NEWPORT NEWS, Va., March 22, 2001 – 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 April 12, 2001 to shareholders of record as of April 2, 2001. This is the eighteenth 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 annual revenues of approximately $2 billion.