LOS ANGELES, May 16, 2001 (PRIMEZONE) -- The Board of Directors of Northrop Grumman Corporation (NYSE:NOC) today declared a quarterly dividend of 40 cents per share on Northrop Grumman common stock payable June 9, 2001, to shareholders of record May 29, 2001. The board also declared a dividend of $1.75 per share on the company's Series B convertible preferred stock, payable July 15, 2001, to shareholders of record July 5, 2001.

On April 30, 2001, Northrop Grumman had 85,314,867 common shares outstanding and 3.5 million preferred shares outstanding.

Northrop Grumman Corporation is a $15 billion, global aerospace and defense company with its worldwide headquarters in Los Angeles. Northrop Grumman provides technologically advanced, innovative products, services and solutions in defense and commercial electronics, systems integration, information technology and non-nuclear shipbuilding and systems. With 80,000 employees and operations in 44 states and 25 countries, Northrop Grumman serves U.S. and international military, government and commercial customers.

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  Contact: Northrop Grumman Corporation, Los Angeles
         Bob Bishop (Media) 
         (310) 201-3335
    
         Gaston Kent (Investors) 
         (310) 201-3423