Rockwell Receives IRS Ruling for Spin-Off of Avionics Business to Shareholders

MILWAUKEE, Wisc. (June 20, 2002) - Rockwell International Corporation (NYSE: ROK) today announced that the Internal Revenue Service has ruled that the spin-off of Rockwell Collins, its avionics and communications business, will be tax-free to Rockwell shareowners.

As previously announced, the distribution of shares of Rockwell Collins is expected to be made as of the close of business on June 29, 2001, to holders of record of Rockwell common stock on June 15, 2001. Rockwell shareowners will receive one share of Rockwell Collins stock for each share of Rockwell stock held at that time. Shares of Rockwell Collins are currently trading "when issued" on the New York Stock Exchange under the trading symbol: COL.

Rockwell Collins, with headquarters in Cedar Rapids, Iowa, designs, produces, markets and supports communication and aviation electronics for commercial, military and government customers globally. The business employees approximately 17,500 people worldwide.

Rockwell is a $7 billion electronics controls and communications company with global leadership positions in industrial automation, avionics and communications, and electronic commerce. The company employees approximately 40,000 people at more than 450 locations serving customers in more than 80 countries.

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