NEWPORT NEWS SHIPBUILDING RECEIVES CIO-100 AWARD FOR INNOVATIVE BUSINESS PRACTICES AND SERVICES

NEWPORT NEWS, Va., August 17, 2001 – Newport News Shipbuilding (NYSE: NNS) announced today that it has been selected to receive the prestigious CIO-100 award from CIO magazine.  The 2001 CIO-100 recognizes organizations around the world that excel in positive business performance through innovative practices and products. Complete coverage of the 2001 CIO-100 is featured in the August 15 issue of CIO magazine and at www.cio.com.

"In order to survive in the competitive business world, companies rely on innovative ideas and development of those ideas into sound business processes," says Abbie Lundberg, editor in chief, CIO magazine.  "Honorees of this year's CIO-100 have done just that and are being recognized for their ingenuity and success." 

"It is an honor to receive the CIO-100 and to be recognized as an innovation leader," says NNS Vice President and Chief Information Officer Steve Hassell. "As technology has evolved, Newport News Shipbuilding has evolved, transforming our approach to ship designs and construction. From 3-D advanced computer product modeling to fully integrated data management systems, we are a proven leader in innovative technologies, and we will continue to develop and evaluate new and cost effective ideas that will enhance our business processes."

The recipients of this year's CIO-100 were selected through a three-step process.  First, companies filled out an online application form.  In addition, CIO staff and members of its expert panel nominated companies they deemed best fit the award criteria.  A team of CIO editors and writers reviewed the application forms and expert recommendations and voted on the final 100.  The judging objectives were to recognize positive business performance through innovative practices and products.

Newport News Shipbuilding designs and constructs nuclear-powered aircraft carriers and submarines for the U.S. Navy and provides life-cycle services for ships in the Navy fleet. The company employs nearly 17,000 people and has annual revenues of approximately $2 billion. Visit NNS on the Web at www.nns.com .