FOR IMMEDIATE RELEASE

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NEWPORT NEWS, VA, - May 6, 1999 – Newport News Shipbuilding (NYSE: NNS) announced today that Litton Industries, Inc. has submitted an unsolicited proposal to merge with Newport News Shipbuilding in a tax-free, stock-for-stock merger in which each Newport News Shipbuilding common share would be converted into .55 Litton shares. Newport News Shipbuilding also stated that it has simultaneously been provided by Litton with a copy of an independent proposal made by Litton to acquire Avondale Industries in an all-cash transaction of $38.00 per common share. Neither Litton’s offer to Newport News Shipbuilding nor its offer to Avondale Industries is conditioned upon acceptance or rejection of the other.

Newport News Shipbuilding previously announced an agreement for an all-stock merger with Avondale, in which Avondale shareholders would receive Newport News stock. This proposed merger has received antitrust clearance from the Department of Justice.

"Our board is fully committed to acting in the best interest of Newport News shareholders," said William P. Fricks, Chairman and Chief Executive Officer of Newport News Shipbuilding. "Accordingly, our board has authorized preliminary discussions with Litton Industries in order to fully evaluate the terms of the offer. I want to emphasize, however, that our board has not made any determination as to the adequacy of Litton’s present proposal and there can be no assurance that any transaction proposed by Litton will be acceptable to our board."

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