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MARINE LOG AWARDS

December 3, 2001

NNS now part of Northrop Grumman
Northrop Grumman Corporation last week completed its tender offer for all of the outstanding shares of Newport News Shipbuilding Inc., acquiring approximately 81.4% of the outstanding shares of Newport News common stock.

"Northrop Grumman is now a world-class, fully capable shipbuilding company with expertise in every class of nuclear and non-nuclear vessel," said Kent Kresa, Northrop Grumman's chairman and chief executive officer. "The acquisition of Newport News affirms our commitment to shipbuilding, which we expect will generate approximately $4 billion in annual revenues next year."

Northrop Grumman will initially operate Newport News as a stand-alone sector of the company. Over time, all shipbuilding operations will be combined into one sector to take advantage of increased efficiencies in procurement, information technology and operating systems. The company emphasized that it does not intend to merge its various shipyards because of the vast differences between nuclear and non-nuclear shipbuilding.

Thomas C. Schievelbein, previously executive vice president of Newport News, has been named a Northrop Grumman corporate vice president and president of the new Newport News sector. He is also a member of Kresa's corporate policy council.

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