chain security in commercial
        industries and the public sector, and wireless and mobility solutions in
        the communications industry.

    --  Accelerate growth in its infrastructure services and security business.

    --  Significantly increase sales for ES7000 servers, focusing on both new
        and existing clients.

    --  Enhance brand awareness of Unisys, both in the minds of potential
        clients and of the analyst communities that cover the information
        technology services market.

'Businesses and governments are facing increasingly complex challenges, and
successfully overcoming those challenges requires a deep understanding of their
industries,' said Weinbach. 'They are reworking their operations to take
advantage of new market opportunities. They are wrestling with tough issues such
as integrating their businesses after a merger and securing their supply chains.
They are struggling to comply with new government regulations. Our industry
expertise, coupled with our services-led, technology-enabled approach, means
that we are well positioned to help our clients reach their goals and create
real differentiation in their markets.'

About Unisys

Unisys is a worldwide information technology services and solutions company. Our
people combine expertise in systems integration, outsourcing, infrastructure,
server technology and consulting with precision thinking and relentless
execution to help clients, in more than 100 countries, quickly and efficiently
achieve competitive advantage. For more information, visit www.unisys.com.

Forward-Looking Statements

Any statements contained in this release that are not historical facts are
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. All forward-looking statements rely on assumptions and are
subject to various risks and uncertainties that could cause actual results to
differ materially from expectations. The factors that could affect the company's
future financial results are discussed more fully in the company's periodic
reports as filed with the Securities and Exchange Commission.

RELEASE NO.: 12108366

http://www.unisys.com/about__unisys/news_a_events/12108366.htm

Unisys is a registered trademark of Unisys Corporation. All other brands and
products referenced herein are acknowledged to be trademarks or registered
trademarks of their respective holders.

    CONTACT: Unisys Corporation
             Media Contact:
             Elizabeth Douglass, 302-897-5351 (Mobile)
             [e-mail]
              or
             Investor Contact:
             Jim Kerr, 215-986-5795
             [e-mail]