FOR IMMEDIATE RELEASE

NEWPORT NEWS SHIPBUILDING ANNOUNCES REGULAR SHAREHOLDER DIVIDEND

NEWPORT NEWS, Va., May 19, 2000 – Newport News Shipbuilding (NYSE: NNS) announced 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 June 29, 2000 to shareholders of record as of June 19, 2000. This is the fifteenth 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 nearly 17,000 people, and has revenues of approximately $1.9 billion.