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Newport News Shipbuilding Announces Regular Shareholder Dividend

NEWPORT NEWS, Va., October 13, 1999 – Newport News Shipbuilding (NYSE: NNS) announced today that its Board of Directors declared a dividend of $0.04 per share on the issued and outstanding common stock of the company.

The dividend will be paid on or about November 8, 1999 to shareholders of record as of October 25, 1999. This is the twelfth consecutive regular dividend declared since Newport News became an independent company in December 1996.

Newport News Shipbuilding designs and constructs nuclear powered aircraft carriers and submarines for the U.S. Navy and provides lifecycle services for ships in the Navy fleet. The company employs 17,600 people, and has revenues of approximately $1.8 billion.