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                             Watkins-Johnson Company
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For Further Information:

    Media:                George Sard      (Sard Verbinnen & Co)   212-687-8080
                          Judy Brennan
    Investor Contact:     Frank E. Emery   (Watkins-Johnson)       650-813-2752

For release at 8:00 a.m. Eastern Time, Monday, May 3, 1999

            WATKINS-JOHNSON TO SELL SEMICONDUCTOR EQUIPMENT BUSINESS
                            TO SILICON VALLEY GROUP

    Sale Would Complete Disposition of Entire Semiconductor Equipment Group;
       Underscores Management's Commitment to Maximizing Shareholder Value

PALO ALTO, Calif. May 3, 1999 --  Watkins-Johnson  (NYSE: WJ), a high technology
company in wireless communications and semiconductor equipment,  announced today
that it has signed a definitive  agreement to sell its  Semiconductor  Equipment
Group (SEG) to Silicon Valley Group (NASDAQ:  SVGI) for a total value, including
retained receivables,  exceeding $50 million. This value includes  approximately
$20 million of WJ's long-term debt to be assumed by Silicon Valley Group.

Under its agreement  with Silicon Valley Group,  Watkins-Johnson  is selling its
semiconductor  equipment  business  associated  with  the  atmospheric  pressure
chemical  vapor  deposition  products  (APCVD) and related real estate.  The $20
million in debt secures the land, building and equipment in Kawasaki, Japan. The
sale is  expected  to be  completed  by the end of June 1999 and is  subject  to
satisfaction  of  customary  closing  conditions,   including   compliance  with
Hart-Scott-Rodino.

Watkins-Johnson  previously  sold a  portion  of its SEG  assets -  high-density
plasma  chemical-vapor-deposition  equipment  and  its  associated  intellectual
property assets - to Applied Materials  (NASDAQ:  AMAT). The March 29, 1999 sale
generated a $9 million second-quarter 1999 gain for Watkins-Johnson.

"We are pleased with the total value for our  semiconductor  equipment  business
that we will attain with the close of this  transaction," said W. Keith Kennedy,
president  and  chief   executive   officer  of   Watkins-Johnson.   "These  two
transactions  underscore our 

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Watkins-Johnson Company, page 2

commitment to maximizing value for  Watkins-Johnson  shareowners by pursuing the
sale of Watkins-Johnson as a whole or as separate businesses."

On March  1,  1999,  the  Watkins-Johnson  announced  the  Board  of  Director's
conclusion that the best course of action for shareowners was to pursue the sale
of the  company.  The Board based its  decision on an analysis  conducted by the
company's investment advisor,  CIBC Oppenheimer,  to review all of the potential
strategic  alternatives  to pursue its own long-term  business plan. The company
cautioned  that  there  can be no  assurance  that  the  sale  process  will  be
successfully completed.

Watkins-Johnson Company specializes in two high-technology  business areas. WJ's
wireless-communications units produce radio-frequency components,  subassemblies
and  equipment  for  fixed  and  mobile   networks   worldwide.   The  company's
Semiconductor  Equipment  Group  produces  atmospheric  pressure  chemical vapor
deposition systems for high-volume  integrated-circuit  manufacturing.  For more
information, visit http://www.wj.com.

This news release, other than the historical financial information,  consists of
forward-looking  statements that involve risks and uncertainties,  including the
risks of  failing  to close the sale of SEG APCVD  business,  of the sale of the
company's  Wireless  Communications  Segment or its other assets,  and the other
risks  detailed from time to time in the  company's  SEC reports,  including the
report on Form 10-K for the year ended  December  31, 1998.  Actual  results may
vary materially.

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