NEWPORT NEWS SHIPBUILDING ANNOUNCES REGULAR SHAREHOLDER DIVIDEND

NEWPORT NEWS, Va., May 18, 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 June 29, 2001 to shareholders of record as of June 19, 2001. This is the nineteenth 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 about 17,200 people, and has annual revenues of approximately $2.1 billion.