FOR IMMEDIATE RELEASE

NEWPORT NEWS, Va., March 22, 1999 –Newport News Shipbuilding (NYSE: NNS) announced today that the U. S. Navy has awarded the company a $56 million addition to a planning contract for work on CVN 77, the final Nimitz-class aircraft carrier. The modification is for the purchase of long-lead time materials for the ship.

The CVN 77 will serve as the first transition ship to a new class of carriers. The original planning contract for CVN 77, awarded in September 1998, included three options that, if exercised, would bring the total value of this contract to approximately $246 million. To date, the approximate total value is $162 million. Full construction authorization and funding is expected in the year 2000.

Work performed under the contract modification includes the purchase of long-lead materials such as steel and other components for fabrication.

Newport News is also performing research and development tasks such as evaluating new and modified shipboard systems and technologies; conducting engineering analysis; and developing contract data packages for ship design efforts.

It is planned that CVN 77 will include new sensor and communication systems technology in an integrated combat system, reducing total ownership cost of the ship while improving certain operational capabilities.

Newport News Shipbuilding designs and constructs nuclear-powered aircraft carriers and submarines for the U.S. Navy and provides life-cycle services for ships in the Navy fleet. The company employs 18,000 people and has annual revenues of approximately $1.8 billion.