LOS ANGELES, Aug. 11, 2004 (PRIMEZONE) -- Today Northrop Grumman Corporation (NYSE:NOC) successfully remarketed $690 million of its 5.25 percent senior notes due 2006.

As a result of the remarketing, the interest rate on the notes was reset to 4.079 percent, effective August 16, 2004.

The remarketing was required under the terms of the Northrop Grumman equity security units originally issued in 2001. Proceeds from the remarketed notes were used to purchase U.S. Treasury securities that are pledged to secure the stock purchase obligations of the holders of the equity security units. The Treasury securities will be held by the collateral agent, Bank of New York. In November 2004, Northrop Grumman will receive $690 million from the collateral agent and will issue common stock under the forward stock purchase contracts, which will complete the company's equity obligations under the original equity security units.

Northrop Grumman Corporation is a global defense company headquartered in Los Angeles, Calif. Northrop Grumman provides technologically advanced, innovative products, services and solutions in systems integration, defense electronics, information technology, advanced aircraft, shipbuilding and space technology. With 125,000 employees, and operations in all 50 states and 25 countries, Northrop Grumman serves U.S. and international military, government and commercial customers.

A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained by contacting Credit Suisse First Boston LLC, Syndicate Desk, 11 Madison Ave., New York, N.Y., 10010, or J.P. Morgan Securities Inc., 270 Park Ave., New York, N.Y., 10017.

  CONTACT:  Frank Moore (Media) 
          Northrop Grumman Corporation
          (310) 201-3335

          Gaston Kent (Investors) 
          (310) 201-3423