Does "Local Computer security context" mean the local SYSTEM account?

From: CactusMan (anonymous_at_discussions.microsoft.com)
Date: 10/17/03 

Date: Fri, 17 Oct 2003 08:04:19 -0700

The recent security bulletin MS03-044 mentions that an
attacker could run code "in the Local Computer security
context". I'm guessing that this means that the code would
run as the "SYSTEM" account on the local computer (and
could basically do anything it wanted to).

MS03-045 mentions that an exploit "could give an attacker
complete control over the system... does this mean that
the code is running as SYSTEM?

... and why can't the terminology be consistent across
bulletins?

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