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Huntington Ingalls Industries

Mike Petters President and Chief Executive Officer

Barb Niland Corporate Vice President, Business Management

& Chief Financial Officer

Safe Harbor

Statements in this presentation, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our costs and perform effectively; risks related to our spin-off from Northrop Grumman (including our increased costs and leverage); risks relating to the amount of an estimated goodwill charge relative to the final amount and any additional impairment charges; our ability to realize the expected benefits from consolidation of our Gulf Coast facilities; natural disasters; adverse economic conditions in the United States and globally; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements. This presentation also contains non-GAAP financial measures and include a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.

1

2

2010 Revenues: $6.7 bn

2010 PF Adj. EBITDA(1): $562 mm

Backlog: ~$17.3 bn

Employees: ~38,000

Engineers / Designers: ~7,500

Headquarters: Newport News, VA

History: 125 years

HII Overview

• Nation’s premier naval shipbuilder

• Mission critical partnership with the U.S. Navy

• The principal nuclear shipbuilder

• World-class facilities, processes and people

• Significant revenue stability and visibility

• Substantial margin expansion and cash flow improvement opportunity

• Seasoned management team and strong Board

(1) PF Adj. EBITDA reflects a net reduction in cost of sales of $7 million, resulting from the elimination of historically allocated corporate expenses associated with Federal Contract Matters accruals, offset by higher compensation costs post spin-off. Refer to page 22 for reconciliation to reported financial data.

3

Aircraft

Carrier

Overhaul

Aircraft

Carrier

Construction

Submarine

Construction

2010 Revenues: $6.7 bn

Strong competitive position

Nation’s Premier Military Shipbuilder

Surface

Combatants

Fleet

Support &

Other

National

Security

Cutters

Amphibious

• Sole source for U.S. Navy nuclear-powered aircraft carriers and their refueling services

• One of two builders constructing the Virginia-class nuclear-powered submarines

• One of two builders of the Arleigh Burke–class of destroyer

• Builder of record for LPD, LHD and LHA class amphibious assault ships

• Builder of largest multi-mission U.S.C.G. National Security Cutters

• Provider of U.S. Navy fleet maintenance and overhaul services

Newport News

Ingalls

4

Mission Critical Partner Aligned with U.S. Navy

U.S. Navy Warship HII %

Force Structure Participation

Aircraft Carriers

Aircraft Carriers

Aircraft Carrier RCOH

Aircraft Carrier Inactivation (1)

Submarines

Virginia –Class Submarines 48 50%

Cruise Missile Submarines 4 Capability

Ballistic Missile Submarines 14 Capability

Surface Combatants

Surface Combatants DDG-51 88 ~50%

Littoral Combat Ships 55 Capability

Amphibious Ships

Amphibious Ships LHA

Amphibious Ships LPD

Amphibious Ships LSD(X) (2) Capability

Auxillaries

Combat Logistics 30 Capability

Prepositioning Force 12 Capability

Mine Warfare / Support 20 0%

Total Fleet 313 (3)

11 100%

31100%

Source: U.S. Navy 30-year Shipbuilding Plan. (1) Contract not yet awarded, expected to be awarded in 2013. (2) Contract not yet awarded. If awarded, program expected to begin in 2017. (3) 30-year plan projects procurement for 276 ships over the next 30 years (198 combat, 78 logistics and support ships).

Ford-Class Aircraft Carrier

Virginia-Class Fast Attack Submarine

America-Class Amphibious Assault Ship (LHA)

Arleigh Burke-Class Destroyer (DDG 51)

Strategy is to be aligned with the U.S. Navy priorities

San Antonio-Class Amphibious Transport Dock Ship (LPD)

5

Unique Visibility and Stability Example: Aircraft Carrier Program Plan

'10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40

Aircraft Carrier Construction

CVN-78 Gerald R. Ford

CVN-79 John F. Kennedy

CVN-80 (Unnamed)

CVN-81 (Unnamed)

CVN-82 (Unnamed)

CVN-83 (Unnamed)

Aircraft Carrier RCOH

CVN-71 USS Theodore Roosevelt

CVN-72 USS Abraham Lincoln

CVN-73 USS George Washington

CVN-74 USS John C. Stennis

CVN-75 USS Harry S. Truman

CVN-76 USS Ronald Reagan

CVN-77 USS George H.W. Bush

CVN-78 Gerald R. Ford

Aircraft Carrier Inactivation

CVN-65 USS Enterprise

CVN-68 USS Nimitz

CVN-69 USS Dwight D. Eisenhower

CVN-70 USS Carl Vinson

CVN-71 USS Theodore Roosevelt Planning Construction and Execution

Source: U.S. Navy 30-year Shipbuilding Plan.

The sole designer, builder and refueler of nuclear aircraft carriers

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World-Class Facilities and Workforce

Workforce and facilities drive performance and competitive positioning

Newport News

Pascagoula

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$372 $400 $398 $442

2007 2008 2009 2010

Segment EBITDA (before goodwill impairment charge in 2008)

Consistent, Strong Profitability at Newport News

Newport News has performed solidly for many years… ($ in millions)

($ in millions)

…challenges have been isolated at Ingalls

$295

$73$33

($45)

2007 2008 2009 2010

(1)

(1)

Note: EBITDA figures on an as reported basis and before corporate overlay. Refer to reconciliation to reported segment financial data on page 21. (1) 2008 EBITDA adjusted for goodwill impairment charge.

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Newport News – Protect and Strengthen

CVN-78 Gerald R. Ford CVN-79 John F. Kennedy CVN-71 USS Theodore Roosevelt RCOH

CVN-72 USS Abraham Lincoln RCOH

Virginia-class submarine

Aircraft Carrier Construction Aircraft Carrier RCOH Submarine Construction

Maintain primary position in nuclear shipbuilding

• New aircraft carrier for 21st century

• Replacement for Nimitz-class

• 2015 delivery

• 2nd aircraft carrier in the Ford-class

• 2013 construction start

• 2020 delivery

• 4th Nimitz-class carrier to be refueled

• 2013 redelivery

• 5th Nimitz-class carrier to be refueled

• 2013 refueling execution start

• 2016 redelivery

• Alternating delivery with Electric Boat

• Block III transitioning to 2 boats per year

• Block IV construction starting in 2014

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Newport News – Capture New Business

Energy Inactivation

Ohio-class Submarine Replacement Program

Leveraging unique capabilities to capture growth

• Significant, expected revenue opportunity as the Nimitz-class retires

• Well-invested facilities close to completion

• 2013 anticipated execution of Enterprise inactivation

• Twelve ballistic missile submarines over 15 years

• Electric Boat expected to lead the program

• Newport News anticipates sharing in the design effort

• 2015 ship design

• Expected 2019 construction

• Leverages nuclear capabilities in non-Navy initiatives

• Partnerships with DoE contractors and AREVA

• Limited capital investment in JV structures

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Ingalls – Capture Benefits of Serial Production

LHA-6 America & LHA-7 LPD-17 San Antonio-Class

Sole source supplier of amphibious assault ships and National Security Cutters and one of only two suppliers of surface combatants

DDG-51 Arleigh Burke-Class

National Security Cutter

• LHA-6 America is 1st ship in LHA(R) program

– 2013 delivery

• LHA-7 is 2nd ship

– 2012 contract expected

– 2018 delivery

• Newest ship in the U.S. Navy’s amphibious fleet

• Delivered LPD-21 USS New York in 2009

• Five ships under construction

• Construction contract for LPD-26

• Long lead material contract for LPD-27

• US Navy’s primary and most advanced surface combatant ship class

• Currently 62-ship program / 28 awarded to HII

• 2011 delivered DDG-110

• Construction contracts for DDG-113, DDG-114

• Largest and most capable new multi-mission cutter

• Plans to build 8 NSCs to replace aging fleet

• Delivered NSC-3

• Construction contract for NSC-4

• Construction contract for NSC-5

Underperforming ships 11

Ingalls – Construction Schedule

Avondale

Final Avondale Delivery

12 week phasing of operational commitments

Other ships Potential future work

Under LLTM Contract

Under LLTM Contract

Under LLTM Contract

Under LLTM Contract

Under LLTM Contract

Under LLTM Contract

Quarter 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

LHA 6

LHA 7

LHA 8

LPD 22

LPD 23

LPD 24

LPD 25

LPD 26

LPD 27

DDG 110

DDG 113

DDG 114

DDG XXX

DDG XXX

DDG XXX

DDG 1000 DH

DDG 1001 DH

DDG 1002 DH

NSC 3

NSC 4

NSC 5

NSC 6

NSC 7

2015 20182011 2012 2013 2014 2016 2017

• LHA 6 rescheduled

• LHA 7 long lead material contract funded

• LHA 8 in Navy plan

• NSC 4 under contract

• NSC 5 under contract

• Plan for 12-month centers

• Optimizing production rates

• Class plans implemented

• LPD 26 construction & LPD 27 long lead material contracts funded

• Swap Agreement executed

• DDG 51 line restarted

− First ship under construction at Pascagoula

• DDG 113 & DDG 114 construction

• Eliminated lead ship complexity

• Serial production on composite deckhouse

Avondale

Pascagoula

Pascagoula

Pascagoula

Pascagoula

Avondale

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Summary of Expected Impacts of Key Management Actions

Strengthen market position and execute well on all contracts

Improved Contract Performance

Lower Risk

Improved Margin Opportunity

Better Competitive Position for Future

Business

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Financial Highlights

14

5.5%

2010 Adjusted Long-Term Objective

EBIT Performance Opportunity

EBIT Improvement Objective

9%+

Key Drivers:

• Roll-off of underperforming contracts

• Getting wind-down at Avondale “right”

• New contracts reflecting recent experience

• Serial production at Ingalls

Clear path to improved performance

(1)

(1) Refer to reconciliation to reported financial data on page 20.

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$76

$136

$220

$266

$287

$246

$218

$181$191

1.6%

2.5%

3.5%

4.6%

5.4%

4.3%

3.5%

2.9% 2.8%

$0

$100

$200

$300

2002 2003 2004 2005 2006 2007 2008 2009 2010 Future

Capex Capex % of Revenues

Completing a Long Cycle of Substantial Capital Investment

Capital Expenditure

($ in millions)

2007 – 2011 – Carrier Inactivation/RCOH

2009 – 2014 – VCS 2-per year (Submarines)

2003 – 2009 – Ford-class (Carriers)

2003 – 2007 – New Pier (Carriers)

Long term “Maintenance” capex =

~2.0-3.0% of sales

2003 – 2008 – Electrical System and CAD Upgrade

2005 – 2009 – Hurricane spending

Substantial investments in past to protect market position

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Improving Working Capital Profile

0

Key Working Capital Drivers:

– LPD 22-25 performance

– Avondale restructuring costs

Near-Term

Key Working Capital Drivers:

+ LPD and LHA 6 retention releases

+ Avondale restructuring recovery

Long-Term

Today Future

Free cash flow significantly increasing beyond 2013

~2013 (and LPD 23, 25 deliveries)

Cash Flow from Working Capital

So

urc

e o

f C

ash

U

se

of

Ca

sh

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The Huntington Ingalls Value Proposition

Strong, Consistent Performance at Newport News

Improving Working Capital

Increasing Free Cash Flow Generation

Significant Margin Improvement at

Ingalls

Declining Capital Expenditure

Clear path to creating shareholder value

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Huntington Ingalls Industries

Q & A

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Non-GAAP Reconciliations

20

Reconciliation of Non-GAAP Measures – Adjusted EBITDA

($ in millions)

Historical

Fiscal year ended December 31, 2007 2008 2009 2010

Revenue $5,692 $6,189 $6,292 $6,723

Operating Margin $447 ($2,354) $211 $248

Plus Other Income / (Expense) $6 – $1 ($2)

EBIT $453 ($2,354) $212 $246

Less one-time adjustments

A. Goodwill impairment – ($2,490) – –

B. AMSEC gain 23 – – –

C. LHD 8 EAC impacts (55) (263) 54 (30)

D. Hurricane Ike – (16) – 17

E. Hurricane Katrina recovery 62 – – –

F. LPD EAC impacts – – (171) –

G. Avondale shut-down LPD-23 & 25 impacts – – – (113)

Subtotal non-recurring $30 ($2,769) ($117) ($126)

Adjusted EBIT $423 $415 $329 $372

% margin 7.4% 6.7% 5.2% 5.5%

Plus non-cash expenses

A. Depreciation $129 $137 $156 $160

B. Amortization of purchased intangibles (1)

41 37 30 23

Subtotal non-cash expenses $170 $174 $186 $183

Adjusted EBITDA $593 $589 $515 $555

% margin 10.4% 9.5% 8.2% 8.3%

(1) 2008 amount adjusted for $19 million of additional amortization related to LHD 8 EAC impacts, already reflected in C.

21

Reconciliation of Non-GAAP Measures – Segment EBITDA

($ in millions)

Historical

Fiscal year ended December 31, 2007 2008 2009 2010

Newport News

Operating margin $290 ($895) $313 $355

Plus:

A. Other, net – – – –

EBIT $290 ($895) $313 $355

Plus:

A. Depreciation & Amortization of purchased intangibles 82 83 85 87

B. Goodwill impairment charge – 1,212 – –

EBITDA $372 $400 $398 $442

Gulf Coast

Operating margin $201 ($1,433) ($29) ($61)

Plus:

A. Other, net 6 – 1 (2)

EBIT $207 ($1,433) ($28) ($63)

Plus:

A. Depreciation & Amortization of purchased intangibles 88 110 101 96

B. Goodwill impairment charge – 1,278 – –

EBITDA $295 ($45) $73 $33

Note: Segment EBITDA adjusted only for goodwill impairment charge in 2008. Segment EBITDA is on as reported basis and before corporate overlay.